1 Term Deposit
This topic describes how the application enables users to open and manage term deposits from initiation to maturity.
Islamic Banking is a Banking system that is based on the principles of sharia (Islamic law) and guided by the Islamic economics. The Shariah Laws provide guidance on each and every aspect of human life, and the laws which govern and guide financial and commercial transactions define Islamic Banking activities.
As 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 their customers the 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.
Pre-requisites
- Transaction access is provided to retail customers.
- Islamic Term Deposit products and accounts are maintained in the core banking system under a party ID mapped to the customer.
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.
Features Supported In the Application
The Retail Islamic Term Deposit module of the application supports the following features:
- Overview Widget
- View Term Deposit Summary
- View Term Deposit Details
- Edit Maturity Instructions
- Redeem Term Deposit
- View Term Deposit Statement
- Request Statement
- Apply for a New Term Deposit
- Overview Widget
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.