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 Recurring Deposit feature enables customers to quickly liquidate their Recurring Deposit in any such situations.

Using this option, the customer can redeem the entire amount of a recurring deposit. On premature closure of your Recurring Deposit, interest will be paid as per the rate of interest applicable for the tenure during which the deposit was kept with subject to penal rates as applicable.

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

You are here How to reach here:

Dashboard > My Accounts Widget > Recurring Deposits > More Information > Redemption
OR
Dashboard > Toggle menu > Accounts > Recurring Deposits > Redemption

To redeem the recurring deposit:

From the Select Account list of Select Account popup window, select the appropriate account for redemption.

Field Description

Field Name	Description
Select Account
Select Account	Account number in masked format along with the account nickname (if defined) of the recurring deposit that is being redeemed. For more information on Account Nickname, refer Account Nickname.

Field Name

Description

Select Account

Account number in masked format along with the account nickname (if defined) of the recurring deposit that is being redeemed.

For more information on Account Nickname, refer Account Nickname.

Click Proceed to redeem the deposit.
The Redemption screen appears along with the Redemption Details and Payout Details.
OR
Click Cancel to cancel the transaction.

Field Description

Field Name	Description
Redemption Details
Account Number	Account number in masked format along with the account nickname (if defined) of the recurring deposit that is being redeemed. For more information on Account Nickname, refer Account Nickname.
Balance	Displays the current balance of the selected recurring deposit account.
Redeemable Amount	The total amount of the deposit that can be redeemed.
Redemption Type	The redemption type for the recurring deposit. The options is: Full
Charges/ Penalty	Displays any charges or penalty, if applicable.
Final Redemption Amount	Displays the amount being redeemed. 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 require to select current and savings account of the bank to which the funds are to be transferred. All the customer’s current and savings accounts held with the bank will be listed down and available for selection. Account transfer options are: Own accounts Internal Bank Account Domestic 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 Number	Current or savings account of the bank to which the funds are to be transferred once the deposit matures.
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.
The following fields and values will be displayed once the customer has specified a bank code.
Bank Name	Name of the beneficiary bank.
Bank Address	Address of the beneficiary bank.
City	City of the beneficiary bank.

From the Pay To list, select the appropriate beneficiary account.
The beneficiary's bank details along with the beneficiary name appear..
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 beneficence name and its bank details appears.
Click Redeem to redeem the recurring deposit.
OR
Click Back to navigate to the 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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