Term Deposit
As the name suggests, a Term Deposit is a deposit held at a bank for a fixed term, generally ranging from a month to a few years. If compared to regular savings accounts, the interest earned on term deposit is higher.
Customers opt to invest in term deposits as they are a safe and secure mode of investment and yield higher returns than regular checking or savings accounts.
Pre-requisites
- Transaction access is provided to retail customers.
- Term Deposit accounts are maintained in the host system under a party ID mapped to the customer.
Features Supported In the Application
The retail module of the application supports the following features:
- Term Deposit Widget
- View Term Deposit Details
- Edit Maturity Instructions
- Top Up Term Deposit
- Redeem Term Deposit
- View Term Deposit Statement
- Request Statement
- Apply for a New Term Deposit
- View Closed Deposits
- Calculate Deposit Maturity Amount
TERM DEPOSIT WIDGET - OVERVIEW
The retail overview/ dashboard page displays an overview of the customer’s holdings with the bank as well as links to various transactions offered to the customer. The ‘My Accounts’ widget displays the customer’s holdings in each account type such as Current and Savings Accounts, Term Deposits, Loans and Credit Cards. On clicking on any account type record, the widget displaying details specific to that account type is displayed. One such widget is the Term Deposits widget which is displayed on selection of account type, ‘Term Deposits’ under the My Accounts widget.
The term deposits widget displays basic details of each deposit such as the deposit account number and name of the primary account holder, the amount of deposit, interest rate applicable as well as maturity date of each deposit. Additionally, if the customer holds both Islamic and Conventional term deposits, the deposit type (Islamic or Conventional) is defined against each deposit. On selecting any term deposit from this widget, the customer is provided with the options to view further details, view statement, top up the deposit or redeem the deposit. By default, this widget displays the customer’s active term deposits. The customer can also opt to view the closed deposits on this widget by selecting the provided option. The total number of active or closed term deposit accounts (depending on which are being viewed) is also displayed on the widget.
In addition to displaying records of the customer’s deposits, the term deposit widget also displays options by which the customer can open a new deposit or view the deposit calculator.
The term deposits widget features the following: |
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Active Term Deposits: All the active term deposits of the customer are listed down with basic details such as the deposit account number (masked), the name of the primary account holder, the deposit amount, interest rate and maturity date as well as type of deposit i.e. conventional or Islamic. Further options to view deposit details or statement and to perform top up or redemption are provided on selection of any term deposit account. |
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Inactive / Closed Term Deposits: The customer is also provided with the option to view all the term deposits that are closed. On selecting this option, all the closed or inactive term deposits of the customer are listed down. The customer can view further details of a closed deposit by selecting any closed deposit account record. |
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New Deposit: The customer can click on the link provided in this widget to apply for a new term deposit. On clicking on the link, the screen on which the customer can setup a new deposit is displayed. |
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Deposit Calculator By clicking on this option, the customer is able to navigate to the term deposit calculator page. |