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 > My Accounts > Term Deposits > Redemption
OR
Toggle Menu > Accounts > Term Deposits > Redemption

Field Description

Field Name	Description
Redemption Details
Account Number	Account number along with the account nickname (if defined) of the term deposit that is being redeemed.
Balance	This current balance of the deposit account is displayed.
Redeemable Amount	The 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 is displayed if the customer selects the option Partial in the Redemption Type field.
Charges/ Penalty	Any charges or penalty, if applicable, will be displayed.
Final Redemption Amount	The amount being redeemed is displayed. This amount will include any deductions in terms of charges or penalties added to the amount being redeemed. (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. 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 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.
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	The 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.
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 Back to navigate to the previous screen.
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 containing the success message and 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

Can I redeem the term deposit before the maturity date?

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