User can modify the existing penalty interest rates or add a new line to define the future penalty interest rates for a retail account using the Modify Penalty Interest Rate screen.

1. On the Homepage, from Retail Lending Services mega menu, under Schedule, click Modify Penalty Interest Rate. User can also open the screen by specifying Modify Penalty Interest Rate in the search icon bar and selecting the screen.
   The Modify Penalty Interest Rate screen is displayed.

   Figure 3-146 Modify Penalty Interest Rate

   
   

   
   Description of "Figure 3-146 Modify Penalty Interest Rate"

   
   
2. Select the appropriate option from the Search by field.
3. Perform the required action, based on the option selected from the Search by field.
   The existing penalty interest details are displayed.

   Figure 3-147 Penalty Interest Details

   
   

   
   Description of "Figure 3-147 Penalty Interest Details"

   
   
4. On the Modify Penalty Interest Rate screen, perform the required action. For more information on fields, refer to field description table below:

   Table 3-94 Modify Penalty Interest Rate – 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.
   Rate Nature	Displays the nature of penalty interest rate.
   Penalty Interest	This section displays the penalty interest rate of the selected retail account. Note: If no penalty interest rate details are present for the account selected, then this section will display only the Add button. User can click Add, and proceed with adding the required penalty interest rate details.
   Effective Date	Displays the effective date of the interest.
   Component	Displays the interest component.
   Rate Code	Displays the rate code of penalty interest.
   Rate Type	Displays the rate type of penalty interest.
   Final Rate	Displays the final rate of penalty ineterest.
   Status	Displays the status of the penalty interest. Note: This field is displayed only after the user adds a new penalty detail or edits a existing penalty detail.
   Action	Displays the actions that can be performed on the details added. The options are: View: Click this icon to view more details of the penalty interest. Edit: Click this icon to edit the penalty interest details. Delete: Click this icon to delete the interest rate details added. This icon is displayed only for the newly added entry.

   To add penalty interest details:

   1. Click Add from the Penalty Interest section.

      The Add penalty interest section is displayed.

      Figure 3-148 Add penalty interest

      
      

      
      Description of "Figure 3-148 Add penalty interest"

      
      
   2. Specify or select the required details. For more information on fields, refer to field description table below:

      Table 3-95 Add penalty interest - Field Description

      Field	Description
      Effective Date	Select or specify the effective date for the penalty interest to be charged.
      Component	Select the penalty interest component.
      Rate Type	Displays the rate type for the penalty interest.
      Rate Code	Select the rate code for penalty interest.
      Rate	Displays the current rate.
      Fee Spread	Specify the fee spread for the penalty interest.
      Product Spread	Specify the product spread for the penalty interest.
      User Discretionary Spread	Specify the user discretionary spread for the penalty interest.
      Risk Spread	Specify the risk spread for the penalty interest.
      Rp Spread	Displays the Rp spread for the penalty interest.
      Bundle Spread	Displays the bundle spread for the interest.
      Final Rate	Displays the final rate of penalty interest. Note: The value in this field is displayed only after the user clicks Get Final Rate.

   3. Click Get Final Rate.
   4. Click Add.

      The details are added and displayed in tabular format in the Penalty Interest section.

   To edit the penalty interest details:

   1. From the Action field, click Edit.

      The Edit penalty interest section is displayed.

      Figure 3-149 Edit penalty interest

      
      

      
      Description of "Figure 3-149 Edit penalty interest"

      
      
   2. User can edit the requried details. For more information on the fields, refer the Table 3-88.
   3. Click Update.

   To view penalty interest details:

   1. From the Action field, click View.

      The View penalty interest section is displayed.

      Figure 3-150 View enalty interest

      
      

      
      Description of "Figure 3-150 View enalty interest"

      
      
   2. You can view the requried details. The fields displayed in this section are not editable, user can only view the details. For more information on the fields, refer the Table 3-88.
5. Click Submit.
   The screen is successfully submitted for authorization.