3.1 New Conventional Term Deposit

The Small & Medium Business user can open new conventional term deposit account based on the CASA accounts he has.

Figure 3-1 New Conventional Term Deposit

Description of "Figure 3-1 New Conventional Term Deposit"

Table 3-1 Field Description

Field Name	Description
Source Account	The customer is required to select the current or savings account to be debited with the deposit amount. All the active current and savings accounts of the customer are displayed along with nicknames, if defined. For more information on Account Nickname, click Account Name
Balance	On selection of a current or savings account in the Select Account field, the current balance of the specific account is displayed against the field.
Term Deposit Product	All the term deposit products available for application will be listed down.
View Interest Rates	Click on the View Interest Rates link to view the interest rates that will be applicable on the deposit account based on the deposit product selected. This link will be displayed against the Select Product field once a product is selected.
Currency	Currency in which the deposit is to be held. If the deposit product supports only a single currency this field is displayed as a label (instead of a list for selection).
Deposit Amount	The customer is required to specify the amount for which the deposit is to be opened.
Amount Range	The minimum and maximum amounts for which a deposit can be opened are displayed against the amount field once the customer selects a particular deposit product in the Select Product field.
Calculate Foreign Exchange Below fields are displayed when you click on the Calculate Foreign Exchange link.
Current Exchange Rate	Displays the per unit currency exchange rate for the chosen currency combination. Note: This field is displayed if the source account currency is different from the TD opening currency.
Current Amount	Displays the current exchange amount after currency exchange.
Exchange Amount	Displays the exchanged amount in the chosen currency after currency exchange. Note: This field is displayed if the source account currency is different from the TD opening currency.
Deposit Tenure	The customer can specify the tenure of the deposit in terms of a period i.e. years/ months/ days or by selecting a specific date on which the deposit should mature. The options are: Tenure Date
Years	The customer can mention the deposit tenure in years. This field is enabled if the customer selects the Tenure option in the Deposit Tenure field.
Months	The customer can mention the deposit tenure in months. This field is displayed if the customer selects the Tenure option in the Deposit Tenure field.
Days	The customer can mention the deposit tenure in days. This field is displayed if the customer selects the Tenure option in the Deposit Tenure field.
Date	The customer can define the deposit tenure by selecting a date on which the deposit should mature. This field is displayed if the customer selects the Date option in the Deposit Tenure field.
Deposit Period Range	The minimum and maximum period for which the deposit account can be opened is displayed against the deposit tenure field once the customer selects a deposit product in the Select Product field.
Calculate Maturity The customer can 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.
Maturity Amount	The system will calculate and display the estimated maturity amount based on the parameters defined by the customer.
Interest Rate	The rate of interest applicable on deposit account.
Holding Pattern	The holding pattern that will be applied to the deposit being opened is displayed. This field will be displayed only if the current or savings account selected as the Source Account has a joint holding pattern. The options are: Single Joint Note: This field will be displayed only if the current or savings account selected as the Source Account has a joint holding pattern. If the user selects option Joint, the new deposit will be opened in the joint names of the holders of the current or savings account selected as the Source Account.
Maturity Details
Maturity Instructions	Maturity instructions to be set by the customer for the deposit account. The options available are dependent on the deposit product selected. The options can be: Close on maturity Renew Principal and Interest Renew Principal and Pay Out the Interest Renew Special Amount and Pay Out the remaining amount
Rollover Amount	The amount to be rolled over. This field is displayed if the customer selects Renew Special Amount and Payout the Remaining Amount option from the Maturity Instruction list. Note: “Renew special amount and Pay Out the remaining amount” option is not supported when the host is Oracle FLEXCUBE Core Banking.
