1.2.3 Retail Deposits
This topic provides the detailed enhancement list of retail deposits.
Generic Feature Enhancements
Minimum and Maximum thresholds for Opening Deposit
Banks can configure the Minimum and Maximum thresholds at the Business Product level which is validated during the Deposit Creation.
Interest Accruals with compounding method
Interest calculation Process is enhanced to support compounding interest calculation method for daily accruals.
Generic Feature Enhancements in Deposit Servicing
Display Payin mode based on product configuration
The existing Deposit account opening screen is enhanced to display the payin mode options based on the payin mode definition at the product level.
Predefined Tenor for Deposit Account Opening
The existing Deposit Account opening screen is enhanced to list all the predefined tenors maintained at the product level.
UI Redesign for Deposit Redemption
The deposit redemption screen has been redesigned for better usability.
UI Redesign for Deposit Top-Up
The deposit top-up screen has been redesigned for better usability.
Deposit Transaction Inquiry Screen
- Redesigned the screen for better usability.
- Enhanced the screen to display the additional transaction details- Debit and Credit leg of the transaction, Transaction Branch, Account branch and Account Name of both debit and credit legs, Transaction amount in account currency and local currency, exchange rate, and Audit Details (maker checker details and originating system).
- The screen name is changed to Account Transactions.
Capture Guardian details for Non-Minor Nominee or Beneficiary
The existing Nominee (Beneficiary) Details Update screen is enhanced to capture the guardian details for non-minor beneficiaries based on customer requests.
Maker Checker Validation
Introduced validation during approval that the maker and checker cannot be the same.
Auto Authorization and Multi Levels of Authorization
Introduced the configurable Auto Authorization and Multi Levels of Authorization for all Deposit screens.
US Geography Feature Enhancements
Funding Modes:
Banks can configure the Deposit Funding Modes at the Business Product level and validate the same during Deposit Creation.
Early Redemption – Penalty Interest Configurations and Calculations:
Banks can configure the Penalty Interest methodology for Deposit Early Redemptions. The configuration includes maintenance of penalty days applicable for a Deposit Tenor.
The penalty calculation process is enhanced to consider the penalty days based on the original tenor of the Deposit.
Applicable Tenors :
Banks can publish Deposit Business Products with the applicable Tenors and validate the same during Deposit creation.
State-Wise Escheatment (Unclaimed Deposits) Processing:
Banks can configure the Escheatment days per state and the notice prior days as part of the Business Product definition.
Escheatment batch process is enhanced to calculate the escheatment days based on the state of the customer’s residential address.
In addition to the above, the escheated funds are pushed to the configured GL for a state and closes the Deposit.
Death Claim Processing:
Existing Account Process is enhanced to read the status of a customer (published by the Party Application) and place a block on all the active Deposits if the status is “Deceased”.
US Geography Feature Enhancements in Deposit Servicing
Nominee is renamed to Beneficiary
The word 'Nominee' is renamed to 'Beneficiary' across all the deposit screens.
Deposit is renamed to Certificate of Deposit
The word Term Deposit' is renamed to 'Certificate of Deposit' across all the deposit screens.
Parent topic: Release Enhancements