3.3 Rollover

User can move the funds from an account under one plan to an account under another plan of the same customer using the Rollover screen.

To manage rollover:
  1. On the Home screen, from ESA Services, under Transaction click Rollover, or specify the Rollover in the Search icon bar.
    The Rollover screen is displayed.

    Figure 3-20 Rollover


    Description of Figure 3-20 follows
    Description of "Figure 3-20 Rollover"

  2. Select the appropriate option from the Search by field.
  3. Perform the required action, based on the option selected from the Search by field.
    The sections for maintaining rollover are displayed.

    Figure 3-21 Rollover Details - Internal


    Description of Figure 3-21 follows
    Description of "Figure 3-21 Rollover Details - Internal"

    Figure 3-22 Rollover Details - Indirect


    Description of Figure 3-22 follows
    Description of "Figure 3-22 Rollover Details - Indirect"

  4. On the Rollover screen, specify the details. For more information on fields, refer to field description table below:

    Table 3-16 Rollover – Field Description

    Field Description
    Search By Users can search for an account number by using any of the available search criteria.

    The account number is set as the default search option. Users can specify the account number directly in the adjacent field or search for an account number by clicking the Search icon. Users can also search for the specific account number by providing customer ID, account number, or account name.

    Other search options available in the Search by field are Customer ID, Tax Identification Number, Mobile Number, and Email.

    A specific customer ID can be searched by providing the customer name or customer ID. If Tax Identification Number, mobile, or email IDs are chosen to find an account number, the respective IDs have to be input entirely in the adjacent field for the system to display the account number. For a given search criteria, multiple account numbers may be linked.

    For example, two or more account numbers can be linked to a single mobile number. In such cases, the system displays all the account number matches and the user can select the relevant account number on which to perform a servicing operation.

    Note: The label of the field adjacent to the Search by field changes dynamically. For example, if the Account number is chosen as the search criteria, the label of the adjacent field is displayed as the Account Number. If Tax Identification Number is chosen as the search criteria, then the adjacent field would display the label as Tax Identification Number.

    Rollover Type This section displays the type of rollover to be performed. The options are:
    • Internal
    • Indirect
    Rollover From This section displays the rollover from details to be maintained.
    Transaction Type Displays the transaction type as Distribution.
    Plan Type Select the plan type for rollover. The option is:
    • ESA - ESA
    Amount Specify the rollover amount.
    Amount Type Select the type of transaction amount. The options are:
    • Gross: If this method is selected, then the redemption amount entered is treated as the gross value. Applicable penalties and taxes are deducted from this amount, and the remaining balance is paid to the customer.
    • Net: If this method is selected, then the redemption amount entered is treated as the net value to be paid to the customer. The system calculates the required gross amount so that, after applying applicable penalties and taxes, the requested net amount is paid out.

    The Gross and Net amount types represent how the distribution amount is calculated.
    Value Date Select or specify the value date for the rollover.
    Waive Tax Switch the toggle ON to waive the rollover tax.
    Deposit Interest and Penalty This section displays the interest and penalty details of deposit account.

    Note:

    This section is displayed if details are added in the Debit Account Details section.
    Interest Handling Select the appropriate option for handling deposit interest during redemption.

    Depending on the option selected, the accrued interest is payed out immediately, retained within the deposit for continued accrual in case of a partial redemption, or if it is a full redemption, the accrued interest is forfeited according to Bank policy. The options are:

    • Payout Accrued Interest
    • Continue Interest Accrual
    • Forfeit Accrued Interest
    Waive Penalty Switch the toggle ON to waive the penalty.
    Penalty Waiver Reason Select the reason for waiving the penalty.

    Note:

    This field is displayed, if Waive Penalty toggle in ON.
    Debit Account Details This section displays the debit account details.
    Account Number/CD Number Displays the debit account number.
    Account Name Displays the account name associated with the account number.
    Type Displays the account type.
    Action Displays the following actions:
    • Edit: Click to edit the debit account details.
    • Delete: Click to delete the debit account details.
    Rollover To This section displays the rollover to details to be maintained.
    Search By Users can search for an account number by using any of the available search criteria.

    The account number is set as the default search option. Users can specify the account number directly in the adjacent field or search for an account number by clicking the Search icon. Users can also search for the specific account number by providing customer ID, account number, or account name.

    Other search options available in the Search by field are Customer ID, Tax Identification Number, Mobile Number, and Email.

    A specific customer ID can be searched by providing the customer name or customer ID. If Tax Identification Number, mobile, or email IDs are chosen to find an account number, the respective IDs have to be input entirely in the adjacent field for the system to display the account number. For a given search criteria, multiple account numbers may be linked.

    For example, two or more account numbers can be linked to a single mobile number. In such cases, the system displays all the account number matches and the user can select the relevant account number on which to perform a servicing operation.

    Note: The label of the field adjacent to the Search by field changes dynamically. For example, if the Account number is chosen as the search criteria, the label of the adjacent field is displayed as the Account Number. If Tax Identification Number is chosen as the search criteria, then the adjacent field would display the label as Tax Identification Number.

    Note:

    This field is displayed if the Rollover Type is Internal.
    Plan Type Select the plan type for rollover.

    The list of plan types displayed in this field for selection depends on the Customer ID selected. If the defaulted Customer ID (same as the one in Rollover From section) is retained, then the plan types owned by the customer other than the one selected in the Rollover From section is displayed here. If a different Customer ID is selected, then the Plans Types owned by this customer is displayed for selection.

    In Indirect rollover, since the customer is moving funds out of the financial institution, this field lists all the Plan Types configured in the system.
    Transaction Type Displays the transaction type as Contribution.

    Note:

    This field is displayed if the Rollover Type is Internal.
    Contribution Code Select the appropriate contribution code for rollover.

    Note:

    This field is displayed if the Rollover Type is Internal.
    Reason/Repayment Code Select the related reason or repayment code.

    Note:

    This field is displayed if the Rollover Type is Internal.
    Credit Account Details This section displays the credit account details.

    If the Rollover Type is Internal, user can add only GL account as the credit account.

    Account Number/CD Number Displays the credit account number.
    Account Name Displays the account name associated with the account number.
    Type Displays the account type.
    Action Displays the following actions:
    • Edit: Click to edit the credit account details.
    • Delete: Click to delete the credit account details.
    To add a debit or credit account:
    1. In the Debit Account Details or Credit Account Details section, click Add Number.

      Note:

      The Add Number button is enabled, if an option is selected from the Plan Type field.

      If you add number from Debit Account Details section, then the following Debit Account Details section is displayed:

      Figure 3-23 Debit Account Details


      Description of Figure 3-23 follows
      Description of "Figure 3-23 Debit Account Details"

      If you add number from Credit Account Details section, then the following Credit Account Details section is displayed:

      Figure 3-24 Credit Account Details


      Description of Figure 3-24 follows
      Description of "Figure 3-24 Credit Account Details"

    2. In the Debit Account Details or Credit Account Details section, select the account. For more information on fields, refer to field description table below:

      Table 3-17 Debit or Credit Account Details – Field Description

      Field Description
      Select Account Number This section displays the account number details in each widget, that can be added for transfer.
      <Account Number> Displays the debit or credit account number.
      Account Name Displays the account name associated with the account.
      Type Displays the account type.
    3. Click Save.

      The account details are displayed in the Debit Account Details and Credit Account Details section in the Rollover screen.

  5. Click Submit.
    The screen is successfully submitted for authorization.

Parent topic: Transaction