1 Term Deposit

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 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 Small & Medium Business 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 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.

Features Supported In the Application

The Small & Medium Business module of the application supports the following features: