The New Deposit page enables the customer to apply for a new term deposit. All the term deposit offerings of the bank are available for selection on this page. The customer can select any product offer in order to apply for a term deposit of choice.
While applying for a term deposit, the customer is required to identify the amount for which the deposit is to be opened, the tenure i.e. the term of the deposit and the holding pattern i.e. single or joint. Additionally, the customer is also required to define maturity instructions and also to select the current or savings account from which funds are to be debited in order to fund the deposit.
How to reach here:
Dashboard > Term Deposits > My Deposit page > Overview > New Deposit
OR
Dashboard > Accounts > Term Deposits > New Deposit
Field Name |
Description |
---|---|
Select Holding Pattern |
Defines whether the ownership of the term deposit account will be single or joint. The options are:
|
Primary Account Holder |
The name of the customer is displayed as primary account holder upon definition of holding pattern. |
Joint Account Holder 1 |
The customer is required to identify the name of the joint account holder, if Joint has been selected as holding pattern. This field is enabled only if the customer selects option Joint in the field Select Holding Pattern. |
Joint Account Holder 2 |
The customer can specify the name of a second joint account holder. This field is enabled only if the customer selects option Joint in the field Select Holding Pattern. |
Deposit Details |
|
Select Product |
All the term deposit products available for application will be listed. |
Deposit Amount |
The customer is required to define the amount for which the deposit is to be opened. |
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) in case the deposit product supports single currency. |
Minimum Amount Maximum Amount |
The amount range within which the deposit can be opened. This field appears only if the term deposit product supports this feature from host. |
Deposit Tenure |
The customer can specify the tenure of the deposit in terms of a period i.e. years/ months/ days or by selecting a specific date on which the deposit should mature. The options are:
|
Years |
The customer can identify the deposit tenure in years. This field is enabled if the customer selects the Tenure option in the Deposit Tenure field. |
Months |
The customer can identify the deposit tenure in months. This field is enabled if the customer selects the Tenure option in the Deposit Tenure field. |
Days |
The customer can identify the deposit tenure in days. This field is enabled if the customer selects the Tenure option from the Deposit Tenure field. |
Date |
The customer can define the deposit tenure by selecting a date on which the deposit should mature. This field is enabled if the customer selects the Date option from the Deposit Tenure field. |
Minimum Deposit Period |
Minimum tenure for which deposit account can be opened. |
Maximum Deposit Period |
Maximum tenure for which deposit account can be opened. |
Maturity Amount |
The system will calculate and display the estimated maturity amount based on the parameters defined by the customer. |
Interest Rate |
Interest Rate applicable for the deposit product. |
Select Account |
The customer is required to select the current or savings account which is to be debited in order to open the term deposit. All the active current and savings accounts of the customer are displayed along with nicknames, if defined. For more information on Account Nickname, click here. |
Balance |
On selection of a current or savings account in the Select Account field, the current balance of the specific account is displayed against the field. |
Maturity Instructions |
Maturity instructions to be set by the user for the deposit account. The options can be:
|
Rollover Amount |
The amount to be rolled over. This field is displayed if the customer selects Renew Special Amount and Payout the Remaining Amount option from the Maturity Instruction list. |
Pay To |
Account transfer options. The options are:
This field is not displayed, if the customer has selected Renew Interest And Principal option from the Maturity Instructions list. |
Own Account This section is displayed if the customer has selected the option Own Account in the Pay To field. |
|
Transfer Account |
The customer can select a current or savings account to which the funds will be transferred when the deposit matures. All the customer’s current and savings accounts held with the bank will be listed down and available for selection. |
The following fields are displayed once the customer has selected an account in the Transfer Account field. |
|
Beneficiary Name |
The name of the holder of the account selected in Transfer Account. |
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 is displayed if the customer has selected the option Internal Account in the Pay To field. |
|
Account Number |
The customer can identify a current or savings account of the bank to which the funds are to be transferred once the deposit matures. |
Branch |
The customer is required to select the branch in which the account is held. |
Branch Address |
Once the customer selects a particular branch, the address of that branch is displayed on the page. |
Domestic Bank Account This section is displayed if the customer has selected the option Domestic Bank Account in the Pay To field. |
|
Account Number |
The customer can identify a current or savings account to which the funds are to be transferred once the deposit matures. |
Account Name |
Name of the account holder who will be the beneficiary to whom funds will be transferred once the deposit matures. |
Bank Code |
BThe customer is required to identify the bank code in which the beneficiary account is held. |
Look Up Bank Code |
Search option to look for bank code of the destination account. |
The following fields and values will be displayed once the customer has specified a bank code. |
|
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:
FAQs
When will I start earning interest on my term deposit?