1 Term Deposits Application
This topic describes the structure of the Term Deposit application, which captures information regarding the applicant's personal, employment, nominee information and financial information.
A term deposit is a fixed term investment held at a bank or a financial institute. It involves the investment of an amount at an agreed rate of interest for a fixed amount of time.
The Term Deposit application has been built so as to capture the information that is essential to open a term deposit for the applicant. Additionally, the applicant is also required to provide basic personal, employment and financial information required for the processing of the term deposit application.
The application form is OCR (Optical Character Recognition) enabled so as to save the applicant’s time and effort in filling out the application form. The inline document upload feature that is provided on various sections of the form, enables the applicant to upload supporting documents to have the specific section prefilled with information.
Online KYC of the prospect can also be conducted by means of liveness check or through integration with third party identity verification service providers. For more information, please refer User Manual Oracle Banking Digital Experience Originations - KYC Modes.
Once the applicant’s identity is verified successfully through online KYC, he/she will be able to proceed with the application form. The personal information section will also be prefilled with information as fetched on the basis of the identification provided.
Existing digital banking customers can simply provide their online banking credentials to log in to the system. They will then be navigated to the New Term Deposit screen available through the OBDX module to open a new term deposit.
The application form also has the feature of QR code scan enablement which can be used to continue applications on mobile devices.
The application tracker has been built so as to enable tracking of the application once it has been submitted. The application tracker also enables the applicant to retrieve and complete an application that has been saved. Additionally, the applicant can view documents that have been uploaded as part of the application form and can also view details as defined in the application form in PDF format.
Note:
OBDX is integrated with Oracle KYC to fetch the applicant’s risk level (high risk or low risk) along with the reference number for the same as generated in the Oracle KYC system, at the time of application submission. OBDX will further send this information to the mid office system to be utilized as required.Following are the steps involved in the application submission:
- Product Selection: All the products belonging to the selected product category will be listed here. Each product will be listed as a separate card which will display the name and image of the product along with a short description, features and the options to view further details, or to apply for the product. The additional option to select the product so as to compare it with others within the same category will also be provided on each card. You can select a maximum of three products for comparison.
- Kick Off: This page serves as an introduction to the application form. You can
also view the documents required to be uploaded as part of the application. As an
applicant, you can identify how you are going to proceed with the application. If you
are a new/unregistered user, you can continue as a guest, or if you are an existing
online banking customer you can login with your online banking credentials to have your
information pre-populated in the application to have your information pre-populated in
the application.
Note:
If you are an existing online banking customer, you will be navigated to the OBDX servicing screen from which you can open a deposit, once you have successfully logged in to the application after having selected the option to apply as an existing customer of the bank, provided on the Kickoff page. - Mobile Verification: This step is applicable if you are filling out the application as a new/unregistered user. You will be instructed to enter your mobile number, after which the system will identify whether your mobile number is already registered with the bank or not. You will then be required to enter the OTP sent to this mobile number in order to proceed with the application form.
- Online KYC: Online KYC of the applicant can be done through any of
the following modes, depending on which mode has been enabled by the bank in the
Originations Workflow Maintenance screen available to bank administrators.
- Liveness Check – Selfie Capture
- (National) ID Verification
For more information on Online KYC and modes, please refer to the user manual User Manual Oracle Banking Digital Experience Originations - KYC Modes
- Personal Information: This section captures information pertaining to your personal information which will include your full name, date of birth, address details, etc. You can opt to upload an identity proof document to have the information on this section pre-populated or you can alternately enter the required information manually.
- Employment Information: You can provide information pertaining to your employment, in this step. In addition to defining information of your primary employment, you can also furnish past employment details and/or other current employment details.
- Financial Profile: In this section, you can furnish details pertaining to your Income, Expense, Assets and Liabilities.
- Deposit Details: In this section, you can specify details pertaining to the deposit which will include the deposit amount, tenure and maturity instructions.
- Nominee Information: If you wish to do so, you can specify details of your nominee in this section. Nominee details will include basic information such as name, date of birth, address etc. In case the nominee is a minor, you will have to mandatorily also specify information of the nominee’s guardian.
- Review and Submit: Once you have filled out all the information required in the account application form, you will be displayed this information on the review page. You can verify the details provided and if required, can edit the information in any sections by selecting the option provided against each section.
- Terms of Service: On having reviewed the application, you can then proceed to view the terms and conditions of the account application you are applying for. You can also add a digital signature by means of uploading a document containing your signature or by physically signing the provided space if you are filling out the application from a touchscreen device.
- Fund your account: This step will be part of the application form
if it has been configured for Term Depositapplications. Through this step you will be
able to fund your new account if you wish to do so. If you opt to fund your account, you
will be required to furnish information regarding mode of transfer from the payment
gateway page.
Note:
Insta Term Deposit product originations are not supported with OBO integration. - Confirmation: Once you have submitted your application after having reviewed it and having accepted the terms and conditions, a confirmation page will be displayed. This page will display a success message along with the application reference number. You can track your application on the basis of this reference number. Additionally, this page will also contain a button, by clicking on which you can navigate to the application tracker.
Apart from the Review and Submit and Confirmation steps, the sequence of the remaining steps may vary based on the configuration maintained for the product applications, by the bank.
To apply for a Term Deposits :
- Term Deposits - Product Listing
This topic describes the Term Deposit products offered by the bank that can be applied for online, which are displayed on this page in a card format. - Term Deposits - Product Details
This topic describes how to view product details. - Term Deposits - Product Comparison
This topic describes the functionality that enables users to compare the features of products within a specific product category. - Kick Off page
This describes the product application process that you need to fill out to apply for the product. - Mobile Verification
This topic describes the registration process for guest customers, enabling them to track submitted applications and retrieve abandoned applications. - Personal Information
This topic describes the section of the application form where you provide your personal information. - Deposit Details
This topic describes the section where you will specify details about the deposit account you wish to open. - Nominee Information
This topic explains the section of the application where you can provide nominee information. - Deposit Specifications
This topic describes the section where you can specify your service preferences. - Financial Profile
This topic describes the section where you can provide details pertaining to your income, expenses, assets, and liabilities. - Employment Information
This topic describes the section where you can provide your employment details. - Review and Submit
This topic describes how to review and edit your application summary. - Terms of Service
This topic describes the terms and conditions associated with the product for which you are applying. - Fund your deposit
This topic describes the option that allows you to fund your term deposit by specifying an initial deposit amount and providing the details of the card or account to be debited. - Submitted Application - Confirmation
This topic describes the confirmation page that appears after application submission. - Existing User
This topic describes the product application process for existing customers.