A user may want to redeem his 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., to meet an exigency or to invest in other options, or for any other personal or financial reason. Using this option user can redeem a term deposit.
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application provides a clear picture of the current position of the term deposit and net available balance that can be withdrawn by the user.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;
This option allows Partial as well as Full redemption of the term deposit.
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 Name |
Description |
---|---|
Redemption Details |
|
Select Account |
Account number along with the account nickname of the term deposit for which redemption is to be done. The account could be either the user’s PartyA party is any individual or business entity having a banking relationship with the bank. accounts or any linked party accounts that he has access to. For more information on Account Nickname, click here. |
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:
|
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, after deducting charges / penalty etc (if applicable). |
Payout Details |
|
Pay To |
Account transfer options. The options are:
|
Own Account This section appears for Own Account. |
|
Transfer Account |
Account Number along with the account nickname to which the funds is to be transferred. For more information on Account Nickname, click here. |
Beneficiary Name |
|
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 are to be transferred. |
Network Type |
Applicable domestic clearing networks. The options could be:
|
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:
FAQs
Does the application allow the User to redeem a term deposit before the maturity date?
Does the application allow partial redemption from term deposit account?