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Introduction Business Scenario Finacle CBS Process Overview Key Terminologies Step by Step Process

Introduction Business Scenario Finacle CBS Process Overview Key Terminologies Step by Step Process Demonstration Summary. Lesson Objective. To understand the process of managing a Public Provident Fund (PPF) account. Duration. 2 Hours. Customer Service. Intended Audience.

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Introduction Business Scenario Finacle CBS Process Overview Key Terminologies Step by Step Process

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  1. Introduction • Business Scenario • Finacle CBS Process Overview • Key Terminologies • Step by Step Process • Demonstration • Summary

  2. Lesson Objective To understand the process of managing a Public Provident Fund (PPF) account Duration 2Hours Customer Service Intended Audience

  3. Business Scenario Business Scenario 1 A person wants to open a PPF account with some initial amount. How will you open the PPF account for him or her?

  4. Business Scenario Business Scenario 2 A customer wants to deposit some amount in his PPF account. How will you help him in depositing the fund?

  5. Business Scenario Business Scenario 3 A customer has maintained a PPF account for five years. She wishes to withdraw partial amount from the account. How will you help her with partial withdrawal? Let us see the generic process in detail for these activities in Finacle CBS.

  6. Finacle Process Overview The approach for managing a Public Provident Fund Account: • Public Provident Fund (PPF) is a Savings deposit scheme with a specified minimum and maximum amount of deposit per annum. • The deposits into the account in a year qualify for exemption under Income tax Act. • The management of a PPF account include the following processes: • Opening of the PPF account • Funding of the account • Transacting (deposits and withdrawals) in the account • Sanctioning loan against the deposit (Covered in a separate module ) • Closing of the account • Inquiring and generating reports

  7. Key Terminologies

  8. Step by Step Process Given below is the step involved in managing a Public Provident Fund account in Finacle: Invoke the menu option CPPFAO/PPFAO to open a PPF account. The account requires verification by another user using the menu option CPPFAV/PPFACVF. You can fund the PPF account by invoking the menu option CPDTM and posting the transaction. You will use the same menu option CPDTM for all future deposits. You can perform part withdrawal by invoking the menu option CPWTM and posting the transaction. Invoke the menu option HCAAC to close a PPF account. Which requires verification using the same menu option.

  9. Demonstration

  10. Summary Congratulations!! You have successfully completed the lesson on Public Provident Fund account in Finacle.Following are the summary of important points discussed in this lesson: • PPF is a Savings deposit account which qualifies for tax exemption. • A person (even minor) can have one individual PPF account. • There are restrictions regarding deposits, withdrawals and tenure of such account. • In Finacle, the menu option for opening a PPF account is CPPFAO/PPFAO which requires verification using CPPFAV/PPFACVF. • You can deposit fund in the account using CPDTM and withdraw using CPWTM. • A PPF account can be closed using the menu option HCAAC and is verified using the same menu option.

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