Revision of Interest Rate
Press Information Bureau
Government of India
Ministry of Finance
12-December-2014 17:12 IST
Revision of Interest Rate
Interest rates on Small Savings Schemes are Administered Interest Rates, and are benchmarked to the average annual yield on Government Securities of comparable maturity in the secondary market with a suitable spread over the benchmark yield, depending upon the maturity and liquidity of the instruments. The interest rates of Small Savings Schemes have been benchmarked to G-Sec. yields of equivalent maturity with suitable spread and are reset every 1st April.
Interest rates applicable on each Small Savings Scheme w.e.f. 1.4.2014 are as below:
Instrument
|
Rate of Interest (%) w.e.f 1.4.2014
|
Savings Deposit
|
4.0
|
1 Year Time Deposit
|
8.4
|
2 Year Time Deposit
|
8.4
|
3 Year Time Deposit
|
8.4
|
5 Year Time Deposit
|
8.5
|
5 Year Recurring Deposit
|
8.4
|
5 Year SCSS
|
9.2
|
5 Year MIS
|
8.4
|
5 Year NSC
|
8.5
|
10 Year NSC
|
8.8
|
PPF
|
8.7
|
This was stated by Shri Jayant Sinha, Minister of State in Ministry of Finance in written reply to a question in the Lok Sabha today.
BSNL Jr Accounts Officer (JAO) Recruitment 2014 - 962 Posts
Bharat Sanchar Nigam Limited (BSNL), New Delhi has published notification for the recruitment of 962 Junior Accounts Officer (JAO) vacancies. Further details are as follows:
Important Dates:
Starting Date to Apply Online: 01-12-2014 at 00:00 Hrs.
Last Date to Apply Online: 31-12-2014at 24:00 Hrs.
Date of Examination: 22-02-2015.
Total No.of Posts: 962
Name of the Posts: Junior Accounts Officer (JAO)
1. OC: 389 Posts
2. OBC: 260 Posts
3. SC: 195 Posts
4. ST: 118 Posts
Educational Qualification: Candidate should be a qualified Chartered Accountant/ Company Secretary/ Cost & Works Accountant/ M.Com in Master of Commerce from recognized institution/ university.
Age Limit: Candidates age should be between 20-30 years as on 01-01-2015. Age relaxation is applicable for SC/ ST/ OBC/ PWD/ Ex-Servicemen candidates as per rules.
Selection Process: Candidates will be selected based on All India Competitive Examination. The exam will consist of two papers:
Paper-1: General English and General Aptitude/Awareness : 3 Hours & 150 Marks
Paper-2: Financial Management/Cost Accounting/Tax and Commercial Laws: 3 Hours & 300 Marks
How to Apply: Eligible candidates may apply online through the website externalexam.bsnl.co.in from 01-12-2014 at 00:00 Hrs to 31-12-2014 at 24:00 Hrs.
Read detailed advertisement: Click Here
Apply Online: Click Here
Shyamala Gopinath Committee for KVP
The Shyamala Gopinath Comrnittee constituted on Small Savings Schemes has submitted its report to the Government. Major recommendations of the committee were:- (i) to reduce/abolish agent`s commission except Manila Pradhan Kshetriya Bachat Yojana (MPKBY) agents to restrict management cost (ii) secondary market yields on Central Government Securities of comparable maturities should be the benchmarks for the interest on various small savings instruments and should be reset every 1st April (iii) Committee recommended to reduce minimum share for States from 80% to 50% against net collection and recommended that amount received on redemption of Central/State Governments securities should be reinvested between Centre and States in the ratio of 50:50.
After detailed deliberation and in light of views received from State Governments, various Departments of Central Government and Agent`s Association, most of the recommendations of the Committee are being implemented.
