New Conventional Term Deposit

5.1 New Conventional Term Deposit

The Small & Medium Business user can open new conventional term deposit account based on the CASA accounts. In case of premature withdrawal from conventional term deposit, the maturity amount goes to CASA account with same local currency.

Figure 5-1 New Conventional Term Deposit

Description of "Figure 5-1 New Conventional Term Deposit"

Table 5-1 Field Description

Field Name	Description
Source Account	The customer is required to select the current or savings account to be debited with the deposit amount. All the active current and savings accounts of the customer are displayed along with nicknames, if defined. For more information on Account Nickname, click Account Name
Balance	On selection of a current or savings account in the Select Account field, the current balance of the specific account is displayed against the field.
Term Deposit Product	All the term deposit products available for application will be listed down.
View Interest Rates	Click on the View Interest Rates link to view the interest rates that will be applicable on the deposit account based on the deposit product selected. This link will be displayed against the Select Product field once a product is selected.
Currency	Currency in which the deposit is to be held. If the deposit product supports only a single currency this field is displayed as a label (instead of a list for selection).
Deposit Amount	The customer is required to specify the amount for which the deposit is to be opened.
Amount Range	The minimum and maximum amounts for which a deposit can be opened are displayed against the amount field once the customer selects a particular deposit product in the Select Product field.
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.
Current Exchange Rate	Displays the buy or sell per unit rate for the chosen currency combination.
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 options are: Tenure Date
Years	The customer can identify the deposit tenure in years. 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. This field is displayed if the customer selects the Tenure option in the Deposit Tenure field.
Days	The customer can identify the deposit tenure in days. This field is displayed if the customer selects the Tenure option from the Deposit Tenure field.
Date	The customer can define the deposit tenure by selecting a date on which the deposit should mature. This field is displayed if the customer selects the Date option from the Deposit Tenure field.
Deposit Period Range	The minimum and maximum period within which the deposit account can be opened is displayed against the deposit tenure field once the customer selects a deposit product in the Select Product field.
Calculate Maturity The customer can click on the Calculate Maturity link in order to be displayed 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.
Interest Rate	The rate of interest applicable on deposit account.
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 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
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 options can be: Close on Maturity Renew Principal and Interest Renew Principal and Pay Out the Interest Renew Special Amount and Pay Out the remaining amount
Rollover Amount	The amount to be rolled over. This field is displayed if the customer selects Renew Special Amount and Payout the Remaining Amount option from the Maturity Instructions list.
Transfer Principal and Interest to	This field is displayed only if the customer selects the option Close on Maturity from the Maturity Instructions list. The customer can identify if the entire maturity amount is to be transferred to a single CASA account or if the principal and interest amounts are to be split and transferred to two separate CASA accounts. The options are: Single Account Separate Accounts
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. In case the maturity instruction Close on Maturity has been selected, this field will be displayed only if the user has selected the option Single Account from the Transfer Principal and Interest to field. The customer is required to select the mode through which the amount to be paid out is transferred. The options are: Own accounts Internal Bank Account Domestic Bank Account This field is not displayed, if the customer has selected Renew Principal and Interest option from the Maturity Instructions list.
Pay Principal To	This field is displayed only if the customer has selected the option Close on Maturity from the Maturity Instructions list and proceeds to select the option Separate Accounts from the Transfer Principal and Interest to field. The customer is required to select the mode through which the principal amount to be paid out is transferred. The options are: Own accounts Internal Bank Account Domestic Bank Account Note: This option will be provided only if it is supported for the term deposit product selected from the Term Deposit Product list.
Pay Interest To	This field is displayed only if the customer has selected the option Close on Maturity from the Maturity Instructions list and proceeds to select the option Separate Accounts from the Transfer Principal and Interest to field. The customer is required to select the mode through which the interest amount out of the total maturity amount to be paid out is transferred. The options are: Own accounts Internal Bank Account Domestic Bank Account Note: This option will be provided only if it is supported for the term deposit product selected from the Term Deposit Product list.
Own Account This section is displayed if the customer has selected the option Own Account in the Pay To field or in the Pay Principal To or Pay Interest To fields.
Transfer Account	The customer can select a current or savings account to which the funds will be transferred when the deposit matures. 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	Name of the beneficiary bank.
Bank Address	Address of the beneficiary bank.
City	City of the beneficiary bank.
Internal Bank Account This section is displayed if the customer has selected the option Internal Account in the Pay To field or in the Pay Principal To or Pay Interest To fields.
Account Number	The customer can identify a current or savings account of the bank to which the funds are to be transferred once 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.
Domestic Bank Account This section is displayed if the customer has selected the option Domestic Bank Account in the Pay To field or in the Pay Principal To or Pay Interest To fields.
Account Number	The customer can identify a current or savings account to which the funds are to be transferred once the deposit matures.
Account Name	Enter the name of the account holder who will be the beneficiary to whom funds will be transferred once the deposit matures.
Bank Code	The customer is required to identify the bank code in which the beneficiary account is held.
Look Up Bank Code	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	Name of the beneficiary bank.
Bank Address	Address of the beneficiary bank.
City	City of the beneficiary bank.

