Edit Maturity Instruction

At any point in time, a customer may want to change the maturity instruction set for a term deposit. The Edit Maturity Instruction feature enables a customer to change the maturity instruction that was set at the time the deposit was being opened.

Using this option, the customer can change the maturity instruction of a term deposit.

You are here How to reach here:

Dashboard > My Accounts Widget > Term Deposits > More Options > Deposit Details > Edit
OR
Toggle Menu > Accounts > Term Deposits > Edit Maturity Instruction

Field Description

Field Name	Description
Account Number	The deposit account number in the masked format along with the nickname (if defined) are displayed. For more information on Account Nickname, click here.
Balance	The current balance of the deposit account is displayed.
Maturity Instruction	The maturity instructions set at the time of opening the deposit account will be displayed by default. The customer will be able to change these instructions are required. 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 is displayed if the option Renew Special Amount and Pay Out the Remaining Amount has been selected as Maturity Instruction.
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 Account Domestic Bank Account This field is not displayed if the option Renew Principal and Interest has been selected as Maturity Instruction.
Own Account This section is displayed if the option Own Account has been selected in the Pay To field.
Transfer Account	The account number along with the account nickname to which the funds are to be transferred.
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 edit the maturity details:

From the Maturity Instruction list, select the appropriate option. If you select Close on Maturity (No Rollover), Renew Principal and Pay Out the Interest or Renew Interest and Pay Out the Principal option, then from the Pay To list, select the mode through which the interest amount is to be transferred.:
If you have selected the option Own Account;.
From the Account Number list, select an appropriate current or savings account which is to be credited with the specific amount at the time of deposit maturity.
If you have selected the option Internal Account;
In the Account Number field, enter the account number which is to be credited with the specific amount at the time of deposit maturity.
If you have selected the option Domestic Bank Account;
In the Account Number field, enter the account number which is to be credited with the specific amount at the time of deposit maturity.
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 Submit to verify and fetch bank details based on Bank Code (BIC).
If you select Renew Special Amount and Payout the Remaining Amount option from the Maturity Instruction list.
In the Rollover Amount field, enter the amount to be rolled over.
In the Pay to field, select the mode through which the remaining amount is to be transferred.
Refer steps under 1a. for options and steps applicable.
To save the changes, click Save. The Review screen is displayed.
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.
Click Go to Dashboard link to navigate to the Dashboard.
OR
Click Go to Account Details link to view the deposit details.
OR
Click Create Sweep-in link to enable sweep in facility for the account.

FAQs

What happens to my term deposit at maturity?

Can the maturity amount be credited into my account held with another bank?

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