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:
Toggle Menu > Accounts > Term Deposit > Redemption
OR
Toggle Menu > Accounts > Term Deposits > Overview > Quick Links > Redemption
OR
Toggle Menu > Accounts > Term Deposits > Overview > Deposit Details > Quick Links > Redemption
Field Name |
Description |
---|---|
Redemption Details |
|
Select Account |
Account number along with the account nickname of the term deposit for which redemption is to be done. The account could be either the user’s PartyA party is any individual or business entity having a banking relationship with the bank. accounts or any linked party accounts that he has access to. |
Balance |
Application displays the account balance of the selected account. |
Redeemable Amount |
Application displays the total redeemable amount. |
Redemption Type |
Type of redemption for user to select. The options are:
|
Redemption Amount |
Amount to be redeemed (Partial redemption). This field appears, if you click the Partial button in the Redemption Type field. |
Charges/ Penalty |
Charges/ penalty if the user is about to redeem (i.e. before redemption). |
Final Redemption Amount |
Final redeemable amount, after deducting charges / penalty etc (if applicable). |
Payout Details |
|
Pay To |
Account transfer options. The options are:
|
Own Account This section appears for Own Account. |
|
Transfer Account |
Account Number along with the account nickname to which the funds is to be transferred. On selecting Transfer Account, account related details get displayed like Account Holder's Name and Branch Details. |
Internal Account This section appears for Internal Account. |
|
Account Number |
Account Number 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 beneficiary to whom funds are to be transferred. |
Bank Code |
Bank code of the destination account. On submitting Bank Code, Bank Address gets displayed based on provided Bank Code. |
To redeem the term deposit:
- From the Select Account list, select the appropriate account.
The account balance and redeemable amount appears. - From the Redemption Type list, select the appropriate option.
- If you select Partial option:
- In the Redemption Amount field, enter the redemption amount.
- If you select Full option go to step 3.
- From the Pay To list, select the appropriate option.
- if you select Own Account option:
- From the Transfer Account list, select the appropriate option.
- If you select Internal Bank Account option:
- In the Account Number field, enter the account number of the beneficiary.
- 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.
- 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 to navigate to the previous screen.
. - The Reviewscreen appears. Verify the details and click
OR
Click to make changes if any. User is directed to Redeem TD screen with values in editable form.
OR
Click to cancel the transaction.
. - The success message 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.