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Monday, July 27, 2020

What is difference between Available balance and Effect balance in Savings Account in Finacle?

How to see balance in SB Account at the time of deposit and withdrawal in Finacle Application?

Many POs raise the issue of BBT (Balance before transaction) in Finacle like legacy system. When HTM is invoked, available balance and effective available balance can be viewed. Effective available balance is the eligible amount of withdrawal.

Available Balance : Balance Available in the Account.

Effect Balance : Eligible amount of Withdrawal from the account through Finacle

For example, One Customer approach the Branch Post Office on 01.01.2020 for withdrawal of amount of Rs.7000/- from his account. On that day, he has balance in the SB Account is Rs.23000/-.

Branch Postmaster creates the High value request through RICT Device for the said customer on the same day. In this stage, the lien request will be created for the customer requested amount and the will not affect the effective balance

On end of the day, BPM submit the Withdrawal application along with Passbook to the Account office for issuing sanction for the high value withdrawal. On next day, At Account Office Counter PA checks the balance and signature then pass the requested amount if the signature tallied.

Head of the Account Office approves the high value request in Finacle. In this stage the lien marked for the requested amount and now the effective balance will be deducted Rs. 7000/- from the available balance of Rs.23000/-

Now, Customer account Available Balance Rs.23000/- and Effective Balance Rs.16000/-.

Once the high value approved, the amount of Rs.16000/- is only eligible to withdraw at Account Office or any other CBS Post Office.