Recurring Deposit

A Recurring Deposit is a special kind of Deposit offered by banks. It is an investment plan in which investments are made in small installments at fixed intervals systematically. Customers of the Bank makes regular deposits and are entitled to earn fixed returns on their investment.

It is a deposit held at a bank for a fixed term, generally ranging from a month to a few years – term range depends on the product type) If compared to regular savings accounts, the interest earned on recurring deposit is higher.

Customers opt to invest in recurring deposits as they are a safe and secure mode of investment and yield higher returns than regular checking or savings accounts.

Pre-requisites

• Recurring Deposit products are maintained in the Core Banking Application
• Recurring Deposit products are enabled for specific User type
• Transaction access is provided to retail customers.
• Recurring Deposit accounts are maintained in the Core system under a party ID mapped to the customer.

Features Supported In the Application

The retail module of the application supports the following features:

• Apply for a New Recurring Deposit
• View Recurring Deposit Details
• Edit Maturity Instruction
• Redeem Recurring Deposit
• View Recurring Deposit Statement
• Request Statement
• Calculate installments for Recurring Deposit

RECURRING DEPOSIT WIDGET

The Recurring Deposit widget showcases a summary of the accounts held by the customer. It provides the facility for users to access all the important features and information related to the account immediately after logging in.

How to reach here:

Dashboard > My Accounts Widget > Recurring Deposits

Click on components to view in detail.