6 Redeem Term Deposit

This topic describes the functionality, which enables customers to quickly liquidate their term deposits when necessary.

Using this option, the customer can redeem either the entire amount or partial amount of a term deposit. In times of financial emergencies, the primary source of funds for most people is their savings and investments. The facility to liquidate funds becomes imperative in such cases.

Customers can choose to payout the funds from a deposit through any of the following methods:

  • Transfer to own account
  • Transfer to internal account

To redeem the term deposit:

  1. Perform anyone of the following navigation to access the Redeem Term Deposit screen.
    • From the Dashboard, click Toggle menu, click Menu, then click Accounts, and then click Deposits tab, and then click on the Deposit Account Number . From the Deposit Details page, click on the More Actions, and then click on the Redeem Term Deposit.
    • From the Search bar, type Deposits – Redeem Term Depositand press Enter.
    • On the Dashboard, click Overview widget, click Deposits card, then click on the Deposit Account Number . From the Deposit Details page, click on the More Actions, and then click on the Redeem Term Deposit.

    The Redeem Term Depositscreen appears.

    Figure 6-1 Redeem Term Deposit


    Description of Figure 6-1 follows
    Description of "Figure 6-1 Redeem Term Deposit"

    Note:

    The fields which are marked as Required are mandatory.

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

    Table 6-1 Redeem Term Deposit - Field Description

    Field Name Description
    Deposit Account

    Select the term deposit that is to be redeemed.
    Redemption Type The customer can select whether redemption is to be partial or full.

    The options are:

    • Partial Redemption
    • Full Redemption
    Redeemable Amount The total amount of the deposit that can be redeemed is displayed.
    Redemption Amount The customer is required to specify the amount to be redeemed. The amount specified will be in the same currency as that in which the deposit is held.

    This field is displayed only if the customer selects the option Partial Redemptionin the Redemption Type field.

    Charges/ Penalty Any charges or penalty, if applicable, will be displayed.
    Final Redemption Amount The amount being redeemed is displayed. This amount will include any deductions in terms of charges or penalties added to the amount being redeemed. (i.e. after deducting any penalty charges if applicable).
    Payout Details  
    Pay To

    The customer is required to specify the mode through which the redeemed amount is to be transferred.

    The options are:

    • Own Accounts
    • Internal Bank Account
    • Domestic Bank Account
    • International Bank Account

    Note:

    Pay out to only Own and Internal Accounts are supported when the host is Oracle FLEXCUBE Core Banking.
    Own Account

    The following field is displayed if the customer has selected the option Own Account in the Pay To field.

    Transfer Account The customer can select a current or savings account to which the funds will be transferred. All the customer’s current and savings accounts held with the bank will be listed down and available for selection.
    The following fields are displayed once the customer has selected an account in the Transfer Account field.  
    Beneficiary Name The name of the holder of the account selected in Transfer Account.
    Bank Name The name of the bank in which the selected account is held
    Bank Address The address of the bank in which the selected account is held.
    City The city of the bank in which the account is held.
    Internal Account

    The following field is displayed if the customer has selected the option Internal Account in the Pay To field.

    Account Number The customer can identify a current or savings account held within the same bank, to which the funds are to be transferred.
    Confirm Account Number The customer must re-enter the account number in this field so as to confirm the account number entered in the above field is correct.
    Domestic Bank Account

    The following fields are displayed if the customer has selected the option Domestic Bank Account in the Pay To field.

    Account Number The customer can identify a current or savings account to which the funds are to be transferred.
    Account Name Enter the name of the account holder who will be the beneficiary to whom funds will be transferred.
    Bank Code The customer is required to identify the bank code in which the beneficiary account is held.
    Look Up Bank Code The search option to look for bank code of the destination account.
    The following fields and values will be displayed once the customer has specified a bank code.  
    Bank Name The name of the bank in which the beneficiary account is held.
    Bank Address The address of the bank in which the beneficiary account is held.
    City The city of the bank in which the beneficiary account is held.
    International Bank Account

    This section is displayed if the customer has selected the option International Bank Account in the Pay To field.

    Account Number Specify the account number of the payee.
    SWIFT Code The SWIFT code will need to be identified if SWIFT Code has been selected in the Pay Via field.
    Lookup SWIFT Code Link to search the SWIFT code.
    Search SWIFT Code

    The following fields appear on a pop up window if the Lookup SWIFT Code link is selected.

    SWIFT Code The facility to lookup bank details based on SWIFT code.
    Bank Name The facility to search for the SWIFT code based on the bank name.
    Country The facility to search for the SWIFT code based on the country.
    City The facility to search for the SWIFT code based on city.
    SWIFT Lookup - Search Result

    The following fields are displayed once the required SWIFT code is selected from the search results.
    SWIFT Code SWIFT code value.
    Bank Name Name of the bank.
    City City to which the bank belongs.
    Branch Bank branch name.
    Country Country of the bank.
    Address Displays complete address of the bank.
    Beneficiary Name Name of the beneficiary.
    Correspondence Charges

    Specify who is bearing the charges for transfer.

    The options are:

    • Beneficiary
    • Remitter
    • Sharing
  2. From the Deposit Account list, select the term deposit to be redeemed.
  3. From the Redemption Type list, select the appropriate option.
    Perform one of the following actions:
    • If you select the Partial Redemption option;
      1. In the Redemption Amount field, enter the redemption amount.
    • If you select Full option go to step 4.
  4. From the Pay To list, select the appropriate option;
    Perform one of the following actions:
    • If you have selected the Own Account option;
      1. From the Transfer Account list, select the current or savings account in which the redeemed amount is to be credited.
    • If you have selected the Internal Account option;
      1. In the Account Number field, enter the account number which is to be credited with the amount redeemed.
      2. In the Confirm Account Number field, re-enter the account number.
    • If you have selected the Domestic Account option;
      1. In the Account Number field, enter the account number of the beneficiary.
      2. In the Account Name field, enter the account name of the beneficiary.
      3. Perform one of the following actions:
        • In the Bank Code field, enter the bank code, and click Verify, to verify the code.
        • From the Look Up Bank Code link, select the appropriate bank code.
      4. Click Submit to verify and fetch bank details based on Bank Code (BIC).
    • If you have selected the International Account option;
      1. In the Account Number field, enter the account number of the beneficiary.
      2. Perform one of the following actions:
        • In the SWIFT Code field, enter the SWIFT code of the bank where the beneficiary account is held, and click Verify, to verify the code.
        • Use the Look Up SWIFT Code link to find the SWIFT code.
      3. In the Beneficiary Name field; enter the account name of the beneficiary.
      4. From the Correspondence Chargeslist, select who will be bearing the correspondence charges.
  5. Perform one of the following actions:
    • Click Submit to redeem the deposit.
    • Click Cancel to cancel the transaction.
  6. The Review screen appears.
    Perform one of the following actions:
    • Verify the details and click Confirm.
    • Click Back to navigate back to the previous screen.
    • Click Cancel to cancel the transaction.
  7. The success message of redemption appears along with the transaction reference number.
  8. Perform one of the following actions:
    • Click Transaction Details to view the details of the transaction.
    • Click on the Deposit Detailslink to view the deposit account details.
    • Click on the View Accounts link to visit Term Deposit Summary page.
    • Click on the Transactions link to view the related transactions.
    • Click on the Go To Dashboard link to navigate back to dashboard page.