In view of developments observed by the Committee in 2011 on AML/CFT front the KVP was recommended to be discontinued by the Committee. KVP has been re-notified by the Government on 23-9-2014. Under thePress Information Bureau
Know Your Customer (KYC) Norms
Press Information Bureau
Government of India
Ministry of Finance
Government of India
Ministry of Finance
12-December-2014 17:05 IST
Know Your Customer (KYC) Norms
Reserve Bank of India (RBI) has issued guidelines to Public Sector Banks for making ‘Know Your Customer’ (KYC) norms compulsory. RBI’s instructions to banks have been consolidated in the RBI master Circular dated 1st July, 2014 on Know Your Customer (KYC) norms/Anti-Money Laundering (AML) standards/Combating of Financing of Terrorism (CFT)/obligations of bank under Prevention of Money Laundering Act (PMLA), 2002. Further, instructions based on the Amendments to PML Rules notified on August 27, 2013 have been issued vide RBI circular dated 17th July, 2014.
RBI has also instructed banks for freezing bank accounts of those who fail to submit KYC norms within a fixed period of time. RBI has been simplifying KYC norms from time to time and despite various attempts by banks for seeking KYC compliance, there are still many KYC non-compliant accounts due to non-submission of KYC documents by customers at the time of opening bank accounts and periodical updation. To ensure that KYC non-compliant accounts do not continue to be operated and make banks vulnerable to money-laundering and terrorist financing activities, banks have been advised vide RBI circular dated 21st October, 2014 to impose ‘partial freezing’ on KYC non-compliant accounts.
If the customer, despite repeated reminders by banks does not cooperate with the bank for KYC compliance, then banks should impose ‘partial freezing’ on such KYC non-compliant in a phased manner. Meanwhile, the account holders can revive accounts by submitted the KYC documents as per instructions in force. While imposing ‘partial freezing’, banks are advised to ensure that the option of ‘partial freezing’ is exercised after giving due notice of three months initially to the customers to comply with KYC requirement and followed by a reminder for further period of three months. Thereafter, banks may impose ‘partial freezing’ by allowing all credits and disallowing all debits with the freedom to close the accounts. If the accounts are still KYC non-compliant after six months of imposing initial ‘partial freezing’, banks may disallow all debits and credits from/to the accounts, rendering them inoperative. Further, it would always be open to the bank to close the account such customers.
Procedure for handling Cheques presented at CBS SOs
AT CBS SUB OFFICE from where the Cheques are sent to CBS HO dealing with Clearing for clearance
• Invoke the menu HOMSO
• Select the function “Add”. Date will appear automatically
• Click on GO
• In case of subsequent deposit in Savings Account, Enter customer’s savings Account Number
irrespective of where the account stands.
• In case of cheques presented through MPKBY Agent LOT, enter or select from searcher SO
SOLID0017 as Account number.
• In case of RD Subsequent Deposit at counter, enter or select from searcher, HO SOLID0017
as Account Number.
• In case of PPF Subsequent Deposit at counter, enter or select from searcher HO SOLID0017
as Account Number.
• For new accounts/certificates opened by cheque, enter or select from searcher, SO
SOLID0382 as Account Number.
• Enter the amount of cheque
• Enter the cheque number
• Enter the MICR code available in the cheque (this is mandatory)
• Enter the cheque date
• Enter the Tran Code as 10
• Click on Submit if only one cheque is available
• If multiple cheques are available, click on ADD and enter the cheque details of other cheques
as detailed in above steps.
• Supervisor need to verify the cheques entered using same menu HOMSO
• Select the function VERIFY and enter the date
• Data verified successfully message will be displayed
• Take the report using the menu CHLR. This menu is accessible only for OPERATOR
• Report can be generated using menu CHLR
• Softcopy of cheques lodges can be viewed by clicking on the explode icon
• Copy the filepath from the above location
• Invoke the menu HTRFTOPC. Enter the source file name (the copied content can be pasted
here) and the destination directory
• The txt file will be copied to the said location in the local drive.
