This topic provides the systematic instructions for user to apply for new term deposits.

The NRI customers can open term deposit account from the respective CASA accounts in base currency.

The Small & Medium Business user with Non-Resident External Deposit (NRE) account, can open a NRE term deposit account only. In case of premature withdrawal from term deposit, or at maturity the maturity amount goes to NRE account, or to his international account of the same currency. While it will go only in the Non-Resident Ordinary Deposit (NRO) current and saving account (CASA) account for the NRO term deposit accounts.

To open a new term deposit:

1. To access the New Term Deposit screen, refer Step 1- New Term Deposit under Oracle FLEXCUBE Core Banking transaction.
   The New Term Deposit screen appears.

   Figure 3-4 New NRE Deposit

   
   

   
   Description of "Figure 3-4 New NRE Deposit"

   
   

   Figure 3-5 New NRO Deposit

   
   

   
   Description of "Figure 3-5 New NRO Deposit"

   
   

   Note:

   The fields which are marked as Required are mandatory.

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

   Table 3-3 New NRE/NRO Deposit - Field Description

   Field Name	Description
   Deposit Details	The fields related to deposit details are described below
   Term Deposit Product	All the term deposit products available for application will be listed down.
   Currency	In case of NRE account opening, the NRE account currency in which the deposit is to be held. Whereas in case of NRO TD account opening, the NRO account currency in which the deposit is to be held.
   Deposit Amount	The customer is required to specify the amount for which the deposit is to be opened.
   Calculate Foreign Exchange	Below fields are displayed when you click on the Calculate Foreign Exchange link.
   Current Exchange Rate	Displays the per unit currency exchange rate for the chosen currency combination. Note: This field is displayed if the source account currency is different from the TD opening currency.
   Current Amount	Displays the current exchange amount after currency exchange.
   Exchange Amount	Displays the exchanged amount in the chosen currency after currency exchange. Note: This field is displayed if the source account currency is different from the TD opening currency.
   Investment Period	The fields related to investment period are described below
   Deposit Tenure	The customer can specify the tenure of the deposit in terms of a period i.e., years/ months/ days or by selecting a specific date on which the deposit should mature. The available options are: Tenure Date
   Years	The customer can identify the deposit tenure in years. Note: This field is enabled if the customer selects the Tenure option in the Deposit Tenure field.
   Months	The customer can identify the deposit tenure in months. Note: This field is enabled if the customer selects the Tenure option in the Deposit Tenure field.
   Days	The customer can identify the deposit tenure in days. Note: This field is enabled if the customer selects the Tenure option in the Deposit Tenure field.
   Date	The customer can define the deposit tenure by selecting a date on which the deposit should mature. Note: This field is enabled if the customer selects the Date option in the Deposit Tenure field.
   Payment Details	The fields related to payment details are described below
   Source Account	The customer is required to select the NRE account to be debited with the deposit amount. All the active NRE accounts of the customer are displayed along with nicknames, if defined. For more information on Account Nickname, click Account Name Whereas in case of opening NRO deposit account, the customer is required to select the NRO account to be debited with the deposit amount.
   Current Balance	On selection of a current or savings account in the Source Account field, the current balance of the specific account is displayed against the field.
   Calculate Maturity	The customer can click on the Calculate Maturity link in order to see the maturity amount and interest rate applicable on the deposit account based on the information defined.
   Maturity Amount	The system will calculate and display the estimated maturity amount based on the parameters defined by the customer.
   Holding Pattern	The holding pattern that will be applied to the deposit being opened is displayed. This field will be displayed only if the current or savings account selected as the Source Account has a joint holding pattern. The available options are: Single Joint Note: This field will be displayed only if the current or savings account selected as the Source Account has a joint holding pattern. If the user selects option Joint, the new deposit will be opened in the joint names of the holders of the current or savings account selected as the Source Account.
   Maturity Details	The fields related to maturity details are described below
   Maturity Instructions	Maturity instructions to be set by the customer for the deposit account. The options available are dependent on the deposit product selected. The available options are: Close on maturity Renew Principal and Interest Renew Principal and Pay Out the Interest Renew Specific Amount and Pay Out the remaining amount Note: Renew Specific amount and Pay Out the remaining amount option is not supported when the host is Oracle FLEXCUBE Core Banking.
   Rollover Amount	The amount to be rolled over. This field is displayed if the customer selects Renew SpecificAmount and Payout the Remaining Amount option from the Maturity Instruction list. Note: This feature is not available as of now.
   Pay To	This field is displayed if the customer has selected any maturity instruction that involves any part of the deposit amount to be paid out at the time of maturity. The customer is required to select the mode through which the amount to be paid out is transferred. The available options are: Own accounts Internal Bank Account This field is not displayed, if the customer has selected Renew Principal and Interest option from the Maturity Instructions list. In case of NRE term deposit account maturity, amount proceeds to NRE accounts available or to customer's international account. Whereas in case of NRO term deposit account, maturity amount proceeds to NRO accounts available. Note: If the host is Oracle FLEXCUBE Core Banking, payout to only Own and Internal Accounts is supported.
   Own Account	This section is displayed if the customer has selected the option Own Account in the Pay To field.
   Transfer Account	In case of NRE TD account, the customer can select a NRE account or its international account to which the funds will be transferred when the deposit matures. All the customer’s NRE accounts held with the bank will be listed down and available for selection. Where as in case of NRO TD account, the customer can select a NRO account to which the funds will be transferred when the deposit matures.
   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	Name of the beneficiary bank.
   Bank Address	Address of the beneficiary bank.
   City	City of the beneficiary bank.
   Internal Account	This section is displayed if the customer has selected the option Internal Account in the Pay To field.
   Account Number	The customer is required to specify a current or savings account, held within the bank, to which the funds will be transferred when the deposit matures.
   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.

