5.3.1 Redemption Simulation

You can add the basic RD details to simulate the redemption transaction to get interest, tax and redemption.

To perform redemption simulation:

Note:

The fields, which are marked with an asterisk, are mandatory.

1. On the Homepage, from the Deposit Services mega menu, under Recurring Deposits and Transactions, click Redemption, or specify Redemption in the search icon bar and select the screen.
   The RD Redemption - Application Entry screen is displayed.

   Figure 5-18 RD Redemption - Application Entry

   
   Description of "Figure 5-18 RD Redemption - Application Entry"
2. On the RD Redemption - Application Entry screen, specify the account number in the Account Number field, and press Enter or Tab.
   The details are displayed in the Redemption tab.

   Figure 5-19 Redemption

   
   Description of "Figure 5-19 Redemption"
3. In the Redemption tab, perform the required action. For more information on fields, refer to the field description table.

   Table 5-13 RD Redemption - Application Entry – Field Description

   Field	Description
   Account Number	Specify the RD account number which needs to redeemed. Note: The account holder name is also displayed adajcent to this field.
   Status	Displays the RD status. The possible options are: Active Matured Closed
   Deposit Details	Displays the principal balance of the RD, the rate of interest, and the tenor of the RD.
   Maturity	Displays the proceeds due to the customer on maturity and the maturity date.
   Interest Paid out or Reinvested Interest	Displays the amount and currency for the reinvested or paid out interest. Note: If the interest if of reinvest type, then the field name is displayed as Reinvested Interest. If the interest if of paid out type, then the field name is displayed as Interest Paid out.
   Tax Deducted	Displays the actual tax deducted on reinvested or paid out interest till date.
   Redemption Amount	Displays the current principal amount of the RD. Note: This field is enabled, if you select the Partial Redemption option from the Redemption Type field.
   Waive Penalty	Switch to to waive the penalty amount charged on the account. Switch to to include the penalty amount charged on the account. Note: Penalty is applicable only for premature redemption. Hence, this field is enabled only if the maturity date has passed.
   Net Payable Amount	Displays the total net payable amount on redemption.

4. On providing the inputs, a simulation will be triggered and displayed as output.
   The Simulated output details are displayed.

   Figure 5-20 Simulation Details

   
   Description of "Figure 5-20 Simulation Details"
5. Based on the input data provided, the system simulates the details of RD and displays them in a widget on the right side. For more information on fields, refer to the field description table.

   Table 5-14 RD Redemption - Simulation – Field Description

   Field	Description
   Redemption Details	This widget displays the final amount that will be paid out to the customer if the RD is redeemed today.
   Principal	Displays the total principal of the RD.
   Interest Rate	Displays the rate at which interest has been recalculated.
   Interest	Displays the Interest rate applicable for the TD.
   Penalty	Displays the penalty that will be charged for premature redemption and deducted from the proceeds due to the customer.
   Tax	Displays the tax applicable on the recalculated interest and will be deducted from the proceeds due to the customer.

   Note:

   Once the deposit simulation is completed, you can provide the simulated details to the customer.
6. Click Next.
   The Payout Details tab is displayed.