• Send this txt file along with CHEQUES to HO
Note:- Same procedure will be followed by CBS HO not dealing with clearing house but attached with another CBS HO dealing with Clearing House.
• Invoke the menu HOMSO
• Select the function “Add”. Date will appear automatically
• Click on GO
• In case of subsequent deposit in Savings Account, Enter customer’s savings Account Number
irrespective of where the account stands.
• In case of cheques presented through MPKBY Agent LOT, enter or select from searcher SO
SOLID0017 as Account number.
• In case of RD Subsequent Deposit at counter, enter or select from searcher, HO SOLID0017
as Account Number.
• In case of PPF Subsequent Deposit at counter, enter or select from searcher HO SOLID0017
as Account Number.
• For new accounts/certificates opened by cheque, enter or select from searcher, SO
SOLID0382 as Account Number.
• Enter the amount of cheque
• Enter the cheque number
• Enter the MICR code available in the cheque (this is mandatory)
• Enter the cheque date
• Enter the Tran Code as 10
• Click on Submit if only one cheque is available
• If multiple cheques are available, click on ADD and enter the cheque details of other cheques
as detailed in above steps.
• Supervisor need to verify the cheques entered using same menu HOMSO
• Select the function VERIFY and enter the date
• Data verified successfully message will be displayed
• Take the report using the menu CHLR. This menu is accessible only for OPERATOR
• Report can be generated using menu CHLR
• Softcopy of cheques lodges can be viewed by clicking on the explode icon
• Copy the filepath from the above location
• Invoke the menu HTRFTOPC. Enter the source file name (the copied content can be pasted
here) and the destination directory
• The txt file will be copied to the said location in the local drive.
• Send this txt file along with CHEQUES to HO
Note:- Same procedure will be followed by CBS HO not dealing with clearing house but attached with another CBS HO dealing with Clearing House.
AGENT PORTAL IN FINACLE - FAQ
AGENT PORTAL
(i) What is the procedure to get eBanking User Id and Password?
Solution: eBanking user ID and Password will be forwarded on the day of migration by DMCC team only for agents (MPKBY/SAS/PRSS) who were linked with SB account in Sanchay Post. For agents created in Finacle after migration , DSA ID along with SOL ID and other mandatory details should be sent to fsihelpdesk for generation of eBanking User Id and Password.
(ii) eBanking user Id and Password created in wrong name.
Solution: eBanking user id and password will be generated in the name of the Primary (First) account holder of the linked SB commission credit account. Suppose an MPKBY agent Kala has linked Joint Account as commission credit account with Primary(First) account holder name as Ravi, eBanking user id will be generated in the name of RAVI only and not in the name of Kala. This will not have any effect anywhere. If the agent wants eBanking User Id generated in their own name, either single account should be given as commission credit account or their name should be primary account holder in Joint accounts. This is added as a discrepancy in DBA Plus
(iii) Unable to Login. Please try again or contact bank for more details – Agent Portal
Solution: Either the user name / password is incorrect or Agent portal not functioning. Agent portal will not function when the Finacle Core is down
(iv) What to do when Agents User ID and password is locked due to wrong entry of
password for more than ten times.
Solution: Password will get locked if entered wrongly for 10 times. Agent should contact their
respective Post office and in turn PO will raise a request to CPC who in turn will raise ticket with FSI helpdesk with details of DSA ID and SOL ID to get the password reset for the agents. Agents should not contact Help Desk directly.
(v) Whether SAS agents can use Agent Portal?
Solution: SAS agents will also be provided with eBanking User Id and Password. SAS agents can logon to portal but no accounts will be linked to these agents. This DSA ID to be noted on the account opening form for getting the commission credited to their SB accounts.
(vi) Agent Portal Host Error
Solution: Agent Portal is down or Finacle server is down. Try after sometime.
(vii) Agent Portal could not be logged on in newly migrated offices
Solution: Ensure whether the port access for accessing the agent portal is given by SIFY.
