1.2.3 Retail Deposits

This topic provides the detailed enhancement list of retail deposits.

Generic Feature Enhancements

Term Deposit auto-renewals controlled - Basis a product level flag

Existing deposit account opening service is enhanced to validate the maturity instruction with the parameter set at business product, if the value is “auto renewal”.

Generic Feature Enhancements in Deposit Servicing

Maker Checker Validation

Introduced the validation during approval that the maker and checker cannot be the same.

Validate unprocessed records for Term Deposit transactions

Introduced a validation to check whether any unprocessed record exists for the same transaction and account during initiation submit.

Population of Customer Number, Currency, and Amount on Task screens

Customer Number, Transaction Currency, and Amount are updated in the Task screens.

US Geography Feature Enhancements

Annual Percentage Yield (APY) for Certificate of Deposits

Annual percentage yield (APY) is a normalized representation of an interest rate, based on a compounding period of one year. APY figures allow for a reasonable, single-point comparison of different product offerings with varying compounding schedules. In United States, the banks publish APY in their product brochures and websites.

Interest Transaction History Inquiry

A new inquiry service is developed which provides the details of the interest applied on a term deposit for a specified period. The details that can be inquired are, the interest amount applied, date on which the interest was applied, current interest rate of the deposit, payout mode and payout account if the payout was to a checking or savings account.