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TD_Maturity_Closure

 

TIME DEPOSIT - MATURITY PAYMENT / CLOSURE


The deposit made in a Time Deposit account is repayable at the end of the period of deposit. Example: A deposit made in a 5-year account on 1.4.2016 is repayable on 1.4.2021. If the maturity date falls on a non-working day, the payment shall be made on next working day.


When a depositor of a TD Account attends post office for closure of his/her TD Account, the Counter PA and Supervisor shall follow the procedure laid down in Rule 91 for closure of RD Account. In this case, HCAACTD menu should be used by Counter PA and HCAACVTD by Supervisor. In case, mode of payment is selected as CASH, the counter PA has to invoke HCASHPND menu after verification of closure by Supervisor before paying cash to the depositor. Counter PA has to select function as PROCESS and select the account number. Thereafter POST should be clicked and then cash can be paid to the depositor.