Redemption
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 Recurring Deposit feature enables customers to quickly liquidate their Recurring Deposit in any such situations.
Using this option, the customer can redeem the entire amount of a recurring deposit. On premature closure of your Recurring Deposit, interest will be paid as per the rate of interest applicable for the tenure during which the deposit was kept with subject to penal rates as applicable.
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
How to reach here:
Dashboard > My Accounts Widget > Recurring Deposits > More Information > Redemption
OR
Dashboard > Toggle menu > Accounts > Recurring Deposits > Redemption
To redeem the recurring deposit:
- From the Select Account list of Select Account popup window, select the appropriate account for redemption.
Field Name |
Description |
---|---|
Select Account |
|
Select Account |
Account number in masked format along with the account nickname (if defined) of the recurring deposit that is being redeemed. For more information on Account Nickname, refer Account Nickname. |
- Click
The Redemption screen appears along with the Redemption Details and Payout Details.
OR
Click to cancel the transaction.
to redeem the deposit.
Field Name |
Description |
---|---|
Redemption Details |
|
Account Number |
Account number in masked format along with the account nickname (if defined) of the recurring deposit that is being redeemed. For more information on Account Nickname, refer Account Nickname. |
Balance |
Displays the current balance of the selected recurring deposit account. |
Redeemable Amount |
The total amount of the deposit that can be redeemed. |
Redemption Type |
The redemption type for the recurring deposit. The options is:
|
Charges/ Penalty |
Displays any charges or penalty, if applicable. |
Final Redemption Amount |
Displays the amount being redeemed. 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 |
The customer is require to select current and savings account of the bank to which the funds are to be transferred. All the customer’s current and savings accounts held with the bank will be listed down and available for selection. Account transfer options are:
|
Principal & Interest Credit Account Number |
An Account to which the funds are to be transferred at maturity. All the customer’s current and savings accounts held with the bank will be listed down and available for selection. |
This section is displayed if the customer select Own Account option in the Principal & Interest Credit Account Number list. |
|
Beneficiary Name |
The name of the holder of the account selected in Principal & Interest Credit Account Number. |
Bank Name |
Name of the beneficiary bank. |
Bank Name |
Name of the beneficiary bank. |
Bank Address |
Address of the beneficiary bank. |
City |
City of the beneficiary bank. |
This section is displayed if the customer select Internal Account option in the Principal & Interest Credit Account Number list. |
|
Account Number |
Current or savings account of the bank to which the funds are to be transferred once the deposit matures. |
This section is displayed if the customer select Domestic Account option in the Principal & Interest Credit Account Number list. |
|
Account Number |
The 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 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. |
- From the Pay To list, select the appropriate beneficiary account.
The beneficiary's bank details along with the beneficiary name appear.. - If you select Internal Account option in Pay To field;
- In the Principal & Interest Credit Account Number list, enter an appropriate account for maturity proceeds.
- If you select Domestic Bank Account option in Pay To field;
- In the Principal & Interest Credit Account Number field, enter an appropriate account for maturity proceeds.
- In the Account Name field, enter the name of the account holder who will be the beneficiary to whom funds will be transferred once the deposit matures.
- In the Bank Code field, enter the bank code in which the beneficiary account is held. or select it from the look up.
- Click to verify and fetch bank details based on Bank Code (BIC).
- If you select Own Account option in Pay To field;
- From the Principal & Interest Credit Account Number list, select an appropriate current and savings account for maturity proceeds.
The beneficence name and its bank details appears. - Click
OR
Click Back to navigate to the previous screen.
to redeem the recurring deposit. - The Review screen is displayed. Verify the details and click
OR
Click to cancel the transaction.
OR
Click to navigate to the previous screen.
. - The Verification screen appears. The user has to pass the 2factor authentication, before he can proceed.
-
Note: The 2 factor authentication (OTP/Security question/Soft Token) will be as per the setup done by system administrator.
- The success message of request submitted along with the transaction reference number appears.
Click to go to Dashboard screen.
OR
Click to view the deposit details.