2. From the Term Deposit Product list, select the term deposit product that you want to apply for.
3. From the Currency list, select the currency in which you want the term deposit to be held.
4. In the Deposit Amount field, enter the deposit amount.
5. Select the desired option against the Deposit Tenure field.
   Perform one of the following actions:

   • If you select the Tenure option:
     1. In the Years, Months and Days field enter the appropriate values.
   • If you option the Date option:
     1. From the Date list, select the appropriate date.
6. To the deposit maturity amount and interest rate chargeable, click the Calculate Maturity link.

   Note:

   Click Reset to clear the calculated details.
7. From the Source Account list, select the current or savings account to be debited in order to open the term deposit.
8. From the Holding Pattern field, select whether the deposit being opened is to have a single holding pattern or a joint holding pattern.
9. Specify maturity instructions as desired, in the Maturity Instruction field.
   Perform one of the following actions:

   • If you have selected the option Close on Maturity;
     1. Select the mode through which the maturity amount is to be transferred, in the Pay To field.
   • If you have selected the option Renew Principal and Pay Out the Interest;
     1. Select the mode through which the interest amount is to be transferred, in the Pay To field.
   • If you have selected the option Renew Specific Amount and Pay Out the Remaining Amount;
     1. Enter the amount to be rolled over in the Rollover Amount field.
     2. Select the mode through which the remaining amount (Maturity Amount minus Rollover Amount) is to be transferred, in the Pay To field.
10. From the Pay To list;
    Perform one of the following actions:

    • If you have selected the option Own Account;
      1. From the Transfer Account list, select an appropriate account which is to be credited with the specific amount at the time of deposit maturity.
    • If you have selected the option Internal Account;
      1. In the Account Number field, enter the account number which is to be credited with the specific amount at the time of deposit maturity.
      2. In the Confirm Account Number field, re-enter the account number as entered in the Account Number field.
11. Perform any one of the following actions:
    1. Click Submit.
       The Deposit Details and Maturity Details appears.

       The Review screen appears.

    2. Click Cancel to cancel the transaction.
12. Perform any one of the following actions:
    1. Verify the details and click Confirm.
       The confirm screen is displayed with a success message along with the reference number.
    2. Click Back to navigate back to the previous screen.
    3. Click Cancel to cancel the transaction.
13. Perform any one of the following actions:
    1. Click the Transaction Details to view the details of the transaction.
    2. Click the Deposit Details link to view the deposit account details.
    3. Click the View Accounts link to visit Term Deposit Summary page.
    4. Click the Open New Deposit link to open a new deposit account.
    5. Click the Go To Dashboard link to navigate back to dashboard page.