To open a new conventional term deposit:

Navigate to one of the above paths.
The New Term Deposit screen appears.
From the Source Account list, select the current or savings account to be debited in order to open the term deposit.
From the Term Deposit Product list, select the term deposit product that you want to apply for.
To view the rates of interest applicable on the term deposit, click on the View Interest Rates link displayed against the Select Product field once a product is selected.
From the Currency list, select the currency in which you want the term deposit to be held.
In the Deposit Amount field, enter the deposit amount.
Click on the Calculate Foreign Exchange link to calculate deposit amount w.r.t. foreign currency.
Select the desired option against the Deposit Tenure field.
1. If you select the Tenure option:
  1. In the Years, Months and Days field enter the appropriate values.
2. If you option the Date option:
  1. From the Date list, select the appropriate date.
To view the deposit maturity amount and interest rate chargeable, click the Calculate Maturity link.

Note:
Click Reset to clear the calculated details.
From the Holding Pattern field, select whether the deposit being opened is to have a single holding pattern or a joint holding pattern.
Specify maturity instructions as desired, in the Maturity Instruction field.
1. 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.
2. 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.
3. If you have selected the option Renew Special 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.
If you have selected the option Close on Maturity from the Maturity Instructions field, from the Transfer Principal and Interest to field;
1. Select the option Single Account if you want the entire amount on maturity to be transferred to a single CASA account.
  OR
  Select the option Separate Accounts if you want the principal and interest amounts to be transferred to two different CASA accounts.
The following is applicable If you have selected any option that involves payout from the Maturity Instructions field and if you have selected the option Single Account from the Transfer Principal and Interest to field applicable if you have selected the option Close on Maturity from the Maturity Instructions field:
From the Pay To list;
1. If you have selected the option Own Account;
  1. From the Account Number list, select a current or savings account which is to be credited with the specific amount at the time of deposit maturity.
2. 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.
3. If you have selected the option Domestic Bank 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 Account Name field, enter the name of the account holder who will be the beneficiary to whom funds will be transferred once the deposit matures.
  3. In the Bank Code field, enter the bank code in which the beneficiary account is held or select it from the look up.
  4. Click Submit to verify and fetch bank details based on Bank Code (BIC).
The following is applicable if you have selected the option Separate Accounts from the Transfer Principal and Interest to field applicable if you have selected the option Close on Maturity from the Maturity Instructions field:
From the Pay Principal To list;
1. If you have selected the option Own Account;
  1. From the Account Number list, select a current or savings account which is to be credited with the principal amount at the time of deposit maturity.
2. 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 principal 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.
3. If you have selected the option Domestic Bank Account;
  1. In the Account Number field, enter the account number which is to be credited with the principal amount at the time of deposit maturity.
  2. In the Account Name field, enter the name of the account holder who will be the beneficiary to whom funds will be transferred once the deposit matures.
  3. In the Bank Code field, enter the bank code in which the beneficiary account is held or select it from the look up.
  4. Click Submit to verify and fetch bank details based on Bank Code (BIC).
From the Pay Principal To list;
1. If you have selected the option Own Account;
  1. From the Account Number list, select a current or savings account which is to be credited with the principal amount at the time of deposit maturity.
2. 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 principal 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.
3. If you have selected the option Domestic Bank Account;
  1. In the Account Number field, enter the account number which is to be credited with the principal amount at the time of deposit maturity.
  2. In the Account Name field, enter the name of the account holder who will be the beneficiary to whom funds will be transferred once the deposit matures.
  3. In the Bank Code field, enter the bank code in which the beneficiary account is held or select it from the look up.
  4. Click Submit to verify and fetch bank details based on Bank Code (BIC).
From the Pay Interest To list;
1. If you have selected the option Own Account;
  1. From the Account Number list, select a current or savings account which is to be credited with the interest amount at the time of deposit maturity.
2. 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 interest 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.
3. If you have selected the option Domestic Bank Account;
  1. In the Account Number field, enter the account number which is to be credited with the interest amount at the time of deposit maturity.
  2. In the Account Name field, enter the name of the account holder who will be the beneficiary to whom funds will be transferred once the deposit matures.
  3. In the Bank Code field, enter the bank code in which the beneficiary account is held or select it from the look up.
  4. Click Submit to verify and fetch bank details based on Bank Code (BIC).
Click Submit.
The Deposit Details, Maturity Details appears.
OR

Click Cancel to cancel the transaction.
The Review screen appears. Verify the details and click Confirm.

OR
Click Back to navigate back to the previous screen.

OR

Click Cancel to cancel the transaction.
The confirm screen is displayed with a success message along with the reference number.
Click Home to go to the Dashboard screen.

OR
Click Go To Account Details to view the deposit details page.

Parent topic: New Term Deposit under Oracle FLEXCUBE Universal Banking