9.3 TD Redemption Against Account

The Teller can use the TD Redemption Against Account screen to initiate manual redemption of the cash from a term deposit account.

It is accomplished by the pre-mature redemption either in full or part, ahead of the maturity date or after the maturity date when TD is in grace days without maturing.

To perform TD redemption against account:

1. On the Homepage, from Teller mega menu, under Term Deposit, click TD Redemption - Account or specify TD Redemption - Account in the search icon bar and select the screen.
   The TD Redemption Against Account screen is displayed.

   Figure 9-9 TD Redemption Against Account

   
   

   
   Description of "Figure 9-9 TD Redemption Against Account"

   
   
2. On the TD Redemption Against Account screen, specify the fields. For more information on fields, refer to the field description table.

   Note:

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

   Table 9-8 TD Redemption Against Account - Field Description

   Field	Description
   Deposit Account	Specify the deposit account number.
   Account Branch	Displays the branch of the deposit account.
   Query	Click Query to fetch the deposit details.
   Deposit Details	Specify the fields.
   Customer ID	Displays the Customer ID of the deposit account number.
   Account Name	Displays the account description of the deposit account.
   Principal Amount	Click Compute to get the amount paid at the time of term deposit booking.
   Interest Amount	Displays the default rate of interest at which the interest amount is calculated.
   Tax Amount	Displays the amount to be deducted towards tax.
   Interest Rate	Click Compute to get the current interest rate applicable after partial or full redemption.
   Maturity Amount	Displays the current maturity amount after partial/full redemption.
   Total Payout Amount	Displays the total payout amount.
   Redemption Details	Specify the fields.
   Redemption Mode	Select the redemption mode from the drop-down list (Partial Redemption or Full Redemption).
   Redemption Amount	Specify as mentioned below: If the Redemption Mode is selected as Partial Redemption, specify the redemption amount. If the Redemption Mode is selected as Full Redemption, it displays the principal amount as redemption amount.
   Waive Penalty	Check this box to waive the penalty for redeeming the term deposit. Note: This is applicable only if the Redemption Mode is selected as Full Redemption.
   Waive Interest	Check this box to waive the interest for redeeming the term deposit. Note: This is applicable only if the Redemption Mode is selected as Full Redemption.
   Offset Account	Specify the offset account number to which the redeemed funds are to be paid.
   Offset Account Amount	The system defaults the amount in the offset account number.
   Offset Account Branch	The system defaults the branch of the offset account number.
   Offset Account Name	The system defaults the description of the offset account number.
   Exchange Rate	Displays the exchange rate applicable for the transaction based on the deposit currency and offset account currency. Note: This field is displayed only if Multi-Currency Configuration at Function Code Indicator level is set as Y.
   Narrative	Displays the default narrative as TD Redemption, and it can be modified.

3. Specify the charge details. For information on the fields in the Charge Details segment, refer to Add Charge Details.
4. Click Submit.

   A teller sequence number is generated, and the Transaction Completed Successfully information message is displayed.

   Note:

   The transaction is moved to authorization in case of any warning raised when the transaction saves. When you submit, the transaction details are handed off to the Term Deposit module in FLEXCUBE Universal Banking for the TD redemption process.