PROCEDURE FOR INTEREST CALCULATION/POSTING - HO/COMPUTERISED SOS

Procedure For Interest Calculation & Posting At HO

NOTE:

If you intend to transfer interest calculated at the HO for SOs to the respective SOs electronically, then download and execute Int_Seq.exe at both the SO and HO, before calculation of interest at HO. This will enable generation of interest file with sequence number 1 at HO and will enable its subsequent import / posting at SO.

The file ‘Int_Seq_2014.exe’ can be executed on or after 29/03/2014 only.

Interest calculation and posting should be done only on or after 01/04/2014.

Download(Interest Calculation Tool) : Download

Step 1 

Download the revised DBAnalyzer Software 08/01/2014. Run DBAnalyzer software. Select ‘Database Discrepancies’. 

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• Ensure that previous financial year Interest Entry (2012-2013) is made for all accounts. (‘Ledger entries without previous year interest entry’ option will list the accounts without interest entry).

Login to Data Entry Module as Data Entry Supervisor and insert the interest transaction for the previous financial year (i.e. for 2012-2013) with the transaction date as '01/04/2013’ and transaction type as 'interest'. 

• Ensure that account type is available for all accounts. (Account numbers with blank account type’ option) Login as Supervisor. Use 'Common -> Account type Conversion' form. Select the correct account type and save.

• Ensure that ledger entries with Cleared Date as ‘01/01/1900’ are not available. (‘Ledger entries with LOT / Cleared Date as 01/01/1900’ option) 

• Ensure that account status is updated for all accounts. (Account numbers with blank account status' option) Select 'Database Discrepancies >> SB >> Account numbers with blank account status' option in DBAnalyzer and update the account status. 

Step 2 

Login as ‘Supervisor’ in on-line module.

• Check interest rates in initialisation group.

• Check the current financial year in the form (Form No.0410) ‘Initialisation >> Financial Year – SB / PPF / NSS’ (Financial Year should be01/04/2013 – 31/03/2014). 

Step 3 

From the menu,

• Select ‘Annual Interest Calculation’ form (Form No. 1305 / 1004 / 0904)to calculate interest for SB / PPF / NSS.

• Select 'IBB Report' option to generate IBB Report. 

• Select 'Annual Interest Calculation' option to carry out calculation. 

Step 4 

After calculation is finished,

• Check the error files in SP5\OT folder to view the accounts for which interest was not calculated.

• Rectify the errors listed. It is advisable to rectify as many of the errors listed if not all and then re-calculate interest by selecting 'Annual Interest Calculation' option again, before interest posting. The process can be repeated any number of times till no accounts is listed in the error list. 

• After rectifying all the errors listed during interest calculation, recalculate interest before selecting the 'Annual Interest Posting' option to carry out interest posting. 

NOTE

• Interest calculation should be performed at HO for all SOs (including MDGs) and hence the database discrepancies rectifications mentioned above are to be done for both HO as well as SO accounts.

• For SOs, interest calculation should be performed only after receiving and incorporating all the Supplementary Dates’ transactions in SOSB module. 

• Ensure that the cleared cheque details received till 31/03/2014 are entered and posted. Also ensure posting of PPF cheques cleared till 31/03/2014 before posting PPF interest. 

• Interest if calculated and posted on any later date (after 01/04/2014) will also be appropriately posted in the ledger.

NOTE 

If you intend to transfer interest calculated at the HO for SOs to the respective SOs electronically, then download and execute Int_Seq.exe at both the SO and HO, before calculation of interest at HO. This will enable generation of interest file with sequence number 1 at HO and will enable its subsequent import / posting at SO. 

Download

Step 1 

The preparatory procedure for calculation/posting of interest is elaborated in previous page. The same steps should be carried out for the all the SOs under the HO. 

At HO 

Calculate and post interest in the SOSB module for all the SOs. 

When day-end is performed in the HO online module, a message will be displayed intimating the creation of interest files on the day on which interest is calculated for SOs. Click on ‘OK’ and continue with day end. Files are generated in the C:\HO_to_SO folder in the system in which day-end was performed. 

Files will be generated: 

a) only for SOs in which interest posting was performed on that day 

b) only for SOs and MDGs marked as computerised. 

These files can be sent to the respective SOs for importing the interest and subsequently used for posting the interest calculated. 

At SO 

• Login as 'Counter' >> select group 'Day Begin/end' >> 'Import files from HO' >> 'SB interest Posting' and select the file to be uploaded. 

• To Post the interest login as 'SUPER' >> SB >> 'Annual interest calculation' >> 'Calculate Interest' >> 'Annual Interest Posting' 

NOTE 

• Service charges will be deducted automatically while calculation and posting of interest in SB accounts. 

• Service charges will be deducted in silent accounts if the balance is less than 50 after calculation and posting of interest. 

• The report for accounts from which service charges have been deducted can be obtained from DBanalyzer >> Reports or from Sanchay Post-Online Module >> Reports >> SB >> 'SILENT ACCOUNT with service charge deduction' 

IMPORTANT NOTE 

Can Interest Calculation be done after 1st of April? 

Interest calculation for PPF can be done on any day after completion of transactions on the 31st of March and for other schemes it can be performed on any day after day begin has been performed for the 1st of April. Interest is posted (inserted) in the ledger with transaction date as per rules. 

Source: SAPOST