(viii) eBanking User Id and Password is generated more than once for many agents
Solution: eBanking user Id and Password will be generated for all the agents migrated to finacle including license expired agents / duplicate agent id. In order to avoid this, ensure that the license expired agents and duplicate IDs are not linked with SB account number.
(ix) No RD accounts are linked while logging in to portal
Solution:
During Go Live Migration - Transformation Layer, Agent Reconciliation excel sheet is shared with the Postmaster to ensure 100% migration of agents. Finacle DSA ID, Agent Type and number of accounts columns are available. Postmaster to check the correct DSA ID from Reconciliation Excel and logon by using that DSA ID before raising the issue.Suppose if a single agent is having both SAS and MPKBY. Two ebanking user Id and Password will
be generated. Use the appropriate eBanking User Id. Suppose three more eBanking user Ids are generated for the same agent due to duplicate IDs in Sanchay post, logon with appropriate eBanking user ID.
(x) Some RD accounts are not linked / not visible in the Agent Portal
Solution: Discontinued / Closed accounts will not be visible in Agent Portal. Ensure that RD account was linked to correct Agent in Sanchay Post. Inquire the RD account using CRDACM menu to check the DSA ID linked. If any account is not linked to any agent, user should link that account with correct
DSA ID by using CRDACM menu.
(xi) How to prepare Bulk list with default fee
Solution:
a. Default fee is automatically fetched from Finacle Core and displayed in separate column
b. Suppose in one account there are 4 months default, only one month default will be shown
c. If the customer wants to pay more than one defaults, in the edit screen , click on radio
d. Enter the number of months to be paid and click on “Get Default and Rebate”. System will
e. Click on Save
f. In the first part of the screen against the RD account, new default fee will be displayed
g. Once all the accounts are selected and edited, click on “Pay all modified instalments” to
generate the eBanking bulk reference number.
(xii) How to prepare Bulk list with Rebate
Solution:
Rebate is automatically fetched from Finacle Core and displayed in separate column “Rebate”
a. Rebate will be calculated if, 6 or more months instalments are paid. If the customer wants pay more than one month instalment, in the edit screen , click on radio button in the appropriate RD account .
b. Enter the number of months to be paid and click on “Get Default and Rebate”. System will
c. Click on Save
d. In the first part of the screen against the RD account, Rebate will be displayed and the ‘ MODIFIED” column will become “YES”
e. Once all the accounts are selected and edited, click on “Pay all modified instalments” to
generate the eBanking bulk reference number.
(xiii) Whether the Default fee and Rebate to be added in the cheque?
Solution: In the DOP/Non Dop cheque, Default fee should be added and Rebate to be deducted along with monthly instalments. Suppose in an account with Rs.200/- denomination, there is a default of one month. If the customer wants to get rebate, 6 months instalments has to be paid. Already one default is there. Hence the customer should pay 7 months instalments to get rebate.
200 x 7 = Rs.1400, plus Default fee – Rs.2/- less rebate – Rs.12
Total cheque amount – 1400 + 2 – 12 = Rs.1390/-
(xiv) In case of cheques, can the default fee accepted as cash and monthly instalments as cheque?
Solution: No. Partial cash and partial cheque not allowed. While posting system will check
for the total amount (Monthly instalment plus Default less Rebate) for that account. If there is
a difference, an error “CHEQUE NOT CLEARED” will be thrown.
(xv) Process of posting Non DOP cheques
Solution:
(a) It is presumed that the MPKBY agent has prepared the bulk list NDC34245 using Non DOP option with all required details like BANK NAME, CHEQUE NUMBER ) When an agent prepares the bulk list with cheque number with 0 as prefix, 0s are truncated while storing in agent portal.
