The new deposit helps the user to open a new term deposit. User can view various term deposit offerings and its features before opening a term deposit.
Process for opening a new term deposit is simple, fast and secure. User details are pre-populated (for existing users) in while opening a new term deposit. User can open a term deposit with the sole owner or in a joint mode.
While opening a new term deposit, users can;
How to reach here:
Dashboard > Quick Links > New Deposit
OR
Dashboard > Accounts > Term Deposits >New Deposit
OR
Dashboard > Accounts > Term Deposits > Term Deposit Summary > Deposit Number > Deposit Details > Quick Links >New Deposit
Field Name |
Description |
---|---|
Select Holding Pattern |
Defines whether the ownership of the term deposit account will be single or joint. The options are:
|
Primary Account Holder |
Name of the user who is logged-in. |
Joint Account Holder |
Name of the joint account holder. This field appears if you select Joint option. |
Joint Account Holder |
Option to add customer id of joint account holder 1. |
Joint Account Holder 2 |
Option to add customer id of joint account holder 2. |
Deposit Details |
|
Select Product |
Term deposit products available. Only registered products are available for selection. |
Currency |
CurrencyA generally accepted form of money, including coins and paper notes, which is issued by a government and circulated with in an economy. of the deposit. This field appears as a label (instead of List for selection) in case the deposit product supports single currency. |
Deposit Amount |
Principal amount of the term deposit to be opened. |
Minimum Amount and Maximum Amount allowed |
Minimum and maximum amount of the term deposit. This field appears if the term deposit product supports this feature. |
Deposit Tenure |
Deposit tenure of the product, either deposit period or maturity date. The options are:
|
Years |
Years of the deposit tenure. This field appears if you select the Tenure option in the Deposit Tenure field. |
Months |
Months of the deposit tenure. This field appears if you select the Tenure option in the Deposit Tenure field. |
Days |
Days of the deposit tenure. This field appears if you select Tenure option from the Deposit Tenure field. |
Date |
Maturity date of the deposit. This field appears if you select Date option from the Deposit Tenure field. |
Minimum Deposit Period |
Minimum tenure for which deposit account can be opened. |
Maximum Deposit Period |
Maximum tenure for which deposit account can be opened. |
Maturity Amount |
Calculated maturity amount as per selected parameters. This field appears if you click Calculate Maturity link. |
Interest Rate |
Interest Rate applicable for the deposit product. This field appears if you click Calculate Maturity link. |
Source Account |
Account to be debited in order to open the term deposit. |
Balance |
Current balance of the selected source account. |
Maturity Details |
|
Maturity Instruction |
Maturity instructions to be set by the user for the selected deposit account. The options can be:
|
Roll over Amount |
Special amount be rolled over. This field appears if you select Renew Special Amount and Pay Out the Remaining Amount option from the Maturity Instruction list. |
Pay To |
Account transfer options. The options are:
This field does not appear, if you select Renew Principal and Interest option from the Maturity Instructions list. |
Own Account This section appears for Own Account. |
|
Transfer Account |
Account number to which the funds are to be transferred. |
Beneficiary Name |
BeneficiaryA person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. name of the term deposit. |
Bank Name |
Name of the beneficiary bank. |
Bank Address |
Address of the beneficiary bank. |
City |
City of the beneficiary bank. |
Internal Bank Account This section appears for Internal Account. |
|
Account Number |
Account number to which the funds are to be transferred. |
Branch |
The list of branches of the home bank for selection. |
Branch Address |
Address of the selected branch. |
Domestic Bank Account This section appears for Domestic Bank Account. |
|
Account Number |
Account number to which the funds are to be transferred. |
Account Name |
Name of the account to which funds is to be transferred. |
Bank Code |
Bank code of the destination account. |
Bank Name |
Name of the beneficiary bank. |
Bank Address |
Address of the beneficiary bank. |
City |
City of the beneficiary bank. |
To open a new term deposit:
Note: Click to clear the calculated maturity details.
FAQs
When will I start earning interest on my term deposit?