You can redeem a Certificate of Deposit using this screen. The redemption proceeds can be credited to Current and Savings Account, New Certificate of Deposit, Banker’s Check, Demand Draft, or Ledger. The Certificate of Deposit can be redeemed in full or part.

1. On the Homepage, from the Certificate of Deposit Services mega menu, under Certificate of Deposits and then Transactions, click Redemption, or specify Redemption in the search icon bar and select the screen.
   The Certificate of Deposit Redemption screen is displayed.

   Figure 2-23 Certificate of Deposit Redemption

   
   

   
   Description of "Figure 2-23 Certificate of Deposit Redemption"

   
   
2. On the Certificate of Deposit Redemption screen, click the Search icon or specify the account number in the Account Number field, and press Enter or Tab.
   The details are displayed in the Certificate of Deposit Redemption screen.

   Figure 2-24 Certificate of Deposit Redemption Details

   
   

   
   Description of "Figure 2-24 Certificate of Deposit Redemption Details"

   
   
3. In the Certificate of Deposit Redemption screen, perform the required action. For more information on fields, refer to the field description table.

   Table 2-17 Certificate of Deposit Redemption – Field Description

   Field	Description
   Search By	Users can search for an account number by using any of the available search criteria. The account number is set as the default search option. Users can specify the account number directly in the adjacent field or search for an account number by clicking the Search icon. Users can also search for the specific account number by providing customer ID, account number, or account name. Other search options available in the Search by field are Customer ID, SSN, Mobile Number, and Email. A specific customer ID can be searched by providing the customer name or customer ID. If SSN, mobile, or email IDs are chosen to find an account number, the respective IDs have to be input entirely in the adjacent field for the system to display the account number. For a given search criteria, multiple account numbers may be linked. For example, two or more account numbers can be linked to a single mobile number. In such cases, the system displays all the account number matches and the user can select the relevant account number on which to perform a servicing operation. Note: The label of the field adjacent to the Search by field changes dynamically. For example, if the Account number is chosen as the search criteria, the label of the adjacent field is displayed as the Account Number. If SSN is chosen as the search criteria, then the adjacent field would display the label as SSN.
   Status	Displays the CD status. The possible options are: Active Matured Closed
   Deposit Details	Displays the principal balance of the CD, the rate of interest, and the tenor of the CD.
   Maturity Details	Displays the proceeds due to the customer on maturity and the maturity date.
   Reinvested Interest	Displays the amount and currency for the reinvested or paid out interest. Note: If the interest if of reinvest type, then the field name is displayed as Reinvested Interest. If the interest if of paid out type, then the field name is displayed as Paid out Interest.
   Tax Deducted	Displays the actual tax deducted on reinvested or paid out interest till date.
   Redemption Type	Select the type of redemption to be performed. The options are: Partial Redemption Full Redemption The default value is Full Redemption. Note: You can change the type to Partial Redemption and enter the amount in Redemption Amount field. The redemption amount should be not be greater than CD account balance.
   Redemption Amount	Displays the full redemption amount. Note: This field is enabled, if you select the Partial Redemption option from the Redemption Type field.
   Penalty	Displays the penalty that will be charged for premature redemption.
   Waive Penalty	Switch to toggle ON to waive the penalty amount charged on the account. Switch to toggle OFF to include the penalty amount charged on the account.
   Remarks	You can specify the reason for CD redemption.

4. Based on the input data provided, the system simulates the details of CD and displays them on the right side of the Certificate of Deposit Redemption screen.
   For more information on fields, refer to the field description table.

   Table 2-18 Redemption Payment Details and Deposit After Redemption – Field Description

   Field	Description
   Redemption Payment Details	This displays the details of the redemption payment to the customer.
   Amount	This displays the final amount that will be paid out to the customer if the CD is redeemed today.
   Principal	Displays the total principal of the CD.
   Interest Rate	Displays the Interest rate applicable for the CD.
   Interest	Displays the Net interest on the principal (Interest – Tax).
   Penalty	Displays the penalty that will be charged for premature redemption and deducted from the proceeds due to the customer.
   Tax	Displays the tax applicable on the recalculated interest and will be deducted from the proceeds due to the customer.
   Deposit After Redemption	This displays the deposit amount in detail after redemption.
   Amount	Displays the maturity amount of the remaining certificate of deposit.
   Principal	Displays the principal remaining after redemption.
   Interest Rate	Displays the interest rate applicable for the remaining principal.
   Interest	Displays the interest due to the customer on maturity.
   Tax	Displays the tax that will be deducted on maturity.

   Note:

   Once the deposit simulation is completed, you can provide the simulated details to the customer.
5. On Certificate of Deposit Redemption screen, click Add Settlement Details button.
   The Add Settlement Details screen is displayed with the default payout mode as Account.

   Figure 2-25 Add Settlement Details - Account

   
   

   
   Description of "Figure 2-25 Add Settlement Details - Account"

   
   

   For more information on fields, refer to the field description table.

   Table 2-19 Add Settlement Details - Account

   Field	Description
   Select Payout Mode	The Account mode is selected with the default.
   Select Account Number	The own accounts are displayed as widgets with the Account Number, Account Name, and Currency. You can select the account for CD payout. You can select Others from the widget to select any other accounts in the same bank for CD payout.
   Search Account Details	If you select Others from the widgets, the Account Number field is diplayed to specify the account number. click the Search icon or specify the account number in the Account Number field and the Account Name is displayed adjacent to the account number.
   Redemption Amount	Displays the amount and you can modify the amount in case the amount is payout by different modes or accounts.
   Exchange Rate	Displays the exchange rate. Note: This field is displayed only if there is cross currency transaction.
   Transaction Amount	Displays the amount in payout account currency. Note: This field is displayed only if there is cross currency transaction.

6. On Add Settlement Details screen, select Ledger as the payment mode.
   The ledger details are displayed in the Add Settlement Details screen.

   Figure 2-26 Add Settlement Details - Ledger

   
   

   
   Description of "Figure 2-26 Add Settlement Details - Ledger"

   
   

   For more information on fields, refer to the field description table.

   Table 2-20 Add Settlement Details - Ledger

   Field	Description
   Ledger Code	Specify the ledger code or click the Search icon and specify the ledger code in the Ledger Code field.
   Ledger Description	Displays the description once the ledger code is specified.
   Redemption Amount	Displays the amount and you can modify the amount in case the amount is payout by different modes or accounts.

7. Click Cancel button, to close the Add Settlement Details screen without adding the settlement details.
8. Click Add More button, the system add the settlement details to the main screen and refreshes the Add settlement details screen with default values, and the payout amount is updated for the remaining settlement amount.
9. Click Add button to add the settlement details in Certificate of Deposit Redemption screen.
   The settlement details are displayed in the Certificate of Deposit Redemption screen.

   Figure 2-27 Certificate of Deposit Redemption - Settlement Details

   
   

   
   Description of "Figure 2-27 Certificate of Deposit Redemption - Settlement Details"

   
   

   For more information on fields, refer to the field description table.

   Table 2-21 Certificate of Deposit Redemption - Settlement Details

   Field

   Description

   Settlement Details

   For the Account, the system displays the below details. Currency and Amount Account Number Account Description For the Ledger, the system displays the below details. Currency and Amount Ledger Code Ledger Description Note: Exchange rate is displayed only if there is a cross currency transaction. Click the View button to view the settlement details. Click the Edit icon to edit the redemption amount in the settlement details. Click the Delete icon to delete the settlement details.

10. Click Submit.
    The screen is successfully submitted for authorization.