(b) If the cheques are not handled through outward clearing, the following process should be (PLEASE NOTE: This process should not be followed if OUTWARD CLEARING PROCESS is followed)
Solution:
a. User to invoke CXFER MENU in finacle.
b. Debit SBI (Sundry) account( SOL id followed by 0007 as debit account eg
600002000007)
c. Credit the following account
d. RD Retail / Bulk – SOLID0017 (Outward Clearing account)
e. For RD Retail / Bulk the cheque number SHOULD BE ENTERED in the Transaction Particular field (CXFER) without fail as described below
Procedure
i) Invoke CXFER , Dr Acct and Cr Account as above and
ii) Enter the cheque number in the “Transaction Particulars” field by removing
iii) Cheque number should be of 6 digits
iv) Cheque number should be entered without prefix 0 (ie) cheque number
f. To ensure that the amount of Bulk list is credited, Invoke HACLINQ and enter the Outward Clearing Account Number SOLID followed by 17.(0017)
g. Ensure that the Bulk list amount is credited along with the cheque details in the remarks column. the word “BY TRANSFER”00234 should be entered as 234.
(xvi) Truncation of 0
Since 0s in cheque number are truncated in outward clearing, while preparing the bulk list also the 0s are truncated while storing even if the cheque number is entered with 0 prefix.
(xvii) Agent cannot generate bulk list for more than Rs.10,000/- if mode is payment is Cash
Solution: An error will be thrown if agent tries to generate bulk list for more than Rs.10,000/- if the mode of payment is CASH. For DOP and Non DOP cheques there is not limit. But in a list only 50 accounts can be selected.
(xviii) How many accounts can a bulk list contain?
Solution: A bulk list should contain maximum of 50 RD accounts or it should not exceed Rs.10,000/- if paid in cash whichever is applicable
(xix) Can a cheque paid for more than one account?
Solution: Single Cheque can be paid for multiple accounts. Suppose if there are 8 RD accounts in the list and serial number 2, 4, 7 are paid by same cheque eg INDIAN BANK CHEQUE with cheque number 002345.
Click on 2nd INDIAN BANK as IND BANK, enter the cheque number – 002345 , account no for RD instalment – Indian Bank Savings Bank account number of this cheque eg 643567 (This field will not be validated). Click on Save.
Click on 4th RD account, enter the BANK NAME in the field. Enter the bank name as IND BANK only as entered in the 2nd account ( Here the bank name should not be entered as IND. BANK or IND BK or any other format. The bank name entered here should be exactly equal to the Bank name entered in the 2nd record), enter the cheque number – 002345 , account no for RD instalment – Indian Bank Savings Bank account number of this cheque eg 643567 (This field will not be validated). Click on Save.
Click on 7th RD account, enter the BANK NAME in the field. Enter the bank name as IND BANK only as entered in the 2nd account. (Here the bank name should not be entered as IND. BANK or IND BKor any other format. The bank name entered here should be exactly equal to the Bank name entered in the 2nd record), enter the cheque number –002345 , account no for RD instalment – Indian Bank Savings Bank account number of this cheque eg 643567 (This field will not be validated) Click on Save.
(xx) Agent ID gets blocked
Solution: Agent ID gets locked when the password is entered wrongly for 10 times.
(xxi) At Nagpur City Ho 440002 there comes error while verifying lot.Lots are prepared by agent on 16/03/2014 in there prepared list default does not shown. Counter PA accept the lot on counter and send the lot for verification. But at the time of verification the it shows different types of error that does not exist, default fee is different etc. Due to which lot not verified.
Solution: Suppose agent prepares bulk list (Cash Mode) on 8th to 15th from 1st
. Finacle will calculate Default fee when the Agent presents the same bulk list at PO counter after
. When the operator tries to the post the Bulk list, only those accounts without default fee will get
posted and accounts with default fee will be rejected. Remarks “ERROR - DEFAULT FEE/REBATE
CALCULATION INCORRECT” will be thrown. New bulk list need to be prepared for those rejected
accounts .
