1. Release Notes
  2. Term Deposit

E Term Deposit

A brief note on configuration and other information related to Term Deposit are covered in this topic.

  • Term Deposit Creation for New and Existing Customer: This process allows the user to carry out the Term Deposit simulation and open a term deposit for a new or an existing customer. The features are as follows:
    • Open Term Deposit accounts – Single or Joint.
    • Interest rates can be based on balances and tenor with a tiered structure combination and having options to define interest rate code or rate value.
    • In addition, margin can be added during account creation.
    • Pay-in and Pay-out options.
    • Define maturity instructions at account level.
    • Rollover options – Principal + Interest, Principal only rollover, Interest only rollover. Option to add additional funds during rollover.
  • Term Deposit Servicing Functions: This process allows the user to invoke the OB Term Deposits REST APIs appropriate for the business function through Term Deposit Mid-Office Account Servicing to fulfil the business actions. Below are the list of functions:
    • Top-up of a Deposit: This service provides a snapshot of how the customer's interest projection and net proceeds would change if additional funds are added to an existing term deposit. If the customer is satisfied with the Top-up simulation, Deposit Servicing Officer can proceed with the top-up. The top-up amount can be funded either through Accounts, Ledger, or both. Revised interest rate would be applicable based on the new principal.
    • Redemption of a Deposit: This service allows the user to initiate a partial or full redemption of the deposit before the maturity date. The service allows the user to simulate the redemption before redeeming the term deposit. The redemption amount can be paid either through Accounts, Ledger, or both.
    • Pay-Out Modification: This service allows the user to modify the existing payout instructions for a Term Deposit account along with an option to set up new instructions as well. User can also modify the maturity instruction and settlement details (pay-out mode and pay-out account), etc.
    • Marking Lien: This service allows the user to create, amend, and remove Lien (amount blocks) on Term Deposits. Also the user can record the reason for the lien or block.
    • Account Modification (Joint holder and Nominee): This service is used to modify the Term Deposit account description, Interest Rates, Variance details, Joint holder, Nominee details, etc.
    • Deposit Certificate: This service allows the user to generate a Term Deposit certificate, view, and email the certificate to the customer.
    • Audit Trial: This service allows the user to view the events or transactions in a deposit's life cycle for a selected period. The various aspects of the Term Deposit are available, such as dates on which the various events have occurred, the user who has carried out the transaction, along with other key details of the accounting entries.
    • Deposit 360: This service provides a 360-degree view of the Term Deposit Account. The below details are displayed when the Deposit Officer enters the account number, and the user can perform the related servicing operations from this screen. User can also launch the related servicing screens from here. The below details are displayed in the deposit 360 view screen:
      • Deposit information
      • Account holder’s details
      • Account Details
      • Balances
      • Maturity Instruction details
      • Redemption Simulation
      • Amount Blocks
      • Rollover History
      • Interest Rate changes
      • Overdue Transactions
      • Upcoming Transactions
      • Recent Transactions
      • Frequent Actions