Pay To	This field is displayed if the customer has selected any maturity instruction that involves any part of the deposit amount to be paid out at the time of maturity. The customer is required to select the mode through which the amount to be paid out is transferred. The options are: Own accounts Internal Bank Account Domestic Bank Account International Bank Account Note: This field is not displayed, if the customer has selected Renew Principal and Interest option from the Maturity Instructions list. If the host is Oracle FLEXCUBE Core Banking, payout to only Own and Internal Accounts is supported.
Own Account This section is displayed if the customer has selected the option Own Account in the Pay To field.
Transfer Account	The customer can select a current or savings account to which the funds will be transferred when the deposit matures. All the customer’s current and savings accounts held with the bank will be listed down and available for selection.
The following fields are displayed once the customer has selected an account in the Transfer Account field.
Beneficiary Name	The name of the holder of the account selected in Transfer Account.
Bank Name	Name of the beneficiary bank.
Bank Address	Address of the beneficiary bank.
City	City of the beneficiary bank.
Country	Country of the beneficiary bank
Internal Account This section is displayed if the customer has selected the option Internal Account in the Pay To field.
Account Number	The customer is required to specify a current or savings account, held within the bank, to which the funds will be transferred when the deposit matures.
Confirm Account Number	The customer must re-enter the account number in this field so as to confirm the account number entered in the above field is correct.
Nomination Details This section is enabled only if the term deposit holding pattern is single.
Add Nominee	This option enables the customer to specify preference with regards to whether a nominee is to be added against the new term deposit or not. The options are: Yes - Select this option if you want to add a nominee against the term deposit No - Select this option if you do not want to add a nominee against the term deposit.
Nomination Details This section is enabled if the customer selects Yes option in Add Nominee field.
Nomination Type	The customer can identify whether he/she wants to add a new nominee or wants to add the same nominee as that of another account. The options are: Add New: By selecting this option, the customer is able to specify details of the person who is to be added as the nominee of the new term deposit. Replicate Existing Nominee: By selecting this option, the customer is able to add a person who is an existing nominee of another account held by the customer, as the nominee for the new term deposit being opened.
The following fields are displayed if the customer selects the option Add new against the Nomination Type field.
Nominee Name	Specify the full name of the nominee.
Nominee Date Of Birth	Specify the nominee’s date of birth. Note: The customer will be required to specify details of the nominee’s guardian if it is identified that the nominee is a minor on the basis of the nominee’s date of birth.
Relationship	Specify the customer’s relationship with the nominee. E.g. Father, Mother, Daughter, Son, etc.
Address	Enter details pertaining to the nominee’s address.
Country	Select the country in which the nominee resides.
State	Enter the name of the state in which the nominee resides.
City	Enter the name of the city in which the nominee resides.
Zip	Specify the zip code of the nominee’s address.
Enter Guardian details since nominee is a minor below 18 years: This section is enabled only if the system identifies that the nominee is a minor on the basis of the nominee’s date of birth defined.
Name	Specify the full name of the nominee’s guardian.
Address	Enter details pertaining to the guardian’s address.
Country	Select the country in which the guardian resides.
State	Enter the name of the state in which the guardian resides.
City	Enter the name of the city in which the guardian resides.
Zip	Specify the zip code of the guardian’s address.
A pop up containing a list of all the existing nominees of accounts held by the customer is displayed if the customer selects the option Replicate Existing Nominee against the Nomination Type field. Once a nominee is selected from this pop up, the fields in which nominee details are captured are pre-populated with details of the selected nominee. The user can opt to change the value in any field as required.
Nominee Name	The names of all the nominees of the accounts held by the customer are listed down. The customer can select a nominee that he/she wishes to add as a nominee against the new term deposit.
Account Type	The account type of the account against which the nominee is mapped is displayed against the nominee name record.
Account Number	The account number in masked format of the account against which the nominee is mapped, is displayed against the nominee record.

