IPPB Account Conversion to SBPRM Scheme in CBS
The objective of this document is to illustrate the process of converting a normal Saving Account to SBPRM (Premium Saving Account) scheme in CBS. This will enable the conversion of all kinds of Saving accounts in the newly created scheme SB Premium (SBPRM).
It is important to note that various types of customers have varying banking needs. This is the main reason that Banks offer differentiated products as part of their service bouquet so that each customer has the freedom to choose a product that suits him/her best.
Bank aims to fill a void in its product offering with this new SB account variant that will offer various discounts on otherwise applicable charges and provide uniquely placed offerings like free doorstep services. Customers will be asked to pay a tiny service charge upfront annually, in lieu of which they can avail a host of discounts and waivers.
Features of “Premium Khata” – SBPRM Savings Account
- Eligibility - Anybody above 10 years with KYC
- Account Opening/Subscription Charges - INR 149 + GST
- Annual Renewal Charges - INR 99 + GST
- Initial Minimum Deposit - INR 200
- Minimum Account Balance - NIL
- Maximum End of Day Balance - INR 2 Lakh
- Nomination Facility - Available
- Linkage of POSA Account - YES
- Monthly Average Balance - NIL
- Non-maintenance charges on MAB - NA
- Annual Interest Rate - Balance up to INR 1 Lakh - 2.00%
- Balances above INR 1 Lakh & up to INR 2 Lakh – 2.25%
- Interest Payment - Quarterly
Account Charges
- SMS Alerts - INR 10 Quarterly
- Account Statement - Free Monthly e-statement
- The setting of Standing Instruction Charges - Free
- Account Closure Charges - INR 50 + GST, if the account is closed after 3 months of account opening/ upgradation
- Balance certificate per Instance - INR 50
- Bill Payments/ Recharge - Free
- Cash deposit charges - Free
- Cash withdrawal charges - Free
- Virtual Debit Card Issuance - INR 25
- Virtual Debit Card Reissuance - NIL
- Doorstep Banking - Free
Which IPPB accounts can be converted into SBPRM Scheme
SBREG, BSBDA, DGSBA, SBDOP, SBIPB
- SBREG, BSBDA, and DGSBA can be converted to SBPRM at PA Counter as well as at Branch Level.
- SBDOP and SBIPB can be converted to SBPRM at Branch Level only
- DGSBA Account can be converted only after the REKYC of the customer is completed at CBS/M-ATM.
Step-by-Step Process for SBREG to SPBRM conversion in CBS
- Maker (PA) shall Invoke menu HACXFRSC in CBS
- Input SBREG Account Number to be converted
- Select the Target Scheme code as SBPRM
- An OTP will be triggered at Customer’s Mobile number which is required for authentication before conversion.
- Input the OTP received on the customer’s registered mobile number and press Validate
- Press Submit button
- An instruction number will be generated which has to be verified by the checker.
- Checker shall invoke HACXFRSC.
- Select Verify Function and enter the Instruction number received by Maker which is to be verified.
- Click on Go and Scheme will be marked for conversion to SBPRM
- Simultaneously a lien of ₹ 175.82 is marked against the account as SBPRM charges for conversion.
- At the end of the day, these charges will be debited centrally from the account
- On the Next day, Transaction Inquiry in CBS will be displayed as below:-
- Customer will receive the following SMS(s) on their registered Mobile Number
- Similarly, BSBDA, SBIPB, and SBDOP can also be converted to SBPRM.
Process for DGSBA to SPBRM conversion in CBS
- Maker (PA) shall Invoke menu HACXFRSC in CBS
- Input DGSB Account Number to be converted
- Select the Target Scheme code as SBPRM
- If the eKYC of the customer is not complete, then the system will pop up an error that “Re-KYC of the customer is not complete. Complete re-KYC before scheme conversion”
- e-KYC of the customer may be completed on CBS (using CREKYC command)/m-ATM as per pre-existing process
- Once the re-KYC is complete, the Account can be converted to SBPRM account
- An OTP will be triggered at Customer’s Mobile number which is required for authentication before conversion
- Input the OTP received on the customer’s registered mobile number and press Validate
- Press Submit button
- An instruction number will be generated which has to be verified by the checker
- Checker shall invoke HACXFRSC
- Select Verify Function and enter the Instruction number received by Maker which is to be verified.
- Click on Go and Scheme will be marked for conversion to SBPRM
- Simultaneously a lien of ₹ 175.82 is marked against the account as SBPRM charges for conversion
- At the end of the day, these charges will be debited centrally from the account as a batch process
- On the Next day, Transaction Inquiry in CBS will be displayed as:-
- Customer will receive the following SMS(s) on their registered Mobile Number.
Scheme Degradation: SBPRM to SBREG Scheme in CBS
- SBPRM scheme can be downgraded to SBREG scheme only and not any other scheme based on the specific request of the customer in the form of a request letter
- This specific scheme conversion can take place at CPC only
- Once the scheme is degraded from SBPRM to SBREG, the following pop-up will be displayed “Premium account subscription charges will not be refunded to the customer fully or partially”
- Accordingly, the Branch while taking the request for degradation shall guide the customer and mention on the letter submitted for conversion that “Premium account subscription charges will not be refunded to the customer fully or partially” and then obtain an acknowledgment from the customer in the form of signature
- The branch shall send the conversion request in below mentioned format to Regional Head
- The Regional Head shall further consolidate the requests received for degradation and share them with CPC
- The CPC team shall degrade the account scheme and confirm the Regional head through a revert mail.
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