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 and the tenure i.e. the term of the deposit. 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.

You are here How to reach here:

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

Field Description

Field Name	Description
Holding Details
Primary Account Holder	Name of the user who is logged-in.
Deposit Details
Source 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.
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.
Select Product	Term deposit products available. Products which are enabled for opening new account from digital platform will be listed in the dropdown.
View Interest Rates	Click on the View Interest Rates link to view the interest rates that will be applicable on the deposit account based on the deposit product selected. This link will be displayed against 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 once a product is selected.
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. This field appears as a label (instead of List for selection) where the deposit product supports only single currency.
Deposit Amount	Principal amount of the term deposit to be opened.
Application displays the Minimum & Maximum Deposit Amount allowed.
Deposit Tenure	Deposit tenure of the product, either deposit period or maturity date. The options are: Tenure Date
Years	Years of the deposit tenure. This field appears if you select the Tenure option in the Deposit Tenure field.
Months	Months of the deposit tenure. This field appears if you select the Tenure option in the Deposit Tenure field.
Days	Days of the deposit tenure. This field appears if you select Tenure option from the Deposit Tenure field.
Date	Maturity date of the deposit. This field appears if you select Date option from the Deposit Tenure field.
Application displays the Minimum & Maximum Deposit tenure allowed.
Maturity Amount	Calculated maturity amount as per selected parameters. This field appears if you click Calculate Maturity link.
Interest Rate	Interest Rate applicable for the deposit product. This field appears if you click Calculate Maturity link.
Maturity Details
Maturity Instruction	Maturity instructions to be set by the user for the selected deposit account. 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
Roll over Amount	Special amount be rolled over. This field appears if you select Renew Special Amount and Pay Out the Remaining Amount option from the Maturity Instruction list.
Pay To	Account transfer options. The options are: Own accounts Internal Account Domestic Bank Account This field does not appear, if you select Renew Principal and Interest option from the Maturity Instructions list.
Own Account This section appears for Own Account.
Transfer Account	Account number along with the account nickname to which the funds are to be transferred. For more information on Account Nickname, click here. On selecting Transfer Account, account related details get displayed like Account Holder's Name and Branch Details.
Internal Bank Account This section appears for Internal Account.
Account Number	Account number along with the account nickname 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 account to which the funds are to be transferred.
Bank Code	Bank code of the destination account.
Look up Bank Code	Link to help the user search for Bank Code. On submitting Bank Code, Bank Address gets displayed based on provided Bank Code.

To open a new term deposit:

From the Source Account list, select the current or savings account to be debited in order to open the term deposit.
From the Select Product list, select the appropriate option.
- To view the rates of interest applicable on the term deposit, click on the View Interest Rates link displayed against the Select Product field once a product is selected.
From the Currency list (if product is available in multiple currencies), select the 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 fields enter the appropriate values.
- If you select the Date option, from the Date list, select the appropriate date.
To view the Maturity Amount & Interest Rate, click the Calculate Maturity link.
Click Reset to clear the calculated maturity details.
From the Source Account list, select the appropriate option.
Enter the maturity details. For more information on Maturity Details click here.
Click Create.
OR
Click Back to navigate to the previous screen.
The Review screen appears. Verify the details and click Confirm.
OR
Click Back to make changes if any.
User is directed to New Deposit screen with values in editable form.
OR
Click Cancel to cancel the transaction.
The success message of request of opening a new term deposit along with the reference number appears.
Click Go to Dashboard , link to navigate to the dashboard.
OR
Click Go To Account Details link to access the Deposit Details screen.

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