12.2 Term Deposit Instruction

This topic describes the systematic instructions to Create Term Deposit Instruction, Modify or Close the existing term deposit instruction.

This screen helps to capture the customer requests for creating a term deposit account if the account balance goes above the threshold limit. This will ensure a better interest return to account holders.

To set term deposit instruction:

Note:

The fields marked as Required are mandatory.
  1. On the Homepage, from Account Services, under Standing Instructions, click Term Deposit Instruction, or specify the Term Deposit Instruction in the Search icon bar.
    Term Deposit Instruction screen is displayed.

    Figure 12-2 Term Deposit Instruction

    Description of Figure 12-2 follows
    Description of "Figure 12-2 Term Deposit Instruction"
  2. When the user inputs the account number, the system displays Create Instruction screen, If an active deposit instruction is unavailable.
  3. On Term Deposit Instruction screen, specify the fields.
    For more information on fields, refer to the field description table.

    Table 12-4 View and Modify Scheduled Transfer - 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.
    Threshold Amount Account Currency will default to Threshold Amount filed.

    User can define the threshold amount for creating the term deposit account if the current account and savings account balance exceed the threshold amount, the system creates a term deposit account for the excess amount after considering the sweep multiples.
    Sweet Multiples Users can define the sweep multiples of which the term deposit to be created, this will avoid term deposit creation for a small amount.
    Start Date Users can define the start date from which the term deposit instruction to be valid, using the adjoining calendar.The system will default the start date as the current branch date, user can modify the start date to any future date.

    Note:

    Start Date cannot be backdated.
    End Date Users can define the end date of term deposit instruction, using the adjoining calendar, the system will not execute the term deposit instruction after the end date.

    Note:

    End Date cannot be less than Start Date.
    Tenor Users can define the tenor details for creating the term deposit account. Term Deposit account will be created for the selected tenor.The tenor drop down list the below values:
    • Days
    • Months
    • Years

    Users can increase or decrease the selected tenor with up and down arrow buttons.
  4. When the user input the account number, the system displays Edit instruction screen with existing instruction details, If an active deposit instruction is available.
    Edit Instruction screen is displayed.

    Figure 12-3 Edit Instruction

    Description of Figure 12-3 follows
    Description of "Figure 12-3 Edit Instruction"
  5. On the Edit Instruction screen, users can modify the following details:
    1. Threshold Amount
    2. Sweep Multiples
    3. End Date
    4. Tenor
  6. To close the Term Deposit Instruction, click on Close Instruction button on the Edit Instruction screen and click Submit.

Parent topic: Standing Instructions