New Recurring Deposit

New Recurring Deposit page enables the customer to book a new recurring deposit account. The multiple Recurring Deposit products are maintained at bank level. The customer can select any product offer in order to apply for a recurring deposit of choice.

While applying for a recurring deposit, the customer is required to identify the installment amount for which the deposit is to be opened, the tenure i.e. the term of the deposit and the holding pattern i.e. single or joint. Additionally, the customer is also required to select the current or savings account from which funds are to be debited in order to fund the deposit.

In case of joint accounts, Recurring Deposit is booked by default on joint name if single holding pattern is not selected by the customer. It also allows customer to select the holding pattern to singly for creating a new RD so that he/she can liquidate my Recurring Deposit's online conveniently.

In case of single RD account, customer can also add a nominee in the recurring deposit who will be entitled to receive the money upon death of the account holder.

Note: It is mandatory to update the PAN number ( valid for India specific region) :
>> If the customer creates a new recurring deposit installment of value more than or equal to Rs. 50000.
>> If at any given point of time while creating a new recurring deposit the cumulative deposits (Fixed plus recurring) for a customer in that financial year is more than Rs. 5,00,000.

You are here How to reach here:

Dashboard > My Accounts widget > Recurring Deposits > New Recurring Deposit
OR
Dashboard > Toggle menu > Accounts > Recurring Deposits > New Recurring Deposit

To open a new recurring deposit:

If user do not know his recurring deposit Installments, then click Calculate My Installments.
The Recurring Deposit Installment Calculator screen appear.
Calculate the monthly installment for the recurring deposit, and then click on the Proceed to Recurring Deposit Booking link.
The Recurring Deposit Booking screen appears.

Note: This option is applicable if the user accessing the menu from Toggle menu.

OR
If user already know his recurring deposit Installments, then click I Know my Installments to book a new recurring deposit.
The Recurring Deposit Booking screen appears.

Field Description

Field Name	Description
Deposit Details
Source Account	The current or savings account to be debited with the recurring deposit installment amount. All the active current and savings accounts of the customer are displayed. For more information on Account Nickname, click here.
Balance	The balance in the account with the account currency.
Select Product	Lists all the recurring deposit products available for application creation.
View Interest Rates	Click on the View Interest Rates link to view the interest rate applicable on the deposit account based on the deposit product. Will come after select product option.
Deposit Amount	The customer is required to define the currency and amount in which the deposit is to be opened.
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. Note: If the deposit product supports only a single currency, this field is a display field or else it allows user to select the currency from the list.
Amount	The amount for which the deposit is to be opened.
Amount Range	The minimum and maximum amounts for which a deposit can be opened are displayed below the amount field once the customer selects a particular deposit product in the Select ProductA product is created based on the bank's business requirements and has certain typical parameters that describe its attributes or characteristics. Every product is defined under Product Class and Product Group. For example, a product 'Fixed rate home loan' is defined under product group 'Home Loan' and product class 'Loans'. field.
Deposit Tenure	The tenure of the deposit in terms of a period i.e. years/ months after which the deposit should mature. Note: The minimum and maximum tenure allowed for which a deposit can be opened.
Years	The deposit tenure in years.
Months	The deposit tenure in months.
Deposit Period Range	The minimum and maximum period within which the deposit account can be opened is displayed below the deposit tenure field once the customer selects a deposit product in the Select Product field.
Calculate Maturity	Click on the Calculate Maturity link in order to be displayed the maturity amount and interest rate applicable on the deposit account based on the information defined.
Maturity Amount	The system will calculate and display the estimated maturity amount based on the parameters defined by the customer.
Interest Rate	The interest rate applicable on the deposit account based on the deposit product.
Click on below option if you wish to modify it to single	Allow to change mode of holding to single. The option is: Single Note: 1) This field is displayed only to first holder in case of jointly held CASACurrent Account or Savings Accounts are operative accounts through which account holders perform day to day operations such as deposits and withdrawal of money. account is selected as a source account. 2) If checkbox is not selected, Recurring Deposit will be booked by default on joint name in the same pattern as source CASA account.
Maturity Details
Maturity Instructions	Maturity instructions set by the customer for the deposit account. The option is: Close on maturity (No Rollover)
Pay to	The account transfer mode through which the amount to be paid out is transferred at the time of maturity. The options are: Own accounts Internal Bank Account Domestic Bank Account International Bank Account
Following fields is displayed if the customer selects Own Account option in the Pay To field.
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.
Beneficiary Name	Displays the name of the holder of the account selected in Principal & Interest Credit Account Number.
Following fields is displayed if the customer selects Internal Account option in the Pay To field.
Principal & Interest Credit Account Number	Customer has to specify the Account number to which the funds are to be transferred at maturity.
Confirm Principal & Interest Credit Account Number	User has to confirm an Account number to which the funds are to be transferred at maturity.
This section is displayed if the customer selects Domestic Bank Account option in Pay To field.
Principal & Interest Credit Account Number	Customer has to specify the Account number to which the funds are to be transferred at maturity.
Confirm Principal & Interest Credit Account Number	User has to confirm an Account number to which the funds are to be transferred at maturity.
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 for transferring the maturity proceeds.
Look Up Bank Code	Search option to look for bank code of the destination account.
Bank Code Lookup The following fields are displayed on a pop up window if the Lookup Bank Code link is selected.
IFSC Code	The facility to lookup bank details based on the IFSC Code.
Bank Name	The facility to lookup the bank details based on bank name.
State	The facility to lookup bank details by combining search through IFSC Code and Bank Name along with the state in which the payee’s account is held.
City	The facility to lookup bank details by combining search through IFSC Code and Bank Name along the city in which the payee’s account is held.
IFSC Code Lookup - Search Result The following details are displayed per record as search results arrived at based on the information defined in the search fields.
Bank Name	Name of the bank.
Branch	Bank branch name.
Address	The complete address of the bank.
IFSC Code	The IFSC/ Bank code value. This value will be displayed as a link which will be selectable. On selecting the link, the IFSC code and bank details are populated on the Add Payee – Domestic Account screen.
Bank Details	The details of the bank that include the IFSC Code as well as the name and address of the bank and branch in which the payees account is held.
Nomination Details This option is available only for Single holding CASA account.
Add Nominee	Option to decide registration of nomination for a recurring deposit. The options are: Yes No
Nomination Details This section is enabled if the customer selects Yes option in Add Nominee field.
Nomination Type	The nominee details for recurring deposit. The options are: Add New: Add new nominee details Replicate Existing Nominee: replicate nominee details from existing accounts
Below fields are displayed, if customer selects Add new option in Nomination Details field.
Nominee Name	Enter the name of the nominee.
Nominee Date Of Birth	Enter the date of birth of nominee. Note: If nominee is minor, it is mandatory for customer to fill guardian details.
Relationship	Select the relationship of the nominee with the applicant.
Address	Specify nominee address details.
Country	Select the name of the country where nominee resides.
State	The name of the state where nominee resides.
City	Enter the name of the city where nominee resides
Zip	Enter the zip code of nominee's residence.
Enter Guardian details since nominee is a minor below 18 years: Below fields are displayed if nominee is minor or below 18 year age.
Name	Enter the name of the guardian of the nominee.
Address	Enter the guardians address details.
Country	Select the name of the country where guardian resides.
State	Specify the name of the state where guardian resides.
City	Enter the name of the city where guardian resides
Zip	Specify the zip code of guardian's residence.
Replicate Existing Nominee	Option to duplicate the nominee details of existing recurring deposit.
Below fields are displayed, if customer selects Replicate Existing Nominee option in Nomination Details field.
Nominee Name	The name of the nominee who is already maintained in application for the associated customer accounts.
Account Type	The type of account whose nominee details are to be replicated.
Account Number	The associated customer account in masked format whose nominee details are to be replicated.
Update PAN Number	By Clicking on this link, system will redirect the user to Manage Profile screen to update his/her PAN number.

