Redemption

User's needs may change over a period of time. Saving / investments are the primary source of income for a user in case of emergency. Provision to liquidate the savings and raise funds to handle the situation becomes important for the user.

Using this option user can redeem term deposit and raise funds. The application provides a clear picture of the current position of the term deposit and net available balance that can be withdrawn by the user.

User can use any of the below payout options to redeem a term deposit;

Transfer to own account
Transfer to internal account
Transfer to a domestic account

This option allows Partial as well as Full redemption of the term deposit.

You are here How to reach here:

Dashboard > Quick Links > Redemption
OR
Dashboard > Accounts > Term Deposits >Redemption
OR
Dashboard > Accounts > Term Deposits > Term Deposit Summary > Deposit Number > Deposit Details > Quick Links > Redemption

Field Description

Field Name	Description
Redemption Details
Select Account	Account number of the term deposit for which redemption is to be done.
Account Balance	Account balance of the selected account.
Redeemable Amount	Total redeemable amount before redemption.
Redemption Type	Type of redemption for user to select. The options are: Partial Full
Redemption Amount	Amount along with the currency to be redeemed in case of partial redemption. This field appears, if you click the Partial button in the Redemption Type field.
Charges/ Penalty	Charges/ penalty if the user is about to redeem (i.e. before redemption). This field appears, if you click the Full button in the Redemption Type field.
Final Redemption Amount	Final redeemable amount before redemption.
Payout Details
Pay To	Account transfer options. The options are: Own accounts Internal Bank Account Domestic Bank Account
Own Account This section appears for Own Account.
Transfer Account	Account Number to which the funds is 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 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 beneficiary to whom funds is to be transferred.
Network Type	Applicable domestic clearing networks. The options can be: NEFT RTGS IMPS
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 redeem the term deposit:

From the Select Account list, select the appropriate account.
The account balance and redeemable amount appears.
From the Redemption Type list, select the appropriate option.
If you select Partial option:
In the Redemption Amount field, enter the redemption amount.
If you select Full option go to step 3.
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.
From the Network Type list, select the appropriate option.
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.
To redeem the deposit, click Redeem.
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

Can I redeem the term deposit before the maturity date?

Will I have to pay any penalty to withdraw the deposit before its time?

Can I get loan against my term deposit?

Are partial redemption allowed from my term deposit?

Can the maturity amount be credited into my account held with another bank?

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