1 Term Deposit

This topic describes how the application enables users to open and manage term deposits throughout their life cycle, from creation to maturity.

As the name suggests, a Term Deposit is a deposit held at a bank for a fixed term, generally ranging from a month to a few years. If compared to regular savings accounts, the interest earned on a term deposit is higher.

Customers choose to invest in term deposits because they offer a safe and secure mode of investment with higher returns compared to regular checking or savings accounts.

Prerequisites

• Transaction access is provided to retail customers.
• Term Deposit accounts are maintained in the host system under a party ID mapped to the customer.

Note:

In application

1. Account searchable drop-down allows user to search using criteria such as Account Number, Account Name, Account Currency, or Branch Code.
2. Bank can configure the fields to be shown as additional values in the accounts drop-down.

Features Supported In the Application

The retail module of the application supports the following features:

• Overview Widget
• View Term Deposits Summary
• View Term Deposit Details
• Edit Maturity Instructions
• Top Up Term Deposit
• Redeem Term Deposit
• View Term Deposit Statement
• Request Statement
• Apply for a New Term Deposit
• Calculate Deposit Maturity Amount

• Overview Widget
  This topic describes the Overview widget, which displays the customer’s holdings across various account types, including Current and Savings Accounts, Term Deposits, Loans, Credit Cards, and Investments.