Edit Maturity instruction

The user may want to change the maturity instructions, of a 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.. Doing so is convenient and easy, online. Also, changing the maturity instruction may result in a change in payout instruction, which can also be amended.

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Dashboard > Accounts > Term Deposits > Edit Maturity Instruction

Field Description

Field Name	Description
Select Account	Account number in masked format along with the account nickname to be debited in order to open the term deposit. The account number could be either the users own PartyA party is any individual or business entity having a banking relationship with the bank. or any linked party that he has access to. For more information on Account Nickname, click here.
Maturity Instruction	Maturity instructions to be set by the user for the selected deposit account. The options are: 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 along with the account nickname to which the funds are to be transferred. For more information on Account Nickname, click here.
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 are 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 Edit to make changes if any. User is directed to Edit Maturity Instructions – screen with values in editable form.
OR
Click Cancel to cancel the transaction.
The success message of Edit Maturity Instructions, appears along with the transaction reference number. Click OK to complete the transaction and navigate back to ‘Dashboard’.

FAQs

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

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