Conversion of MIS joint account in case of a deceased depositor

SCENARIO

• When a MIS joint customer has an account of excess of Rs 450000/-(Four lakh fifty thousand and above) and if one of the holder expires then how to withdraw(reduce) the excess amount held for that customer?

Step by step procedure for Conversion of Joint account to Single account 

• The maximum amount for joint holder in MIS is 9 lakhs
• If one of the customer expires and having principle amount greater then 4.5 lakhs then we have to withdraw the excess amount.
• When one of the joint holder expires for MIS account we need to withdraw the excess amount held with that customer by using the following procedure as mentioned below

1. Withdraw the excess amount held for the MIS account holder.
2. Modify the mode of operation to SELF for the MIS account.
3. Change the CIF status as deceased for deceased customer i.e., one of the joint holder.
4. Check the CLIMIT for the MIS account holder

Withdraw the excess amount for MIS account holder

• Invoke the menu HCAACTD i.e., closure option for the MIS account then select the function as "Z-Close", enter the account id and modify the withdraw amount(principal) as "excess amount should be entered" as shown in the figure

Then click on Go then view the A/c information tab then click on closure details tab and Select the close mode as Repayment account only and enter the repayment account A/c ID as "SOLID+0340(postmaster account)" as we have to give the excess amount as cheque which is mentioned below figure

Then in the next step visit the Closure exceptions tab and enter the closure reason code as "NORML" as shown

Then click on Submit and verify the same in the supervisor by using the menu HCAACVTD 

Modify the mode of operation to SELF for MIS account

• Invoke the menu CMISAM then select the function as "Modify" and enter the account number as shown

Then click on GO then the system will display the details of the MIS account in the next tab change the mode of operation as 012(SELF) as shown in the figure

Click on submit then verify the same in the supervisor login

• Note that if the first depositor expires then we need to merge the account using the menu HCCA and give the second customer CIF to make the account as single account and verify the same in the supervisor then go for account modification and delete the related party 2 details and verify the same in the supervisor.
• If the second depositor expires then remove the related party 2 details in the account modification and verify the same in the supervisor.

Change the CIF status as deceased for deceased customer i.e., one of the joint holder.

• Invoke the menu CMRC and select the function as Modify then enter the CIF id of the deceased customer as shown

Then click on Go then the system will display the customer details in the next screen and modify the customer status field as "Deceased" and enter the date of death filed as deceased date as shown in the following figure

Then Click on Submit and verify in the supervisor.

Check the CLIMIT for the MIS account holder

• Invoke the menu CLIMIT to check the limit now the MIS customer is having i.e., he shouldnot exceed 4.5 lakhs as one of the customer expired.
• Invoke the menu CLIMIT then the system will ask to enter the CIF id enter the CIF id as shown in the figure

Then Click on Go then the system will display the list of MIS account for that particular CIF which should not exceed 4.5 lakhs.