1.7 Deposit Details

This topic describes the section where you will specify details about the deposit account you wish to open.

These details will include the amount for which you wish to open the deposit, the deposit tenure and maturity instructions.

Figure 1-11 Deposit Details

Description of "Figure 1-11 Deposit Details"

Note:

The fields which are marked as Required are mandatory.

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

Table 1-10 Deposit Details - Field Description

Field Name	Description
Deposit Amount	Specify the deposit amount and currency in which the Term Deposit is to be opened.
Amount Range	The allowed amount range within which the deposit can be opened is displayed.
Deposit Tenure	Specify the period in years, months or days for which the Term Deposit is to be opened.
Term Range	The allowed term range for the selected deposit product is displayed.
Calculate Maturity	Click on the Calculate Maturity link to view the estimated maturity amount of the deposit along with the specific interest amount that will be accrued at the specific interest rate.
Interest Rate	The interest rate in percentage as calculated by the system on the basis of the deposit amount and tenure.
Interest Amount	The interest amount as calculated by the system on the basis of the deposit amount and tenure.
Your Maturity Amount is	The value of the term deposit at the time of maturity will be displayed, as calculated by the system on the basis of the deposit amount and tenure.
Interest Payout Instructions	This section will appear in case the deposit is a simple Term Deposit.
Interest Payout Frequency	The frequency at which Interest is to be paid out.
Interest Payout Mode	The mode through which the interest is to be paid out on a regular basis as defined in the Interest Payout Frequency field. The options are: Transfer to Account Issue Draft
The following fields will be displayed if the applicant has selected the option Transfer to Account in the Interest Payout Mode field.
Account Holder Name	The name of the account holder.
Account Number	The account number to which the interest amount is to be transferred on a regular basis.
Confirm Account Number	Re-enter the account number so as to confirm that it is correct.
BIC Code	The payment network code through which the transfer is to be made.
Verify	Click on the link to verify the Bank Identifier code (BIC) defined in the BIC Code field.
Lookup BIC Code	The lookup for the Bank Identifier code (BIC) search. The following fields appear on a modal window if the Lookup BIC Code link is selected.
BIC Code	The facility to lookup bank details based on Bank Identifier code through which the transfer is to be made.
Bank Name	The facility to search for the BIC code based on the bank name.
City	The facility to search for the BIC code based on the city name.
Search Results	Based on search criteria or Bank Code (BIC), fetch bank details.
Bank Name	The name of the bank in which the account is held.
City	The city in which the bank is located.
State	The state in which the bank is located.
Maturity Instructions
Action on Maturity	The option to identify what should be done of the maturity proceeds once the deposit matures. The options can be: Close on Maturity Renew Principal and Interest Renew Principal only The option Renew Principal and Interest will not appear in the Action on Maturity drop-down in case the product is a simple deposit.
Payment Mode	The mode through which the maturity amount should be transferred. The options are: Transfer to Account Issue Draft This field will be displayed only if you have selected the Close on Maturity or Renew Principal only option in the Payment Mode field.
The following fields will be displayed if the applicant has selected the option Transfer to Account in the Payment Mode field.
Account Holder Name	The name of the account holder.
Account Number	The account number to which the maturity amount is to be transferred once the Certificates of Deposit matures.
Confirm Account Number	Re-enter the account number so as to confirm that it is correct.
BIC Code	The payment network code through which the transfer is to be made.
Verify	Click on the link to verify the Bank Identifier code (BIC) defined in the BIC Code field.
Lookup BIC Code	The lookup for the Bank Identifier code (BIC) search. The following fields appear on a modal window if the Lookup BIC Code link is selected.
BIC Code	The facility to lookup bank details based on Bank Identifier code through which the transfer is to be made.
Bank Name	The facility to search for the BIC code based on the bank name.
City	The facility to search for the BIC code based on the city name.
Search Results	Based on search criteria or Bank Code (BIC), fetch bank details.
Bank Name	The name of the bank in which the account is held.
City	The city in which the bank is located.
State	The state in which the bank is located.

1. In the Deposit Amount field, enter the amount for which the deposit is to be opened along with the currency.
2. In the Deposit Tenure field, specify the period for which the term deposit is to be opened in Years, Months and/or Days.
3. Click the Calculate Maturity link to view the deposit maturity amount and interest rate chargeable.
4. If the deposit is a simple deposit, then in Interest Payout Mode section;
   1. From the Interest Payout Frequency list, select the frequency at which Interest is to be paid out.
   2. In Interest Payout Mode field, select mode through which the interest is to be paid out on a regular basis
      Perform one of the following actions:

      • If you select the Transfer to Account option in the Interest Payout Mode field;
        1. In the Account Holder Name field, enter the name of the account holder to whose account the interest amount is to be transferred.
        2. In the Account Number field, enter the account number to which the interest amount is to be transferred.
        3. In the Confirm Account Number field, re-enter the account number to confirm the same.
        4. In the BIC Code field, enter the BIC code through which the transfer is to be made.
        5. Perform one of the following actions:
           • Click on the Verify link to verify the Bank Identifier code (BIC) defined in the BIC Code field. The system fetch bank details based on Bank Identifier Code (BIC).
           • Click on Lookup BIC Code link, and enter the details to search the Bank Identifier Code through the lookup option provided.
      • Select the Issue Draft option in the Interest Payout Mode field to issue a draft.
5. In the Maturity Instructions section;
   1. Select a maturity instruction under the Action on Maturity list.
      If you have selected the Renew Principal and Interest or the Renew Principal Only options,

      The  Payment Mode field will be displayed.

   2. From the Payment Mode list, select an option.
      Perform one of the following actions:

      • If you select the Transfer to Account option in the Payment Mode field;
        1. In the Account Holder Name field, enter the name of the account holder to whose account the matured amount is to be transferred.
        2. In the Account Number field, enter the account number to which the maturity amount is to be transferred.
        3. In the Confirm Account Number field, re-enter the account number to confirm the same.
        4. In the BIC Code field, enter the BIC code through which the transfer is to be made.
        5. Perform one of the following actions:
           • Click on the Verify link to verify the Bank Identifier code (BIC) defined in the BIC Code field. The system fetch bank details based on Bank Identifier Code (BIC).
           • Click on Lookup BIC Code link, and enter the details to search the Bank Identifier Code through the lookup option provided.
      • Select the Issue Draft option in the Payment Mode field to issue draft.
6. Perform one of the following actions:
   • Click Continue to proceed to the next step in the application.
   • Click Back to navigate back to the previous step in the application.
   • Click on the Scan QR-code anytime to continue on mobile link to continue the application on mobile or tablet device.
   • Under the kebab menu, perform one of the following actions:
     • Click the Save and Continue Later option to save the application.
     • Click the Continue on Mobile option to continue the application on a mobile device.