(xxii) How many accounts will be displayed per page in the portal?
Solution:- 10 accounts will be displayed per page. Total number of accounts linked to the agent will be displayed as 10 of 247 on the right side corner. Only first 500 accounts will be listed in the first screen. If there are more number of accounts, click on the option “Click here to fetch more accounts”, another set of 500 accounts will be displayed and by clicking this option, any number of accounts can
RD account, enter the BANK NAME in the field. Suppose you enter the bank name
account ( Here the bank name should not be entered as IND. BANK or IND BK
account. (Here the bank name should not be entered as IND. BANK or IND BK
wherein few RD accounts opened dates are available. No default fee will be generated during bulk list generation on be displayed in the portal
(xxiii) Can the RD accounts be sorted account number wise enabling easy selection of
account for generation of bulk list
Solution:-When we click on the Account Number column, the RD accounts will get sorted either by ascending order or by descending order. Agent can select the required RD accounts by browsing through the pages. Agent can directly move to required page by entering the required page number and click on Go.Agents can use any of the below three options for searching
a. Sort the account numbers and select the accounts manually by browsing through the
b. Entering the RD account number in the Searcher field. This option can be used to select
c. Click on the File icon on the top right corner. Soft copy of the entire list of account will be
only one record.displayed. Required RD account can be searched using Find option (Ctrl + F) and thereby exact page number can be identified and can directly move to the respective page and select the RD account.(gopi – icon)
(xxiv) The Fonts in the portal are very small. Is there any option to increase the size of the
There are three Font icons on the top right corner. Click on the icon to increase or decrease the font.
(xxv) Agent portal session ends frequently. Not able to generate even a single bulk list.
Agent Portal session will automatically logout in 30 minutes if remains idle. There will be a message alerting the user to “Continue the session” for another 30 minutes. By continuing the session agent can remain the portal for hours together.
(xxvi) All the Ebanking reference numbers are printed together while taking print out of E
Banking Lists:-
Click on the Reports – Enter the from and to date – enter the required eBanking reference number –
select the status as Success and click on Search. Only the required eBanking reference number with
Success status will be listed. Select the downloadable format either pdf or .xls and click on OK. RD Instalment report with the required eBanking reference number can be either saved or printed.
(xxvii) Can an agent pay the default fee alone by cash and monthly instalment by cheque.
No, agent cannot pay the bulk list partially by cash and partially by cheque. Default fee should be added in the cheque itself. The bulk list will be posted only if the cheque number matches with the entire amount (monthly instalment along with default fee)
(xxviii) Is it compulsory to change the login password for the agent portal?
Yes. The agent should change the login password once in 180 days.
(xxix) Can the RD accounts linked to agent be paid across the counter?
Agent linked accounts cannot be paid across the counter. An error will be thrown while accepting the RD deposit across the counter. However if the customer still wants to pay across the counter, the Counter PA can delink the Agent DSA ID using CRDACM menu and after verification, accept the monthly deposit. Agent commission will not flow as the account is delinked from agent ID. For this purpose, depositor has to submit application in manuscript.
(xxx) Suppose a customer with RD account of Rs.5,000/- denomination want to pay for one year. How to prepare bulk list (Cash) with Rebate for denomination of Rs.5000/-
Solution: Prepare two Cash bulk list for two months simultaneously. Each bulk list will have two
months with Rs.10,000/-. These two bulk list needs to be posted. On successful posting of two
list only, Agent should prepare the third list for two months. While preparing the 3rd
show rebate as 6thpresented for posting in the counter.Please do not prepare THREE LIST simultaneously in the above scenario. Only two list to be prepared and third list to be prepared on successful posting of two lists.
(xxxi) “Host not available” in Agent Portal on clicking the “AGENT ENQUIRE AND UPDATE SCREEN”
Technical issue due to Network/Port access. Check the portal after few hours
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