Term Deposit

As the name suggests, a Term Deposit is a deposit held at a bank for a fixed term, generally ranging from a month to a few years. If compared to regular savings accounts, the interest earned on term deposit is higher.

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

Pre-requisites

• Transaction access is provided to retail customers.
• Term Deposit accounts are maintained in the host system under a party ID mapped to the customer.

Features Supported In the Application

The retail module of the application supports the following features:

• Term Deposits Widget
• View Term Deposit Details
• Edit Maturity Instructions
• Top Up Term Deposit
• Redeem Term Deposit
• View Term Deposit Statement
• Request Statement
• Apply for a New Term Deposit
• View Closed Deposits
• Calculate Deposit Maturity Amount

TERM DEPOSIT WIDGET - OVERVIEW

The retail overview/ dashboard page displays an overview of the customer’s holdings with the bank as well as links to various transactions offered to the customer. The ‘My Accounts’ widget displays the customer’s holdings in each account type such as Current and Savings Accounts, Term Deposits, Loans and Credit Cards. On clicking on any account type record, the widget displaying details specific to that account type is displayed. One such widget is the Term Deposits widget which is displayed on selection of account type, ‘Term Deposits’ under the My Accounts widget.

The term deposits widget displays basic details of each deposit such as the deposit account number and name of the primary account holder, the amount of deposit, interest rate applicable as well as maturity date of each deposit. Additionally, if the customer holds both Islamic and Conventional term deposits, the deposit type (Islamic or Conventional) is defined against each deposit. On selecting any term deposit from this widget, the customer is provided with the options to view further details, view statement, top up the deposit or redeem the deposit. By default, this widget displays the customer’s active term deposits. The customer can also opt to view the closed deposits on this widget by selecting the provided option. The total number of active or closed term deposit accounts (depending on which are being viewed) is also displayed on the widget.

In addition to displaying records of the customer’s deposits, the term deposit widget also displays options by which the customer can open a new deposit or view the deposit calculator.