Retail Deposits

Generic Feature Enhancements

Grace Period for Auto Renewal enabled TermDeposit

A new configuration is introduced at the Retail Depsoits Business Product level, to configure a grace period (in days) during which the customer can either Close the Term Deposit without any penalties or Top-up the Deposit. Bank customers can leverage this period to decide on auto-renewed deposits.

Publish Business Events

A new process has been added to generate Business Events on an ‘x’ day (configurable) before a deposit account is identified to be matured or deposits identified for Escheatment. The said events are published through the Events delivery platform for further consumption by the Communication systems to generate prior maturity notices to the customer.

Generic Feature Enhancements in Deposit Servicing

TD Account Opening Screen changes

The following changes are done in the existing deposit account opening screen.

Redesigned the UI for the Term Deposit Account opening screen.
Enhanced the existing term deposit account opening screen to view the customer's existing term deposit accounts and create a new term deposit by copying an existing one.
Default the pay-in and payout account while creating a deposit account.
Show Annual Percentage Yield (APY) in the Deposit Account opening screen for only US region.
Default the maturity instruction based on product configuration.

Nominee/Beneficiary screen changes

The following changes are done in the existing nominee/beneficiary details update screen.

Added functionality to capture the customer ID and automatically populate the nominee/beneficiary details from the customer's information if the nominee/beneficiary is an existing customer in the bank.
Added validations to prevent entering duplicate nominee/beneficiary details and ensure the primary holder differs from the nominee/beneficiary.
Label name changed for address-related fields.
Field Country modified to display country name instead of country code.
Removed mandatory validation for the Mobile Number and Email ID' fields for both Nominee and Guardian.
Removed the Customer ID field for the guardian.
Field Address Line 2 changed to a non-mandatory field for the US region.
Added new fields Mobile number and Email for guardian details.
Changed the State field type to a list of value fields, fetching state details based on common core maintenance, and defaulting the country based on the selected state.

Interest Paid Out Details

This screen is used to view the interest paid out details for a deposit account for a given date range.

Task Screen Changes

Reference number (i.e. account number) column is introduced in all Tasks pages. Customer number, and account number are populated respectively against servicing transactions in these two columns.

Multiple search criteria for Account Number search

Deposit servicing screens are enhanced to enable account number search based on multiple search criteria such as customer number, mobile number, SSN and email ID.

Auto and multi-level authorization

Auto or multi-level authorization can be configured for the Deposit servicing screens by creating a Rule based on the life cycle code.

US Geography Feature Enhancements

Regulation

Backup Withholding Tax

The Rule-driven tax computation process has been enhanced to identify the applicability of the BWHT for a deposit account and if applicable, compute the tax based on, either the Federal Tax rate or the discretionary rate captured and maintained at the account level.

Withholding Tax is calculated whenever Interest is paid out (i.e. credited to the customer account) in the scenarios of Term Deposit Maturity or Early/Partial redemption of a TD or a Periodic Interest Payout Term Deposit.

TD/CD Escheatment based on Last Contact Date

The existing Escheatment process is enhanced to identify the deposit accounts, to be escheated, based on the Last Contact Date of the customer with the Bank.