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 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
How to reach here:
Dashboard > My Accounts Widget > Term Deposits > More Options > Redemption
OR
Toggle Menu > Accounts > Term Deposits > Redemption
Field Name |
Description |
---|---|
Redemption Details |
|
Account Number |
The account number along with the account nickname (if defined) of the term deposit that is being redeemed. |
Balance |
The current balance of the deposit account is displayed. |
Redeemable Amount |
The total amount of the deposit that can be redeemed is displayed. |
Redemption Type |
The customer can select whether redemption is to be partial or full. The options are:
|
Redemption Amount |
The customer is required to specify the amount to be redeemed. The amount specified will be in the same currency as that in which the deposit is held. This field is displayed only 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 |
The customer is required to specify the mode through which the redeemed amount is to be transferred. The options are:
|
Own Account The following field 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 |
The name of the bank in which the selected account is held. |
Bank Address |
The address of the bank in which the selected account is held. |
City |
The city of the bank in which the account is held. |
Internal Account The following field 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 held within the same bank, to which the funds are to be transferred. |
Domestic Bank Account The following fields are 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 |
Enter the 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 |
The name of the bank in which the beneficiary account is held. |
Bank Address |
The address of the bank in which the beneficiary account is held. |
City |
The city of the bank in which the beneficiary account is held. |
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 amount to be redeemed.
- If you select Full option go to step 2.
- From the Pay To list, select the mode through which the redeemed amount is to be transferred.
- if you select Own Account option:
- From the Transfer Account list, select the current or savings account in which the redeemed amount is to be credited.
- If you select Internal Bank Account option:
- In the Account Number field, enter the account number which is to be credited with the amount redeemed.
- 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
OR
Click Back to navigate to the previous screen.
. - 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 Confirm screen is displayed containing the success message and reference number.
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 deposit account.
FAQs