2.1.8 Payment Details Button

This topic explains the payment details button of Policy Maintenance Detail screen.

  1. On Policy Maintenance Detail screen, click Payment Details button to process the Settlement Details screen.
    The Settlement Details screen is displayed.

    Figure 2-9 Policy Maintenance Detail_Payment Details Button


    Description of Figure 2-9 follows
    Description of "Figure 2-9 Policy Maintenance Detail_Payment Details Button"

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

    Table 2-12 Settlement Details - Field Description

    Field Description
    Bank Code

    Alphanumeric; 12 Characters; Optional

    Specify the bank code from which the transfer of payment is being made.
    Bank Name

    Display

    The system displays the name of the bank for the specified bank code.
    Branch Code

    Alphanumeric; 12 Characters; Optional

    Specify the branch from which the transfer of payment is being made.
    Branch Name

    Display

    The system displays the name of the branch for the selected branch code.
    Cheque Number

    Alphanumeric; 16 Characters; Optional

    Specify the cheque number.
    Clearing Date

    Date Format; Optional

    Select the date of clearing from the adjoining calendar.
    Cheque Date

    Date Format; Optional

    Select the date of cheque from the adjoining calendar.
    Account Operation Type

    Display

    The system displays the type of account operation.
    IBAN

    Alphanumeric; 40 Characters; Optional

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

    Payment Mode

    Alphanumeric; 1 Character; Optional

    Specify the mode of payment.
    Payment Type

    Optional

    Select the type of payment from the drop-down list. The list displays the following value:
    • Self
    Payment Date

    Date Format; Mandatory

    Specify the date on which the initial investment was done. You can deposit the amount in different currencies and on different dates.
    Payment Currency

    Alphanumeric; 3 Characters; Mandatory

    Enter the currency in which the initial investment is being done. The initial amount can be deposited in multiple currencies.
    Payment Amount

    Numeric; 30 Characters; Mandatory

    Enter the initial investment amount being paid in the particular currency.
    Account Holder Name

    Alphanumeric; 100 Characters; Optional

    Specify the account holder name.
    Account Currency

    Alphanumeric; 3 Characters; Optional

    Specify the account currency of the account number from which the transfer of payment is being made.
    Account Number

    Alphanumeric; 34 Characters; Optional

    Specify the account number from which the transfer of payment is being made.
    Account Type

    Alphanumeric; 1 Character; Optional

    Specify the account type from which the transfer of payment is being made.
    Exchange Rate Details: When you click the Enrich button in the Policy Information tab, the system will default the following exchange rate details for each settlement.
    Source ID

    Alphanumeric; 6 Characters; Optional

    Specify the source ID.
    Exchange Rate Applied

    Numeric; 21 Characters; Optional

    Specify the exchange rate applied ID.
    Transaction Currency Amount

    Display

    The system displays the transaction currency amount.
    Override Exchange Rate

    Optional

    Select if exchange rate has to be overridden or not from the drop-down list. The list displays the following values:
    • Yes
    • No
    FX Deal Date

    Date Format; Optional

    Select the FX deal date from the adjoining calendar.
    FX Value Date

    Date Format; Optional

    Select the FX value date from the adjoining calendar.

    If exchange rate details are not available for any settlement when the transaction or policy is entered, the system will not generate a UT transaction.

    Once all the settlement details have been enriched in the Policy Transaction Exchange Rate Enrichment screen and the FCIS Enrich Exchange Rate Detail screen, the system will compute the transaction amount and generate the UT transaction. If it is not enriched, then the system will pick the exchange rate during EOD and generate the UT transaction.

    Interest Details

    When you click the Enrich button in the Policy Information tab, if the initial investment amount has been deposited prior to the policy start date, the system will calculate and display the interest on the payment amount in the Policy Information tab. The interest will be calculated from the date of payment till the transaction date.

    When you click Calculate Interest button in the Settlement Details screen, the system will calculate and display the interest amount in the Interest Amount field in the same screen.

    Interest Rate

    Numeric; 12 Characters; Optional

    Enter the rate of interest that is to be used to calculate interest amount for the particular currency. Alternatively, you can maintain the interest rate in the Interest Rate Maintenance screen. If you do not maintain an interest rate, the system will take it as null.

    Interest Amount

    Numeric; 12 Characters; Optional

    Specify the interest amount.
    Interest Amount in Transaction Currency

    Display Only

    The system computes and displays the interest amount in terms of the transaction currency.
    Interest Calc. Days

    Numeric; 12 Characters; Optional

    Specify the number of days for which interest calculation has to be done for a policy based on the policy start date and payment date.
    Basis Days

    Optional

    Select the interest basis days, based on which the interest will be calculated. The options available are:
    • 360
    • 365
  3. Click the Calculate Interest button to calculate the interest rate.
  4. Click the Clear button to clear the interest-related details.

Parent topic: Process Policy Maintenance Detail