Redemption Under Oracle Flexcube Core Banking

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 for premature withdrawal or full redemption:

Transfer to own account
Transfer to internal account
Transfer to a domestic account
Transfer to international account

Note: Only Transfer to Own Account is working with this host setup.

In case of premature withdrawal or on deposit maturity of Term Deposit, the following transfers are permitted:

Conventional term deposit transfer is permissible to Current and Savings account with same local currency
RFC term deposit transfer is permissible only to RFC account with same currency
NRE term deposit transfer is permissible only to NRE account or its international account
NRO term deposit transfer is permissible only to NRO account with same currency
FCNR term deposit transfer is permissible only to NRE account with same currency

You are here How to reach here:

Dashboard > My Accounts > Term Deposits > Redemption
OR
Toggle Menu > Accounts > Term Deposits > Redemption

Field Description

Field Name	Description
Redemption Details
Account Number	The account number along with the account nickname (if defined) of the term deposit that is being redeemed.
Balance	The current balance of the deposit account is displayed.
Redeemable Amount	The total amount of the deposit that can be redeemed is displayed.
Redemption Type	The customer can select whether redemption is to be partial or full. The options are: Partial Full
Redemption Amount	The customer is required to specify the amount to be redeemed. The amount specified will be in the same currency as that in which the deposit is held. This field is displayed only if the customer selects the option Partial in the Redemption Type field.
Charges/ Penalty	Any charges or penalty, if applicable, will be displayed.
Final Redemption Amount	The amount being redeemed is displayed. 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 required to specify the mode through which the redeemed amount is to be transferred. The options are: Own Accounts Internal Bank Account Domestic Bank Account International Bank Account Note: Only Own Accounts is available with this host setting.
Own Account The following field is displayed if the customer has selected the option Own Account in the Pay To field.
Transfer Account	The customer can select a current or savings account to which the funds will be transferred. All the customer’s current and savings accounts held with the bank will be listed down and available for selection.
The following fields are displayed once the customer has selected an account in the Transfer Account field.
Beneficiary Name	The name of the holder of the account selected in Transfer Account.
Bank Name	The name of the bank in which the selected account is held.
Bank Address	The address of the bank in which the selected account is held.
City	The city of the bank in which the account is held.
Internal Account The following field is displayed if the customer has selected the option Internal Account in the Pay To field.
Account Number	The customer can identify a current or savings account held within the same bank, to which the funds are to be transferred.
Domestic Bank Account The following fields are displayed if the customer has selected the option Domestic Bank Account in the Pay To field.
Account Number	The customer can identify a current or savings account to which the funds are to be transferred.
Account Name	Enter the name of the account holder who will be the beneficiary to whom funds will be transferred.
Bank Code	The customer is required to identify the bank code in which the beneficiary account is held.
Look Up Bank Code	The 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	The name of the bank in which the beneficiary account is held.
Bank Address	The address of the bank in which the beneficiary account is held.
City	The city of the bank in which the beneficiary account is held.
International Bank Account This section is displayed if the customer has selected the option International Bank Account in the Pay To field.
Account Number	Specify the account number of the payee.
SWIFT Code	The SWIFT code will need to be identified if SWIFT Code has been selected in the Pay Via field.
Lookup SWIFT Code	Link to search the SWIFT code.
Search SWIFT Code The following fields appear on a pop up window if the Lookup SWIFT Code link is selected.
SWIFT Code	The facility to lookup bank details based on SWIFT code.
Bank Name	The facility to search for the SWIFT code based on the bank name.
Country	The facility to search for the SWIFT code based on the country.
City	The facility to search for the SWIFT code based on city.
SWIFT Lookup - Search Result The following fields are displayed once the required SWIFT code is selected from the search results.
SWIFT Code	SWIFT code value.
Bank Name	Name of the bank.
City	City to which the bank belongs.
Branch	Bank branch name.
Country	Country of the bank.
Address	Displays complete address of the bank.
Beneficiary Name	Name of the beneficiary.
Correspondence Charges	Specify who is bearing the charges for transfer. The options are: Beneficiary Remitter Sharing

To redeem the term deposit:

From the Redemption Type list, select the appropriate option.
- If you select the Partial option, then in the Redemption Amount field enter the amount to be redeemed.
From the Pay To list, select the mode through which the redeemed amount is to be transferred.
- if you select Own Account option:
  - From the Transfer Account list, select the current or savings account in which the redeemed amount is to be credited.
- If you select Internal Bank Account option:
  - In the Account Number field, enter the account number which is to be credited with the amount redeemed.
- 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.
  - From the Network Type list, select the appropriate option.
  - In the Bank Code field, enter the bank code, and click Submit.
    OR
    Use the Look Up Bank Code link, to select the appropriate bank code.
- If you select International Bank Account option:
  - In the Account Number field, enter an appropriate account for maturity proceeds.
  - In the SWIFT Code field, enter the SWIFT code details for maturity proceeds.
    OR
    Use the Lookup SWIFT Code link, to select the appropriate SWIFT code.
    Click Reset to clear the populated data and enter / select a new SWIFT code, if required.
  - Click Verify to fetch the bank details based on the SWIFT code entered.
  - In the Beneficiary Name field, enter the name of the beneficiary.
  - From the Correspondence Charges list, select the appropriate option.
To redeem the deposit, click Redeem.
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 Confirm screen is displayed containing the success message and reference number.
Click Go To Dashboard link to navigate back to the Dashboard.
OR
Click Go To Account Details link to view the deposit details.
OR
Click Create Sweep-in link to enable sweep-in facility for the deposit account.

FAQs

Can I redeem the term deposit before the maturity date?

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