New Deposit

The New Deposit screen helps the user to open a new term deposit. The user can view various term deposit offerings and its features before opening a term deposit. Process for opening a new term deposit is simple, fast and secure. User details are pre-populated (for existing users). User can open a term deposit with the sole owner or in a joint mode.

While opening a new TDTerm Deposit is a deposit accepted by bank, for a fixed term, from customers. A term deposit is a liability of a bank with fixed maturity period., users can:

Open a TD account in a joint mode (by specifying joint account holder – maximum 2 joint account holders permitted)
Select the best suitable TD
View the deposit interest rates for the selected TD
Open a TD in the desired currency
Either select the maturity date or specify a maturity period
Check the estimated maturity amount
Select the desired source account to fund the TD
Specify the maturity instructions and the payout instructions

You are here How to reach here:

Dashboard > Toggle Menu > Accounts > Term Deposits > New Deposit
OR
Dashboard > Toggle Menu > Accounts > Term Deposits > Overview > Quick Links > New Deposit

Field Description

Field Name	Description
Holding Details	Defines whether the ownership of the term deposit account will be single or joint. The options are: Single Joint
Primary Account Holder	Name of the user who is logged-in.
Joint Account Holder 1	Option to add customer id of joint account holder 1. This field appears if you select Joint option.
Joint Account Holder 2	Option to add customer id of joint account holder 2. This field appears if you select Joint option.
Deposit Details
Select Product	Term deposit products available. Only registered products are available for selection.
Currency	CurrencyA generally accepted form of money, including coins and paper notes, which is issued by a government and circulated with in an economy. of the deposit. This field appears as a label (instead of List for selection) where the deposit product supports single currency.
Deposit Amount	Principal amount of the term deposit to be opened.
System Displays the Minimum & Maximum Deposit Amount allowed
Deposit Tenure	Deposit tenure of the product, either deposit period or maturity date. The options are: Tenure Date
Years	Years of the deposit tenure. This field appears if you select the Tenure option in the Deposit Tenure field.
Months	Months of the deposit tenure. This field appears if you select the Tenure option in the Deposit Tenure field.
Days	Days of the deposit tenure. This field appears if you select Tenure option from the Deposit Tenure field.
Date	Maturity date of the deposit. This field appears if you select Date option from the Deposit Tenure field.
System Displays the Minimum & Maximum Deposit tenure allowed.
Maturity Amount	Calculated maturity amount as per selected parameters. This field appears if you click Calculate Maturity link.
Interest Rate	Interest Rate applicable for the deposit product. This field appears if you click Calculate Maturity link.
Source Account	Account number along with the account nickname to be debited in order to open the term deposit. The account could be either the users own PartyA party is any individual or business entity having a banking relationship with the bank. account or any linked party account that he has access to.
Application displays the Current balance of the selected source account.
Maturity Details
Maturity Instruction	Maturity instructions to be set by the user for the selected deposit account. The options can be: Close on Maturity (No Rollover) Renew Interest and Principal Renew Principal and Pay Out the Interest Renew Interest and Pay Out the Principal Renew Special Amount and Pay Out the remaining amount
Roll over Amount	Special amount be rolled over. This field appears if you select Renew Special Amount and Pay Out the Remaining Amount option from the Maturity Instruction list.
Pay To	Account transfer options. The options are: Own accounts Internal Account Domestic Bank Account This field does not appear, if you select Renew Principal and Interest option from the Maturity Instructions list.
Own Account This section appears for Own Account.
Transfer Account	Account number along with the account nickname to which the funds are to be transferred. For more information on Account Nickname, click here. On selecting Transfer Account, account related details get displayed like Account Holder's Name and Branch Details.
Internal Bank Account This section appears for Internal Account.
Account Number	Account number along with the account nickname to which the funds are to be transferred.
Domestic Bank Account This section appears for Domestic Bank Account.
Account Number	Account number to which the funds are to be transferred.
Account Name	Name of the account to which funds are to be transferred.
Bank Code	Bank code of the destination account.
Look up Bank Code	Link to help the user search for Bank Code. On submitting Bank Code, Bank Address gets displayed based on provided Bank Code.

To open a new term deposit:

In the Select Holding Pattern field, select the appropriate option.
From the Product list, select the appropriate option.
From the Currency list (if product is available in multiple currencies), select the currency.
In the Deposit Amount field, enter the deposit amount.
In the Deposit Tenure field, click the appropriate button.
If you select the Tenure option:
In the Years, Months and Days field enter the appropriate values.
If you option the Date option:
From the Date list, select the appropriate date.
To view the Maturity Amount & Interest Rate, click the Calculate Maturity link.
Click Reset to clear the calculated maturity details.
From the Source Account list, select the appropriate option.
Enter the maturity details. For more information on Maturity Details click here.
Click Create.
OR
Click Back to navigate to the previous screen.
The Review screen appears. Verify the details and click Confirm.
The success message of request of opening a new term deposit along with the reference number appears.
OR
Click Back to make changes if any.
User is directed to New Deposit screen with values in editable form.
OR
Click Cancel to cancel the transaction.
Click OK , link to navigate back to the dashboard.

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