Union Monthly Plus

1 OF 8 UNION MONTHLY PLUS

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UNION MONTHLY PLUS

SCHME CODE IN FINACLE : RDFLX

MENU OPTIONS TO OPEN ACCOUNT : FOAAC TO CLOSE ACCOUNT : FCAAC & After running menu option FCAAC > CAAC Scheme is controlled under SBA type.


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Union Monthly Plus(Recurring Deposit) A Novel User-friendly Recurring Deposit Scheme, with flexibility of Step Up and Step Down options, with monthly installment. SALIENT FEATURES :-

The Scheme is available to Individuals / Institutions / Corporate /

Proprietorship / Partnership / Trust / HUF et

The customer will have to select the "Core Amount", at the time of opening

the account and deposit the same, initially

Minimum Core Amount is Rs.100/- & Maximum Rs.1,00,000/-

The period of deposit will be from 6 month to 60 months, in multiple of one

month

Rate of interest on this scheme will be as per the Term Deposit rate

applicable for the period

Interest will be calculated on daily product basis and will be credited

quarterly.

The Scheme offers flexibility of depositing monthly installment amount, by

way of Step Up & Step Down options.

No TDS on interest amount.

Step Up option :

Depositor can increase (Step Up) the monthly installment amount upto 10

times the Core Amount during any month. The installment can also be

deposited one or more times during a month, subject to maximum ceiling

of 10 times of Core Amount.

Example: Core Amount Rs.1,000/-

Customer can deposit maximum upto Rs.10,000/- per month.

For accounts opened on or after 01.05.2009, maximum amount that can

be remitted during a month including step up is limited to Rs.1,00,000

(Rupees One Lakh Only)

Step Down Option :

After stepping up the installment amount, a customer can also reduce the

same (Step Down), in any subsequent month/s, but the same should not

be less than the Core amount

Premature closure is allowed

No penalty will be charged in case of premature closure

Similarly, no penalty will be levied on delayed installment

Nomination facility is available, like other Deposit Scheme

Loan facility is permitted up to 75 % of the deposit amount, at the time of

availing loan, at 2 % ODR


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OPENING OF ACCOUNT:- MENU : FOAAC : To open account after customer ID is created and verified through menu CUMM. Note down customer ID and open account as shown below:-

After filling all the required information press F4. System would take you to next screen to fill up the “next interest calculation date debit.” Fill up the last date of the month in which you are opening the account. For example you are opening account in July then last date of July is 31.07.2014.

Field is shown below in the screen shot. Press F4 to get the account number and transaction ID.

Write customer ID

Transaction type :cash (C),

tr (T) or debit

voucher (DV)

Period in months

Cheque date

Transfer from account number

Cheque number

Core deposit amount


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After filling date you will get account number and transaction ID in the flash screen as shown below:-

Fill up last date

of the month


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DISPLAY OF ACCOUNT NUMBER:- Account number and transaction ID will also be displayed in finacle screen of menu FOAAC as shown below:-

Please note:- Account is in verified status and transaction ID is in POSTED status.

TRANSACTION:- Transaction in posted status:-

Account

number

Transaction ID

Transaction in

posted status


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ACCOUNT DETAILS:-

Go to ACM > I (Inquiry) >a/c no>F4>Option 0 (Zero)>F4 To get this screen. CLOSURE OF ACCOUNT:- Menu :- FCAAC : Required to run interest. Account Number > F4.

Account opening date, maturity date & core amount is displayed in general option, Ist

screen.

Scheme code


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Then go to menu CAAC to close the account.

:

CAAC > Enter > Function Z > A/C Number > F4 > F4 >Remark > F4 > Close option P > it will take you to TM to post the transaction and make the account balance Zero to Close the account. Get tran ID >escape > F10. Get it verified through menu CAACAU

If you don’t run FCAAC then message will be displayed like this


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VERIFICATION OF CLOSED ACCOUNT

MENU:- CAACAU > FUCTION “ V ” > ACCOUNT NUMBER> F4 > F4 > F10 CLOSED ACCOUNT WILL BE VERIFIED.

FUCTION V FOR VERIFY

ACCOUNT

NUMBER

Documents

Union Monthly Plus