Edit Maturity instruction

User may change his mind and may want to change the maturity instruction at any point. Doing so would have been more tiresome if the user was asked to visit the branch. Also, changing the maturity instruction may result to change in payout instruction.

Using this option, user can change the maturity instruction at any point in time. With simplified approach, customer can change and set the new maturity instruction as the need may be.

Users can use any of the below maturity instruction;

• Close on Maturity (No Rollover)
• Renew Principal and Interest
• Renew Principal and Pay Out the Interest
• Renew Special Amount and Pay Out the remaining amount

Along with maturity instruction, customer can even update the payout instruction. Customer even has option to settle maturity amount (or any maturity value – principal, interest or any special amount) into the desired account. It can be customer’s own account, any internal account or any domestic account.

How to reach here:

Dashboard > Accounts > Term Deposits >Edit Maturity Instruction

Field Description

Field Name	Description
Select Account	Account to be debited in order to open the term deposit.
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 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 to which the funds are to be transferred.
Beneficiary Name	BeneficiaryA person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. name of the term deposit.
Bank Name	Name of the beneficiary bank.
Bank Address	Address of the beneficiary bank.
City	City of the beneficiary bank.
Internal Bank Account This section appears for Internal Account.
Account Number	Account number to which the funds are to be transferred.
Branch	The list of branches of the home bank for selection.
Branch Address	Address of the selected branch.
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 is to be transferred.
Bank Code	Bank code of the destination account.
Bank Name	Name of the beneficiary bank.
Bank Address	Address of the beneficiary bank.
City	City of the beneficiary bank.

To edit the maturity details:

• From the Maturity Instructions list, select the appropriate option, if you select Close on Maturity (No Rollover) or Renew Principal and Pay Out the Interest option:
• From the Pay To list, select the appropriate option, if you select Own Account option:
• From the Transfer Account list, select the appropriate option.
• If you select Internal Bank Account option:
• In the Account Number field, enter the account number of the beneficiary.
• From the Branch list, select the appropriate option.
• If you select Domestic Bank Account option:
• In the Account Number field, enter the account number of the beneficiary.
• In the Account Name field, enter the account name of the beneficiary.
• In the Bank Code field, enter the bank code and click Submit.
  OR
  From the Look Up Bank Code link, select the appropriate bank code.
• If you select Renew Special Amount and Payout the Remaining Amount option from the Maturity Instruction list.
• In the Roll Over Amount field, enter the amount.
• Repeat steps a to c of step 1.
• To save the changes, click Save.
  OR
  Click Cancel to cancel the transaction.
• The Review screen appears. Verify the details and click Confirm.
  OR
  Click Cancel to cancel the transaction.
• The success message along with the reference number appears. Click OKto complete the transaction.

FAQs

What happens to my term deposit at maturity?

Your current term deposit will automatically be reinvested into a new term deposit, for the same term and interest payment frequency. The interest rate applicable will be as per the prevalent rates on the maturity date.
If the funds are to be withdrawn at maturity, you can provide the details of the account to which the maturity proceeds are to be credited.

What amendments can be done on a term deposit once it is opened?

It is possible to top up the term deposit based on the term deposit product.
It is also possible to amend the maturity instructions

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