This chapter gives you an overview of the Millionaire Certificate (MB) module of Oracle FLEXCUBE. There are two types of certificates issued by the bank:
This chapter contains the following sections:
Millionaire Certificate (MC) is a savings and investment opportunity which offers a good returns on your investment and certificates are completely capital guaranteed and en-cashable at any point of time. The subscription to MC is in multiple of thousands only.
To subscribe to MC, you should hold a Valid Visa (Transit/ Visit/Business/Residential) and a Passport. MC can be bought from any of the branches of the bank or through any channels like their associated exchanges and gets processed from the bank. The non-residential clients would be able to redeem it through a Power of Attorney issued with proper documentation.
Customers of the bank can get certificates attached to their account if the MCs have been purchased under the CIF # of the account as well. Non customers of the bank can purchase the MC and later associates with the Customer or CIF if he becomes customer and declares the same to the bank.
Inventory module is used to track the movement of the instruments between central vault and branches and tracks the status of each instrument by serial number.
The MB module provides you with the following features:
Lien Millionaire Certificates (LMC) is another product offered by the bank. All features are like the Millionaire Certificates but for the below mentioned features:
A member from the Economic Panel would be part of the draw. This is generally conducted in a Mall or a Beach or an open place where public gathering generally happens. The Lottery happens through a throw of dice corresponding to the Units place, hundreds place etc… considering the total number of reference active deposits in consideration.
Currently the Bank is getting the sequence/reference no. through the lot and then contacting the customer support centre to ensure that the deposit is active. Oracle FLEXCUBE provides the reference number and the corresponding certificate number immediately instead of using the manual process.
The MB module comprises the following high-level functions:
The following sections give you a brief overview of the MB module’s various functions and features and contains the following topics:
Parameters Definition for millionaire certificate product, associated charges, accounting entries and preferences are completely user defined and flexible.
Certificate issuance, encashment, cancellation (including partial cancellation) and re-issuance are handled as different stages/events of a contract.
Inventory module is used to track the flow of inventory from head office to various branches. It also tracks the status of the instrument.
MC contracts can be used as collateral to a liability in the collateral maintenance screen, in the ELCM module. MC contract is then blocked to the extent of collateralized amount.
All customers of MC/LMC (including customers/credit card holders of your bank and walk-in customers/credit card holders) are CIF in Oracle FLEXCUBE. Each type of MC customers are created with different charge groups to facilitate differential charging, if any.
For new walk-in customers, during MC issuance you can record the basic details of the customer in ‘Customer details’ section of MC contract issuance screen. These details are stored against the customer reference number and would not create a CIF in the system. The system generated customer reference number would then be mapped against the standard walk-in CIF defined in the branch parameters.
Upon fresh/first time purchase of MC by CIF, system dynamically generates the customer reference number and associates it to the CIF. This reference number would be a ten digit number - branch code followed by running sequence number.
System would not validate the MC customers based on customer nationality/visa details/age.
MC/LMC would involve the following two numbers: