3.4 Bank Details Tab

This topic explains the Bank Details tab of Product Maintenance Detail screen.

The proceeds of payments such as collection of management fees, surrender at a policy level to handle exceptional situations like death, and so on, may need to be made to a default product bank account and not to the Policy Holder bank account in certain cases. Several bank accounts can be associated with a product.

Note:

This section is mandatory. You will have to enter information in all fields.
  1. On Product Maintenance Detail screen, click Bank Details tab to enter the details.
    The Bank details are displayed.

    Figure 3-4 Product Maintenance Detail_Bank Details Tab


    Description of Figure 3-4 follows
    Description of "Figure 3-4 Product Maintenance Detail_Bank Details Tab"

  2. On Bank Details tab, specify the fields.
    For more information on fields, refer to the field description table.

    Table 3-4 Bank Details - Field Description

    Field Description
    Bank Details Section

    This section displays the following fields.
    Bank

    Alphanumeric; 12 Characters; Mandatory

    Select the name of the bank where the Product account resides, from the option list.
    Branch

    Alphanumeric; 12 Characters; Mandatory

    Select the name of the branch of the bank where the Product account resides, from the option list.
    Account Type

    Alphanumeric; 1 Character; Mandatory

    Select the type of the Product account from the option list.
    Description

    Display

    The system displays the description for the selected account type.
    Account Currency

    Alphanumeric; 3 Characters; Mandatory

    Select the currency of the Product account from the option list.
    Currency Name

    Display

    The system displays the name of the currency for the selected account currency code.
    Account Number

    Alphanumeric; 34 Characters; Mandatory

    Specify the account number of the Product account.
    IBAN

    Alphanumeric; 40 Characters; Optional

    Specify the International Bank Account Number (IBAN) of the account holder.

    Default Bank

    Mandatory

    Select this option to indicate this is the default bank account. You will need to specify one default bank account for every currency.

    Note: You can specify the details of more than one bank by clicking Add icon, which adds a field wherein you can choose another bank.

Parent topic: Product