2 New Recurring Deposit

This topic provides the systematic instructions for user to apply for new recurring deposits.

New Recurring Deposit page enables the customer to book a new recurring deposit account. The multiple Recurring Deposit products are maintained at bank level. The customer can select any product offer in order to apply for a recurring deposit of choice.

While applying for a recurring deposit, the customer is required to identify the installment amount for which the deposit is to be opened, the tenure i.e. the term of the deposit and the holding pattern i.e. single or joint. Additionally, the customer is also required to select the current or savings account from which funds are to be debited in order to fund the deposit.

In case of joint accounts, Recurring Deposit is booked by default on joint name if single holding pattern is not selected by the customer. It also allows customer to select the holding pattern to singly for creating a new RD so that he/she can liquidate my Recurring Deposit's online conveniently.

In case of single RD account, customer can also add a nominee in the recurring deposit who will be entitled to receive the money upon death of the account holder.

Note:

It is mandatory to update the PAN number (valid for India specific region) :

• If the customer creates a new recurring deposit installment of value more than or equal to Rs. 50,000.
• If at any given point of time while creating a new recurring deposit the cumulative deposits (Fixed plus recurring) for a customer in that financial year is more than Rs. 5,00,000.

Figure 2-1 New Recurring Deposit

Description of "Figure 2-1 New Recurring Deposit"

Figure 2-2 New Recurring Deposit - Replicate Existing Nominee

Description of "Figure 2-2 New Recurring Deposit - Replicate Existing Nominee"

Note:

The fields which are marked as Required are mandatory.

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

Table 2-1 New Recurring Deposit - Field Description

Field Name	Description
Source Account	The current or savings account to be debited with the recurring deposit installment amount. All the active current and savings accounts of the customer are displayed. For more information on Account Nickname, refer Account Nicknamesection.
Balance	The balance in the account with the account currency.
Recurring Deposit Product	Lists all the recurring deposit products available for application creation.
View Interest Rates	Click on the View Interest Rates link to view the interest rate applicable on the deposit account based on the deposit product. Will come after select product option.
Specify Installment Amount or Maturity Amount	Specify the option based on which the recurring deposit is being opened.
Installment Amount	Specify the installment amount to be paid by customer. This field is enabled if the Installment Amount option is selected in the Specify Installment Amount or Maturity Amount field.
Maturity Amount	Specify the estimated maturity amount desired by customer after maturity of the recurring deposit. This field is enabled if the Maturity Amount option is selected in the Specify Installment Amount or Maturity Amount field.
Deposit Tenure	The tenure of the deposit in terms of a period i.e. years/ months after which the deposit should mature. Note: The minimum and maximum tenure allowed for which a deposit can be opened.
Investment Period
Years	The deposit tenure in years.
Months	The deposit tenure in months.
Deposit Period Range	The minimum and maximum period within which the deposit account can be opened is displayed below the deposit tenure field once the customer selects a deposit product in the Select Product field.
Calculate Installment Amount	Click on the Calculate Installment Amount link to calculate the installment amount on the deposit account based on the information defined. This link is enabled if the Maturity Amount option is selected in the Specify Installment Amount or Maturity Amount field.
Calculate Maturity	Click on the Calculate Maturity link in order to be displayed the maturity amount and interest rate applicable on the deposit account based on the information defined. This link is enabled if the Installment Amount option is selected in the Specify Installment Amount or Maturity Amount field.
Maturity Amount	The system will calculate and display the estimated maturity amount based on the parameters defined by the customer
Interest Rate	The interest rate applicable on the deposit account based on the deposit product.
Maturity Details
Maturity Instructions	Maturity instructions set by the customer for the deposit account. The option is: Close on maturity (No Rollover)
Pay to	The account transfer mode through which the amount to be paid out is transferred at the time of maturity. The options are: Own Account Internal Account
Following fields is displayed if the customer selects Own Account option in the Pay To field
Transfer Account	An Account to which the funds are to be transferred at maturity. All the customer’s current and savings accounts held with the bank will be listed down and available for selection.
Beneficiary Name	The name of the holder of the account selected in Transfer Account will be displayed.
The following fields is displayed if the customer selects Internal Account option in the Pay To field.
Account Number	Specify the Account number to which the funds are to be transferred at maturity.
Confirm Account Number	Re-enter the account number that you have entered in the Account Number field to confirm the same.
Add Nominee	Select the checkbox to decide registration of nomination for a recurring deposit.
Nominee Details	This option is available only for Single holding CASA source account. Below details appears if the Add Nominee checkbox is selected.
Nomination Type	The nominee details for recurring deposit. The options are: New Nominee: Add new nominee details Existing Nominee: replicate nominee details from existing accounts
The following fields are displayed if the customer selects New Nominee option in Nomination Type field.
Nominee Name	Enter the name of the nominee.
Date Of Birth	Enter the date of birth of nominee. Note: If nominee is minor, it is mandatory for customer to fill guardian details.
Relationship with Account Holder	Select the relationship of the nominee with the applicant.
Address	Specify nominees address details.
Zip Code	Enter the zip code of nominee's residence.
Country	Select the country where nominee resides.
State	The name of the state where nominee resides.
City	Enter the name of the city where nominee resides.
Enter Guardian details since nominee is a minor below 18 years:	Below fields are displayed if nominee is minor or below 18 year age.
Name	Enter the name of the guardian of the nominee.
Address	Enter the guardians address details.
Zip Code	Specify the zip code of guardian's residence.
Country	Select the name of the country where guardian resides.
State	Specify the name of the state where guardian resides.
City	Enter the name of the city where guardian resides.
Existing Nominee	The option to select an existing nominee already mapped to any other account of the user, to the new recurring deposit being opened.
All the existing nominees that are mapped to accounts of the user are listed down in an overlay, as follows, if the Existing Nominee option is selected.
Choose Nominee Name	The name of the nominee who is already maintained in application for the associated customer accounts.

Figure 2-3 Calculate Maturity

Description of "Figure 2-3 Calculate Maturity "

Note:

The fields which are marked as Required are mandatory.

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

Table 2-2 Calculate Maturity - Field Description

Field Name	Description
Maturity Amount	The system will calculate and display the estimated maturity amount based on the parameters defined by the customer.
Interest Rate	The interest rate applicable on the deposit account based on the deposit product.

To open a new recurring deposit:

1. Navigate to one of the above paths.

   Perform one of the following actions:

   • From the Dashboard, click Toggle menu, click Menu, then click Accounts, and then click Recurring Deposits tab, and then click New Recurring Deposit .
   • From the Dashboard, click Overview widget, click Recurring Depositscard, and then click New Recurring Deposit.
   • From the Search bar, type Recurring Deposits - New Recurring Deposit and press Enter.

   The New Recurring Deposit screen appears.

2. From the Source Account list, select the current or savings account to be debited in order to open the recurring deposit.
3. From the Recurring Deposit Product list, select a recurring deposit product available in application.
4. To view the rates of interest applicable on the recurring deposit, click on the View Interest Rates link displayed against the Select Product field once a product is selected.

   Figure 2-4 View Interest Rates

   
   

   
   Description of "Figure 2-4 View Interest Rates"

   
   

   Note:

   The fields which are marked as Required are mandatory.

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

   Table 2-3 View Interest Rates -Field Description

   Field Name	Description
   Installment Amount	The amount to be paid by the customer, per instalment.
   Interest Rate	The interest rate applicable on the deposit account based on the deposit product.

5. In the Specify Installment Amount or Maturity Amount field, choose the desired option.

   Perform one of the following actions:

   • If you select the Installment Amount option;
     1. Select a desired currency from the provided list under the Installment Amount (currency) list.
     2. Enter the amount to be paid per instalment, in the Installment Amount (amount) field.
   • If you select Maturity Amount option;
     1. Select a desired currency from the provided list under the Maturity Amount (currency) list.
     2. Enter the desired maturity amount, in the Maturity Amount (amount) field.
6. In the Investment Period field, specify the tenure of the deposit in the Years and Months fields.
7. In the Add Nominee field, select the checkbox to decide registration of nomination for a recurring deposit under the Nominee Details section.

   Perform one of the following actions:

   • Select the option No if you do not wish to add a nominee for the recurring deposit being opened.
   • If you select the option Yes; enter nominee information in the following fields:
     1. Under the Nomination Type field, select New Nominee option to add new nominee details.
        1. In Nominee Name field, enter name of the nominee.
        2. In Date Of Birth field, date of birth of nominee.
        3. In Relationship with Account Holder field, select the relationship of the nominee with the applicant.
        4. In the Address field, enter the address of nominee.
        5. In the Zip Code field, enter the zip code of the city where nominee resides.
        6. From the Country list, select the country where nominee resides.
        7. From the State list, select the state where nominee resides.
        8. In the City field, enter the name of the city where nominee resides.

        Perform one of the following actions for nominee:

        • If Nominee is a minor, enter the Guardian Details.
          1. In Name field, enter name of the guardian.
          2. In the Address field, enter the address of guardian.
          3. In the Zip Code field, enter the zip code of the city where guardian resides.
          4. From the Country list, select the country where guardian resides.
          5. From the State list, select the state where guardian resides.
          6. In the City field, enter the name of the city where guardian resides.
        • If you select the Existing Nominee option;

          The Select Nominee overlay screen appears.

          Figure 2-5 New Recurring Deposit - Replicate Existing Nominee

          
          

          
          Description of "Figure 2-5 New Recurring Deposit - Replicate Existing Nominee"

          
          
          1. From the Choose Nominee list, select a nominee to add to the recurring deposit being opened.
          2. Click OK.

             The nominee details populates in the screen.

8. From the Pay To list, select a mode through which the amount to be paid out is transferred at the time of maturity.
   Perform one of the following actions:

   • If you select Own Account option in Pay To field;
     1. From the Transfer Account list, select the current or savings account in which the maturity proceeds are to be transferred at the time of deposit maturity.

        The beneficiary name and its bank details appears.

   • If you select Internal Account option in Pay To field;
     1. In the Account Number field, enter an account in which the maturity proceeds are to be transferred at the time of deposit maturity.
     2. In the Confirm Account Number field, re-enter the account number as entered in the Account Number field.
9. Perform one of the following actions:
   • Click Submit.

     The Deposit Details, Maturity Detailsand Nomination Details appears.

   • Click Cancel to cancel the transaction.
10. The Review screen appears.
    Perform one of the following actions:

    • Verify the details and click Confirm.

      The confirm screen is displayed with a success message along with the reference number.

    • Click Back to navigate back to the previous screen.
    • Click Cancel to cancel the transaction.
11. Perform one of the following actions:
    • Click Transaction Details to view the details of the transaction.
    • Click Deposit Details to view the deposit account details.
    • Click on the View Accounts link to visit Recurring Deposit accounts summary page.
    • Click on the Go To Dashboard link to navigate back to dashboard page.