New Deposit

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.

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Dashboard > My Accounts > Term Deposits > New Deposit
OR

Toggle Menu > Accounts > Term Deposits > New Deposit

Field Description

Field Name	Description
Select Holding Pattern	Defines whether the ownership of the term deposit account will be single or joint. The options are: Single Joint
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 down.
Deposit Amount	The customer is required to define the currency and amount in 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. If the deposit product supports only a single currency this field is displayed as a label (instead of a list for selection).
Amount	The customer is required to specify the amount for which the deposit is to be opened.
Amount Range	The minimum and maximum amounts for which a deposit can be opened are displayed against the amount field once the customer selects a particular deposit product in the Select ProductA product is created based on the bank's business requirements and has certain typical parameters that describe its attributes or characteristics. Every product is defined under Product Class and Product Group. For example, a product 'Fixed rate home loan' is defined under product group 'Home Loan' and product class 'Loans'. field.
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: Tenure Date
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 displayed 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 displayed 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 displayed if the customer selects the Date option from the Deposit Tenure field.
Deposit Period Range	The minimum and maximum period within which the deposit account can be opened is displayed against the deposit tenure field once the customer selects a deposit product in the Select Product field.
Calculate Maturity	The customer can click on the Calculate Maturity link in order to be displayed the maturity amount and interest rate applicable on the deposit account based on the information defined.
Maturity Amount	The system will calculate and display the estimated maturity amount based on the parameters defined by the customer.
Interest Rate	The interest rate applicable on the deposit account based on the deposit product selected is displayed.
Select Account	The customer is required to select the current or savings account to be debited with the deposit amount. 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 customer for the deposit account. The options available are dependent on the deposit product selected. The options can be: Close on maturity (No Rollover) Renew Interest And Principal Renew Principal and Pay Out the Interest Renew Interest and Pay Out the Principal Renew Special Amount and Pay Out the remaining amount
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	This field is displayed if the customer has selected any maturity instruction that involves any part of the deposit amount to be paid out at the time of maturity. The customer is required to select the mode through which the amount to be paid out is transferred. The options are: Own accounts Internal Bank Account Domestic Bank Account 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.
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	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 open a new term deposit:

In the Select Holding Pattern field, select the appropriate option.
From the Select Product list, select the appropriate option.
From the Currency list, select the appropriate type of currency.
In the Deposit Amount field, enter the deposit amount.
In the Deposit Tenure field, click the appropriate button.
If you select the Tenure option:
In the Years, Months and Days field enter the appropriate values.
If you option the Date option:
From the Date list, select the appropriate date.
To view the revised details after maturity, click the Calculate Maturity link.
From the Select Account list, select the appropriate option.
Enter the maturity details. For more information on Maturity Details click here.
Click Create.
OR
Click Cancel to cancel the transaction.
The Review screen is displayed. Verify the details and click Confirm.
OR
Click Cancel to cancel the transaction.
OR
Click Back to navigate to the previous screen.
The confirm screen is displayed with a success message along with the reference number.
Click Go To Dashboard link to navigate back to Dashboard.
OR
Click Go To Account Details link to view the deposit details.

FAQs

How does a term deposit work?

When will I start earning interest on my term deposit?

Can I open a term deposit in joint names?

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