2 Term Deposit

This topic describes how the application enables users to open and manage term deposits from initiation to maturity.

IAs the name suggests, a Term Deposit is a deposit held at a bank for a fixed term, generally ranging from a few days to a few years. Islamic Term deposit account offers a competitive return that varies according to the investment period that customer selects. Islamic Term deposits solutions offers the customers their returns based on the principle of profit-sharing.

Customers opt to invest in term deposits as they are a safe and secure mode of investment and yield higher returns than regular checking or savings accounts.

Note:

In application

  1. Account searchable drop-down will allow user to search the account number basis on the Account Number, Account Name, or Account Currency or Branch Code.
  2. Bank can configure the fields to be shown as additional values in the accounts drop-down.
  3. If in Group Corporate Onboarding - Group Corporate Profiling setup, Approval Routing Type is selected as Manual, system will allow initiator to choose the approval workflow from the resolved rules as part of transaction initiation. Refer Group Corporate Onboarding - Group Corporate Profiling section in User Manual Oracle Banking Digital Experience Core for more details.

Pre-requisites

  • Transaction access is provided to corporate customers
  • Islamic Term Deposit accounts are maintained in the core banking system under a party ID mapped to the customer

Features Supported In the Application

The Corporate Islamic Term Deposit module of the application supports the following features:

  • Overview
  • View Term Deposit Details
  • Edit Maturity Instructions
  • Redeem Term Deposit
  • Transactions
  • New Term Deposit
  • Term Deposits Overview
    This topic describes the Term Deposit overview page, which provides a summary of the customer's term deposit holdings with the bank, as well as links to various transactions available to the customer.