- NSS 87 is a discontinued scheme in DOP i.e., for a discontinued scheme in general we don't accept any deposits(credit transactions).
- For withdrawal in an NSS 87 account the eligibility criteria is 50% of preceding 4th financial year value from the current financial year and in between if any withdrawals have been taken then we have to less that amount i.e., whichever is less amount.
- The maximum withdrawal eligibility for the customers 65 years and above (i.e., 15H customers) is 240000/-(two lakhs forty thousand only).
- The maximum withdrawal eligibility for the customers below 65 years (i.e., 15G customers) is 160000/-(one lakh sixty thousand only) for Male customers and 190000/-(one lakh ninety thousand only) for Female customers as per the DOP SB orders.
- Only 1 withdrawal is allowed per financial year.
- If the amount of withdrawal is less than 2500/- then their will be no tax and if the amount is 2500/- and above then their will be 20% tax on the amount of withdrawal.If the customer provides 15G/15H then their will be no tax irrespective amount.
- Mode of disbursement can be cash,cheque or SB transfer as per need.
Step by Step Procedure in DOP Finacle
There are two ways of disbursement of NSS 87 withdrawal amount in general in DOP finacle they are
- BY USING CASH
- BY TRANSFER( Either Cheque or SB Transfer)
BY USING CASH
- NSS 87 withdrawal by Cash mode can be done by using the menu CTM but make sure if the customer presents 15G/15H then update the same in the account modification menu CASBAM and verify then only proceed with CTM
- Invoke the menu CASBAM and select the function as Modify then enter the account number as shown
- Then click on Submit and verify the same in the supervisor.
- Then in the next step invoke the menu CTM and select the function as Add and function type as Withdraw as shown
- Then click on Go then in the next screen and enter the account number and amount as shown in the figure
Then click on Post and verify the same in the supervisor login.
By Transfer Mode
- In order to disburse the NSS 87 withdrawal amount by using transfer mode either to SB account or postmaster account.
- Invoke the menu CXFER and select the function as Add and Transaction type as Customer Induced as shown
- Then click on GO then enter the Debit account id as NSS 87 account id ,Credit account id as postmaster account id or SB account id and amount as shown in the figure
Then click on Post then the system will generate the the transaction id note it and verify the same in the supervisor login.