1 Introduction

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

A Recurring Deposit is a special kind of Deposit offered by banks. It is an investment plan in which investments are made in small installments at fixed intervals systematically. Customers of the Bank makes regular deposits and are entitled to earn fixed returns on their investment.

It is a deposit held at a bank for a fixed term, generally ranging from a month to a few years – term range depends on the product type) If compared to regular savings accounts, the interest earned on recurring deposit is higher.

Customers opt to invest in recurring 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.

Pre-requisites

• Recurring Deposit products are maintained in the Core Banking Application
• Recurring Deposit products are enabled for specific User type
• Transaction access is provided to retail customers.
• Recurring Deposit accounts are maintained in the Core system under a party ID mapped to the customer.

Features Supported In the Application

The retail module of the application supports the following features:

• Apply for a New Recurring Deposit
• Recurring Deposit Summary
• View Recurring Deposit Details
• Edit Maturity Instruction
• Redeem Recurring Deposit
• View Recurring Deposit Statement
• Request Statement

• Overview Widget
  This topic describes the Recurring Deposit overview page, which provides a summary of the customer's recurring deposit holdings with the bank, as well as links to various transactions available to the customer.