You can redeem a RD using the Redemptionscreen.

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

   Figure 7-18 Recurring Deposit Redemption

   
   

   
   Description of "Figure 7-18 Recurring Deposit Redemption"

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

   Figure 7-19 Recurring Deposit Redemption Details

   
   

   
   Description of "Figure 7-19 Recurring Deposit Redemption Details"

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

   Table 7-13 Recurring Deposit Redemption – Field Description

   Field	Description
   Account Number	Click the icon and select the account number or specify the account number to perform RD redemption. Note: The account holder name is displayed adjacent to this field.
   Status	Displays the RD status. The possible options are: Active Matured Closed
   Deposit Details	Displays the principal balance of the RD, the rate of interest, and the tenor of the RD.
   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 RD account balance.
   Redemption Amount	Displays the current principal amount of the RD. 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 to waive the penalty amount charged on the account. Switch to to include the penalty amount charged on the account.
   Remarks	You can specify the reason for RD redemption.

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

   Table 7-14 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 RD is redeemed today.
   Principal	Displays the total principal of the RD.
   Interest Rate	Displays the Interest rate applicable for the RD.
   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 recurring 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 Recurring Deposit Redemption screen, click Add Settlement Details button.
   The Add Settlement Details screen is displayed with the default payout mode as Account.

   Figure 7-20 Recurring Deposit Redemption - Account

   
   

   
   Description of "Figure 7-20 Recurring Deposit Redemption - Account"

   
   

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

   Table 7-15 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 RD payout. You can select Others from the widget to select any other accounts in the same bank for RD payout.
   Search Account Details	If you select Others from the widgets, the Account Number field is diplayed to specify the account number. click the 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 7-21 Recurring Deposit Redemption - Ledger

   
   

   
   Description of "Figure 7-21 Recurring Deposit Redemption - Ledger"

   
   

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

   Table 7-16 Add Settlement Details - Ledger

   Field	Description
   Ledger Code	Specify the ledger code or click the 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. On Add Settlement Details screen, select Instrument as the payment mode.
   The instrument details are displayed in the Add Settlement Details screen.

   Figure 7-22 Recurring Deposit Redemption - Instrument

   
   

   
   Description of "Figure 7-22 Recurring Deposit Redemption - Instrument"

   
   

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

   Table 7-17 Add Settlement Details - Instrument

   Field	Description
   Instrument Type	Select the type of instrument for payout. The options are: Banker's Cheque Demand Draft
   Issuing Branch Code	Displays the branch code issuing the instrument.
   Issuing Branch Name	Displays the branch name issuing the instrument.
   Payable Bank Code	Specify the bank code at which the RD is payable.
   Payable Bank Name	Displays the payable bank name once the payable bank code is specified.
   Payable Branch Code	Specify the branch at which the BC or DD is payable.
   Payable Branch Name	Displays the payable branch name once the payable branch code is specified.
   Instrument Date	Specify the instrument date.
   Instrument Number	Specify the instrument number.
   MICR Number	Specify the MICR number.
   Payee Name	Specify the payee name for the payout.
   Payee Address	Specify the payee address for the payout.

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

    Figure 7-23 Recurring Deposit Redemption - Settltment Details

    
    

    
    Description of "Figure 7-23 Recurring Deposit Redemption - Settltment Details"

    
    

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

    Table 7-18 Recurring 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 icon to edit the redemption amount in the settlement details. Click the icon to delete the settlement details.

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