1 Term Deposit
This topic describes how the application enables users to open and manage term deposits from initiation to maturity.
Term Deposit is a type of investment where the money is invested at financial institutions for a fixed period of time on which an agreed amount of interest is earned. Unlike regular saving account, interest earned in term deposit is higher.
Note:
In application
- 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.
- Bank can configure the fields to be shown as additional values in the accounts drop-down.
- 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.
The transactions available under the Term Deposit module:
- Overview
- Deposit Details
- New Term Deposit
- Edit Maturity Instructions
- Top up
- Redeem Term Deposit
- Transactions
Pre-requisites
Maintenances have to be performed for accounts of the Primary Party & the Linked Parties, that the user needs to access either for enquiries or transactions.
- Party preference is maintained (primary and linked parties)
- Corporate users are created.
- Transaction and account access is provided to corporate user (primary and linked parties)
- Approval rule set up for corporate user to perform the actions
- Transaction limits are assigned to user to perform the transaction
- 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.