Finacle : Closing of RD Account if loan exists.

Finacle : Closing of RD Account if loan exists.

Closing of RD Account if loan exists.

Premature Closure ( If 60 months not elapsed from date of opening)

Invoke the RD Closure menu CRDCAAC from Operator Login. System will automatically deduct the RD Loan amount and interest will be calculated on SB Rate of interest as per rule. Loan interest will not be calculated. RD Loan account balance will become 0 but will not be closed. Loan account with Zero balance should be remained as it is and not closed. No need to invoke HLAUPAY or HPAYOFF for repaying the Loan amount.

On Maturity ( If 60 months elapsed from date of opening)

RD Loan amount should be adjusted before closing the RD account. Invoke the menu HPAYOFF (Loan Pay Off Process) to pay the pending principal along with interest. Interest will be calculated at the prescribed rate. Total amount displayed to be collected from the customer. In case of transfer, select the repayment account of customer or office account from where the loan amount is adjusted. Supervisor need to verify the same. Invoke the menu HCAAC to close the RD Loan account and verify the same. Invoke the menu CRDAAC to close the RD Account.