Redemption

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application provides a clear picture of the current position of the term deposit and net available balance that can be withdrawn by the user.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;

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

This option allows Partial as well as Full redemption of the term deposit.

You are here How to reach here:

Toggle Menu > Accounts > Term Deposit > Redemption
OR
Toggle Menu > Accounts > Term Deposits > Overview > Quick Links > Redemption
OR

Toggle Menu > Accounts > Term Deposits > Overview > Deposit Details > Quick Links > Redemption

Field Description

Field Name	Description
Redemption Details
Account Number	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. Application displays the account balance of the selected source account.
Balance	Application displays the account balance of the selected source account.
Redeemable Amount	Application displays the total redeemable amount.
Redemption Type	Type of redemption for user to select. The options are: Partial Full
Redemption Amount	Amount to be redeemed (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).
Final Redemption Amount	Final redeemable amount, after deducting charges / penalty etc (if applicable).
Payout Details
Pay To	Account transfer options. The options are: Own accounts Internal Bank Account Domestic Bank Account
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. On selecting Transfer Account, account related details get displayed like Account Holder's Name and Branch Details.
Internal Account This section appears for Internal Account.
Account Number	Account Number to which the funds are to be transferred.
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.
Bank Code	Bank code of the destination account. On submitting Bank Code, Bank Address gets displayed based on provided Bank Code.

To redeem the term deposit:

From the Select Account list, select the appropriate account.
The account balance and redeemable amount appears.
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 3.
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.
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.
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 Back to navigate to the previous screen.
The Reviewscreen appears. Verify the details and click Confirm.
The success message along with the reference number appears.
OR
Click Back to make changes if any. User is directed to Redeem TD screen with values in editable form.
OR
Click Cancel to cancel the transaction.
Click Go to Dashboard , link to navigate to the dashboard.
OR
Click Go To Account Details link to access the Deposit Details screen.

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?

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