Pay Roll Savings Scheme (PRSS) in respect of RD
(1). “Pay Roll Savings Groups” are formed in big establishments such as offices, mills, factories etc, from each member of staff in the group, a letter of consent agreeing to deduction of a stated amount being made from his/her pay regularly for deposit in Recurring Deposit accounts is taken.
(2). The employer will deduct each month at the time of disbursement of pay to the employee, the amount to be deposited in RD accounts.
(3). He/She will obtain an application in the prescribed form (SB-AOF and KYC documents) from each of the employee to open new RD accounts and prepare a manual list with all details.
(4). PRSS Group leader will approach the CBS post office for creation of USER ID and opening of new accounts for his/her institution.
(5). The Counter PA will create the PRSS User ID by using HDSAMM menu and the supervisor has to verify the same by using the same menu. While creating the PRSS Group, care should be taken to mark the commission as “NO” in commission parameter and also capture the SB account number of the group leader.
(6). The concerned offices raise a password request for Newly created PRSS ID to CEPT Chennai through divisional office.
(7). While opening the account in Finacle, Counter PA should select the Group Leader ID by selecting the filled “DSA ID” and ensure that all accounts opened through PRSS group leader are linked to correct DSA ID. Pass books will be issued to these accounts in the usual manner and the passbooks are handed over to the PRSS group leader.
(8). For existing RD accounts of a PRSS group need to be linked to the group leader ID by the concerned post offices by using CRDACM menu in Finacle by the counter assistant and same has to be verified by the supervisor.
(9). Group leader will be provided with a login Id and password. The PRSS group leader will log into agent portal by using his/her id and prepare a list by selecting the account numbers pertaining to his/her group. Separate lists will be prepared for cash/DOP cheque (POSB cheques) and non-DOP cheque. The system will generate reference number for the successful preparation of list.
(10). The PRSS group leader will submit the list along with passbooks either through cash or cheque as the case may be, the counter PA will verify the list submitted by the group leader and confirm its correctness. In Finacle the PA will invoke HAGTXP menu and carryout any modification if needed and submit. The transaction will be atomically posted to concerned accounts in Finacle if deposit through cash or DOP cheque. In case of non DOP cheque accounting will be done only after credit of cheque proceeds to government account the supervisor will verify the same.
(11). After accepting the deposit from the PRSS group leader the counter PA will update the pass book by printing.
(12). In case of Half withdrawal (loan) /premature / maturity closure the depositor has to collect his/her pass book from the PRSS group leader and submit to the post office along with SB-7/SB-7A as the case may be. The counter assistant will follow the same procedure of half withdrawal/closure of RD account.
(13). No commission will be paid to the PRSS group leader with effect from 01.10.2016 Vide SB ORDER NO.9/2016 DATED 23.09.2016.
