IRA Savings Product Preferences

1.1.1.4.5 IRA Savings Product Preferences

This topic describes the IRA Savings product preferences details.

Selecting the Product Category as Individual displays the IRA Savings Product Preference screen.

Figure 1-13 Business Product Preferences-IRA Savings

Description of "Figure 1-13 Business Product Preferences-IRA Savings"

Table 1-13 Business Product Preference – IRA Savings Product- Individual

Field Name	Description
Common Configuration	Specify the common configurations for the business product.
Residential Status Allowed	Select the option for which the business product is applicable for. The available options are: Resident Non-Resident
Customer Status Allowed	Select the option for which the business product is applicable for. The available options are: Major Minor
Currency Allowed	Select the currency or currencies that are allowed for the business product. System allows to select multiple currencies, if applicable.
Minimum Age	Specify the minimum age of the applicant who are eligible to open the account for the business product being created. Select the period from the drop-down box. The available options are: Days Month Year
Maximum Age	Specify the maximum age of the applicant who are eligible to open the account for the business product being created. Select the period from the drop-down box. The available options are: Days Month Year
Inactive Application Expiry Period	Specify the period after which the application must be marked as Expired. Select the period from the drop-down box. The available options are: Days Month Year Once the application has expired, no further lifecycle activity can happen for that application.
Branch	Select one of the following options: Allowed – Select it to indicate and specify the branches where the account under the specified Business Product can be opened. Disallowed – Select it to indicate and specify the branches where the account under the specified Business Product is not allowed to be opened.
Financial Details Validity Period	Select the financial details vadility periods in years, Months, and Days.
Allowed Applicant Roles	Specify the applicant roles that are allowed to apply this product. The available roles are as below: Primary Joint Guarantor Custodian Guardian Cosigner The option in this list appears for selection based on the configuration. This selected roles gets reflected in the Applicants data segment while capturing an applicant information in an application.
Customer Category	Select one of the following options: Allowed – Select to indicate whether the specified categories are allowed to open an account for selected product. Disallowed – Select to indicate whether the specified categories are not allowed to open an account for selected product. The system allows to select Disallowed and keep it blank so that the Business Product is allowed for all the branches.
Early KYC	Specify whether user wants to enable the early KYC feature to speedup KYC process of an applicant. If this option is selected then the KYC call is trigger to Oracle Banking Party Services once the applicant data is captured in the application.
Simplified Application	Specify whether user wants to set simple process of account opening for this product. To submit the account opening application process, combine the Initiation and Application Entry stages.
Interest Accumulation	Select the method of interest accumulation from the drop down list. The available options are: Cumulative: If this option is selected, then the Yes option is defaulted for interest accumulation in the Cumulative field of the Account Details data segment. Non Cumulative: Selecting this option defaults the No option for interest accumulation in Account Details data. Both: This option gives the flexibility to select the option in the Account Details data segment.
Bundles Allowed	Select the allowed bundles from the drop-down list.
Configuration for IRA Savings	Specify the configurations for the IRA Savings.
Initial Funding Threshold Preferences	Specify the funding threshold preferences for IRA Savings product.
Initial Funding	Select the modes which are allowed for intial funding. The available options are: Cash GL Account Account Transfer Other Bank Cheque The drop-down values will be configured in look up maintenance.
Banking Preferences	This section provides banking details about banking preferences.
Banking Channels	Select to indicate the banking channel service is allowed.
Debit Decision Service Flag	Select to indicate the debit decision service is allowed.
Action Tab	Click Cancel to cancel the added record. Click Back to view the previous added record. Click Save and Close to save and close the added record. Click Next to move to the next stage.

Click Next in Business Product Host Mapping screen to proceed with next data segment, after successfully capturing the data.
Specify the details in the relevant data fields. The fields which are marked with Required are mandatory. For more information on fields, refer to the field description table.

Parent topic: Business Product Preferences