SIM : Standing Instructions Maintenence

A Brief Introduction to SIM :Standing instructions Maintenance

Banks render services to their customers by complying with given standing instructions. Customer
gives these instructions to their banker, which relates to certain financial dealings like transfer of
funds. These instructions are meant either for a specific period mentioned by the customer or until
further instructions from the customer in the matter.
e.g.  A customer took a term loan from Bank and had an Equated Monthly Installment (EMI) of 3500/- (Rupees three thousand five hundred per Month).As the Bank sanctions a lot of Loans in favor of the Customer.So,its difficult for them to Deduct EMI manually in finacle using TM. SIM option in finacle helps them in creating two Parts of the Tran one is Debit and Other is Credit.

Now we will see the procedure to maintain the Standing Instructions in Finacle:

  • Go to the Menu Option and Enter SIM,After entering the SIM option there are Different types of details 

  1. General DetailsGeneral Details are the details in which Customer's Customer Id, Main  Account No, SIM frequency, Next Execution Date, End Date and Remarks are entered. 
  2. Debit Part TranIn these details you have to enter Debit Account Number, Debit Amount and Debit remarks
  3. Credit Part TranIn these details you have to enter Credit Account Number,Credit Amount and Credit Remarks.

Starting with

1. General Details: 

  • After entering the option SIM below shown screen appears.
  • Function: A (Add) Press F4. Then enter the details as below:
  • In SI Class input ‘C’ for Customer Induced or ‘B’ for Bank Induced
  • Input Customer ID and Enter SI Frequency i.e. D-Daily, W-Weekly, F-Fortnightly,M-Monthly, Q-Quarterly, H-Half Yearly and Y-Yearly.
  • Enter Execution Time i.e. B-Beginning of Day, D-Anytime during Day, A-After business hours and E- Every time
  • Specify Next Execution Date of SI. Enter in Auto Post- Y. Then End date of SI.
  • Delete Transaction if not posted? - Y for deleting. Then Carry Forward –Y and Max. Time for such carry forward.
  • Generally the SIM is executed on 1st of every month.
  • After filling all details Press F4 and General Details are accepted.

2.Debit Part Tran Details:

  • After accepting General Details enter 'E' and Press F4 and Following Screen appears:
  • Enter the details as above.
  • Enter Amount Indicator – as applicable. Part-Tran Type – ‘D’ Debit
  • Enter Amount and Press F4
  • Now you have to enter PR records as shown in image below.

  • Now enter Debit Account No as shown in above screen and other necessary details by taking   help from Help Keys F1 and F2 or you can fill same as shown in credit part Tran details below only you have to change Debit Account No.
  • Then Press F4 and Debit Part details are accepted.

3.Credit Part Tran Details:

  • After accepting Debit Part Tran Details enter 'E' and press F4 and below shown screen appears.
  • In Part Tran type enter 'C' because we had to enter Credit Part Tran Details and almost every other remains same like Debit Tran Details Like Credit Amount,Currency type/CCY.
  • After entering the details press F4 and below shown screen appears.
  • The Above screen is Pr record screen and also known as Additional Details Screen.
  • After entering the Credit Account Number in additional details fill the necessary details like
  • Amt induced  F:Fixed
  • Percentage:    100
  • Amount : which is to be credited.
  • Rnd off ind : H:Highest
  • Now Press F6 and accept Additional Details.
  • After accepting Additional Details you are redirected to Main Page.
  • Press F10 and Note Down SI ID which is generated by system.

For Verification of Creation of Standing Instructions (SIM)

  • Go to the menu option SIM and enter
  • Function V (Verify) and Input SI Serial No. Then Press F4
  • Accept General Details with pressing F4
  • 1st Debit Part-Tran Screen will appear verify and accept with F4
  • 2nd Credit Part-Tran Screen will appear verify and accept with F4
  • Press F10 for commit.
  • SI stands verified.
Note: In cases where for credits to say Recurring Deposit or Term Loan  type of account then the user has to visit additional screen for Flow ID by pressing of F6 key, before final commit by F10 key.


No comments:

Post a Comment