From the Source Account list, select appropriate account to be debited with the recurring deposit installment amount.
Displays the account balance details.
From the Select Product list, select an appropriate recurring deposit product available in application.
To view the rate of interest applicable as per tenure on the recurring deposit, click the View Interest Rates link.

View Interest Rates

Field Description

Field Name	Description
Tenure	The tenure of the recurring deposit.
Rate of Interest	The balance in the account with the account currency.

From the Deposit Amount Currency list, select an appropriate type of currency.
In the Deposit Amount field, enter the deposit amount.
In the Deposit Tenure field, select an appropriate value Years, and Months field enter an appropriate values.
To view the revised details after maturity, click the Calculate Maturity link.

Note: Click Reset to clear the calculated details.

In case of Joint holding pattern, select check box adjacent to Single to modify holding pattern for recurring deposit to single.
From the Pay To list, select an appropriate mode through which the amount to be paid out is transferred at the time of maturity.
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 Submit 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 beneficiary name and its bank details appears.
In Add Nominee field, click appropriate option.
If you select No option, nominee is not registered for the new deposit account.
If you select Yes option;
Select Add New option to add new nominee details.
In Nominee Name field, enter name of the nominee.
From Nominee Date Of Birth field, select date of birth of nominee.
From the Relationship list, select appropriate relation of nominee with applicant.
In the Address field, enter the address of nominee.
From the Country list, select the country where nominee resides.
In the State field, select the state where nominee resides.
In the City field, enter the name of the city where nominee resides.
In the Zip field, enter the zip code of the city where nominee resides.
If Nominee is a minor or below 18 years of age, enter the Guardian Details.
In Name field, enter name of the guardian .
In the Address field, enter the address of guardian .
From the Country list, select the country where guardian resides.
From the State list, select the state where guardian resides.
In the City field, enter the name of the city where guardian resides. In the Zip field, enter the zip code of the city where guardian resides.
If you select Replicate Existing Nominee option; Select Nominee popup appears with the list of existing CASA, FD, RD nominees.
Select an appropriate nominee whose customer want to replicate.
Click Ok, which will prefill all the details on nominee page.
OR
Click Cancel to close the popup window.
Click Create.
The Deposit Details, Maturity Details, and Nomination Details appears.
OR
Click Back to navigate back to previous screen.
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 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 Go To Dashboard to go to Dashboard screen.
OR
Click Go To Account Details to view the deposit details.

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