3.4.1 Redemption

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

To perform redemption simulation:

Note:

The fields marked as Required are mandatory.

1. On the Homepage, from the Retail Deposit Services mega menu, under Term Deposits and then Transactions, click Redemption, or specify Redemption in the search icon bar and select the screen.
   The Term Deposit Redemption screen is displayed.

   Figure 3-42 Term Deposit Redemption

   
   Description of "Figure 3-42 Term Deposit Redemption"
2. On the Term Deposit Redemption screen, click the icon or specify the account number in the Account Number field, and press Enter or Tab.
   The details are displayed in the Redemption tab.

   Figure 3-43 Redemption

   
   Description of "Figure 3-43 Redemption"
3. In the Redemption tab, perform the required action. For more information on fields, refer to the field description table.

   Table 3-32 Term Deposit Redemption – Field Description

   Field	Description
   Account Number	Click the icon and select the account number or specify the account number to perform TD redemption. Note: The account holder name is displayed adjacent to this field.
   Status	Displays the TD status. The possible options are: Active Matured Closed
   Deposit Details	Displays the principal balance of the TD, the rate of interest, and the tenor of the TD.
   Maturity	Displays the proceeds due to the customer on maturity and the maturity date.
   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 Paid out Interest.
   Tax Deducted	Displays the actual tax deducted on reinvested or paid out interest till date.
   Redemption Type	Select the type of redemption to be performed. The options are: Partial Redemption Full Redemption
   Redemption Amount	Displays the full redemption amount. 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.

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

   Figure 3-44 Redemption Details

   
   Description of "Figure 3-44 Redemption Details"
5. Based on the input data provided, the system simulates the details of TD and displays them in a widget on the right side. For more information on fields, refer to the field description table.

   Table 3-33 Redemption Details – Field Description

   Field	Description
   Redemption Details	This widget displays the final amount that will be paid out to the customer if the TD is redeemed today.
   Principal	Displays the total principal of the TD.
   Net Interest	Displays the Net interest on the principal (Interest – Tax).
   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.

   • Click the View Deposit Details after Redemption link, to view the deposit amount breakup details after redemption.

     Figure 3-45 View Deposit Details after Redemption

     
     Description of "Figure 3-45 View Deposit Details after Redemption"

     For more information on fields, refer to the field description table.

     Table 3-34 View Deposit Details after Redemption - Field Description

     Field	Description
     Deposit After Redemption	This widget displays the deposit amount in detail after redemption.
     Maturity	Displays the maturity amount of the remaining term deposit.
     Principal	Displays the principal remaining after redemption.
     Interest Rate	Displays the interest rate applicable for the remaining principal.
     Interest	Displays the interest due to the customer on maturity.
     Tax	Displays the tax that will be deducted on maturity.
     Annual Percentage Yield	Displays the percenatge of annual percentage yield of TD.

   • To view the redemption details, click the View Redemption Details link.
6. Click Next.
   The Payout Details tab is displayed.