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) for 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.. User can open a term deposit with the sole owner or in a joint mode. While opening a new TD, 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 > Quick Links > New Deposit
OR
Dashboard > Accounts > Term Deposits > New Deposit
OR
Dashboard > Accounts > Term Deposits > Term Deposit Summary > Deposit Number > Deposit Details > Quick Links > New Deposit

Field Description

Field Name	Description
Select Holding Pattern	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	Name of the joint account holder. This field appears if you select Joint option.
Joint Account Holder	Option to add customer id of joint account holder 1.
Joint Account Holder 2	Option to add customer id of joint account holder 2.
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.
Minimum Amount and Maximum Amount allowed	Minimum and maximum amount of the term deposit. This field appears if the term deposit product supports this feature.
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. For more information on Account Nickname, click here.
Balance	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 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 along with the account nickname 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 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, select the appropriate type of 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 revised details after maturity, click the Calculate Maturity link.
Note: 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 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 New Deposit – screen with values in editable form.
OR
Click Cancel to cancel the transaction.
The success message of request of opening a new term deposit along with the reference number appears. Click OK to complete the transaction and navigate back to ‘Dashboard’.

FAQs

How does a term deposit work?

Does the system allow the user to open a Joint TD?

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