Top up

User is always willing to save any surplus income received. Opening a term deposit for every small surplus amount is not the solution.

The application allows a user to re-invest the surplus amount into an existing term deposit. User can top-up an existing term deposit with the desired and permissible top-up amount.

The application not only provides the current investment position on the term deposit, but also has provision to calculate the revised maturity amount, interest rate and total investment before top-up confirmation. User can fund the top-up using any of his source account own in the bank.

The application also helps the User regarding the top-up amount supported by the term deposit product.

How to reach here:

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

Field Description

Field Name	Description
Select Account	Account number of the term deposit for which top-up is to be done.
Current Balance	Current principal amount that is the revised principal amount after top-up done.
Top-up Amount	Top-up amount to be appended on the term deposit opened.
Maximum Deposit amount applicable for Top-up	Maximum deposit amount supported for the term deposit product.
Top up amount in Multiple of (X amount with currency)	DenominationA classification for the stated or face value of financial instruments, including currency notes or coins. supported for top-up.
Revised Principal Amount	Calculated principal amount (as per interest rate) as on current date after top-up done.
Revised Maturity Amount	Calculated maturity amount after top-up done.
Revised Interest Rate	Interest rate applicable after top-up done.
Source Account	Saving account mapped to the user. The user can select the account to be debited in order to top-up term deposit.
Source Account Balance	Account balance of the selected source account.

To top-up the term deposit:

• From the Select Account list, select the appropriate account.
• In the Top-up Amount field, enter the top-up amount.
• From the Source Account list, select the appropriate option.
• To add the top-up amount, click Top Up.
  OR
  To calculate the revised principal amount and maturity amount, click Calculate Maturity.
  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.

Note: Click Resetto clear the entered details.

FAQs

How does top-up of term deposit work?

If the term deposit product has a facility for top up, then an option will be provided to add funds into the term deposit. You can also check the revised maturity amount after the top up.

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