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.
How to reach here:
Dashboard > Toggle Menu > Accounts > Term Deposits > New Deposit
OR
Dashboard > Toggle Menu > Accounts > Term Deposits > Overview > Quick Links > New Deposit
Field Name |
Description |
---|---|
Primary Account Holder |
Name of the user who is logged-in. |
Deposit Details |
|
Select Product |
Term deposit products available. Products which are enabled for opening new account from digital platform will be listed in the dropdown. |
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 single currency. |
Deposit Amount |
Principal amount of the term deposit to be opened. |
System Displays the Minimum & Maximum Deposit Amount allowed |
|
Deposit Tenure |
Deposit tenure of the product, either deposit period or maturity date. The options are:
|
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. |
System 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. |
Source Account |
Account number along with the account nickname to be debited in order to open the term deposit. The account could be either the users own PartyA party is any individual or business entity having a banking relationship with the bank. account or any linked party account that he has access to. |
Application displays the Current balance of the selected source account. |
|
Maturity Details |
|
Maturity Instruction |
Maturity instructions to be set by the user for the selected deposit account. The options can be:
|
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:
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 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:
- In the Select Holding Pattern field, select the appropriate option.
- From the Product list, select the appropriate option.
- 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 field enter the appropriate values.
- If you option the Date option:
- From the Date list, select the appropriate date.
- To view the Maturity Amount & Interest Rate, click the Calculate Maturity link.
Click 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
OR
Click to navigate to the previous screen.
. - The Review screen appears. Verify the details and click
OR
Click to make changes if any.
User is directed to New Deposit screen with values in editable form.
OR
Click 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.