To open a new conventional term deposit:

1. Navigate to one of the above paths.
   The New Term Deposit screen appears.
2. From the Source Account list, select the current or savings account to be debited in order to open the term deposit.
3. From the Term Deposit Product list, select the term deposit product that you want to apply for.
4. To view the rates of interest applicable on the term deposit, click on the View Interest Rates link displayed against the Select Product field once a product is selected.
5. From the Currency list, select the currency in which you want the term deposit to be held.
6. In the Deposit Amount field, enter the deposit amount.
7. Click on the Calculate Foreign Exchange link to calculate deposit amount w.r.t. foreign currency.
8. Select the desired option against the Deposit Tenure field.
   1. If you select the Tenure option:
      1. In the Years, Months and Days field enter the appropriate values.
   2. If you option the Date option:
      1. From the Date list, select the appropriate date.
9. To view the deposit maturity amount and interest rate chargeable, click the Calculate Maturity link.

   Note:

   Click Reset to clear the calculated details.
10. From the Holding Pattern field, select whether the deposit being opened is to have a single holding pattern or a joint holding pattern.
11. Specify maturity instructions as desired, in the Maturity Instruction field.
    1. If you have selected the option Close on Maturity;
       1. Select the mode through which the maturity amount is to be transferred, in the Pay To field.
    2. If you have selected the option Renew Principal and Pay Out the Interest;
       1. Select the mode through which the interest amount is to be transferred, in the Pay To field.
12. From the Pay To list;
    1. If you have selected the option Own Account;
       1. From the Account Number list, select an appropriate current or savings account which is to be credited with the specific amount at the time of deposit maturity.
    2. If you have selected the option Internal Account;
       1. In the Account Number field, enter the account number which is to be credited with the specific amount 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.
    3. If you have selected the option Domestic Bank Account;
       1. In the Account Number field, enter the account number which is to be credited with the specific amount at the time of deposit maturity.
       2. In the Account Name field, enter the name of the account holder who will be the beneficiary to whom funds will be transferred once the deposit matures.
       3. In the Bank Code field, enter the bank code in which the beneficiary account is held or select it from the look up.
       4. Click Submit to verify and fetch bank details based on Bank Code (BIC).
    4. If you have selected the option International Bank Account;
       1. In the SWIFT code field, enter the SWIFT code or select it from the lookup.

          OR

          Click Reset to clear the populated data and enter/ select a new SWIFT code.

       2. Click Verify to fetch bank details based on Bank Code (BIC).
       3. In the Beneficiary Name field, enter the name of the beneficiary.
       4. Click and select the appropriate Charges borne for remittance option for bearing the charges for transfer.
13. In the Add Nominee field, select the option of choice.
    1. Select option No if you do not wish to add a nominee against the term deposit.
    2. If you select option Yes,
       1. select Add New option to add new nominee details.
          1. In Nominee Name field, enter the name of the nominee.
          2. From the Nominee Date of Birth field, specify the nominee’s date of birth.
          3. From the Relationship list, select your relationship with the nominee.
          4. In the Address field, enter the address of nominee.
          5. From the Country list, select the country in which the nominee resides.
          6. In the State field, enter the name of the state in which the nominee resides.
          7. In the City field, enter the name of the city in which the nominee resides.
          8. In the Zip field, enter the zip code of the nominee’s address.
          9. If the Nominee is a minor or below 18 years of age, enter the Guardian Details.
             1. In the Name field, enter name of the guardian.
             2. In the Address field, enter the address of guardian.
             3. From the Country list, select the country in which the guardian resides.
             4. In the State field, enter the name of the state in which the guardian resides.
             5. In the City field, enter the name of the city in which the guardian resides.
             6. In the Zip field, enter the zip code of the guardian’s address.
       2. If you have selected the Replicate Existing Nominee option, the Select Nominee popup appears with the list of existing CASA, FD, RD nominees.
          1. Select an appropriate nominee whose details you want to replicate.
          2. Click OK, which will prefill all the details in the nominee details fields.

             OR

             Click Cancel to close the popup window.

14. Click Submit.
    The Deposit Details, Maturity Detailsand Nomination Details appears.

    OR

    Click Cancel to cancel the transaction.

15. The Review screen appears. Verify the details and click Confirm.
    OR

    Click Back to navigate back to the previous screen.

    OR

    Click Cancel to cancel the transaction.

16. The confirm screen is displayed with a success message along with the reference number.
17. Click Home to go to the Dashboard screen.
    OR

    Click Go To Account Details to view the deposit details page.