Redeem

In times of financial emergencies, the primary source of funds for most people is their savings and investments. The facility to liquidate funds becomes imperative in such cases. The redeem term deposit feature enables customers to quickly liquidate their term deposits in any such situations.

Using this option, the customer can redeem either the entire amount or a partial amount of a term deposit.

Customers can choose to payout the funds from a deposit through any of the following methods:

Transfer to own account
Transfer to internal account
Transfer to a domestic account

You are here How to reach here:

Dashboard > Term Deposits > My Deposit page > Overview > Term Deposit Account Card > Deposit Details > Redeem
OR
Accounts > Term Deposits > Redeem

Field Description

Field Name	Description
Primary Customer	Name of the primary account holder.
Account Number	Account number along with the account nickname of the term deposit for which redemption is to be done. For more information on Account Nickname, click here.
Redemption Details
Redeemable Amount	Total amount of the deposit that can be redeemed.
Redemption Type	The customer can select whether redemption is to be partial of full. The options are: Partial Full
Redemption Amount	Amount along with the currency to be redeemed in case of partial redemption. This field appears, if the customer selects the Partial button in the Redemption Type field.
Charges/ Penalty	Charges/ penalty if the user is about to redeem (i.e. before redemption).
Final Redemption Amount	Final redeemable amount after redemption (i.e. after deducting any penalty charges if applicable).
Payout Details
Pay To	Account transfer options. The options are: Own accounts Internal Bank Account Domestic Bank Account
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.
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.
Account Name	Name of the account holder who will be the beneficiary to whom funds will be transferred.
Bank Code	The 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 redeem the term deposit:

From the Redemption Type list, select the appropriate option.
If you select Partial option:
In the Redemption Amount field, enter the redemption amount.
If you select Full option go to step 2.
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.
From the Network Type list, select the appropriate option.
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.
To redeem the deposit, click Redeem.
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 appears. Click Done to complete the transaction.

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