Renew Fixed Deposit

Introduction

This screen lets the retail user to send a request for renewing a deposit account. User has to fill in renewing details appropriately for the request. This request is available in both the modes – online and offline.

Note:

Whenever a service request is initiated in a joint account, by one of the account holders, request will have to be approved by other holders of the account. If the mode of operation is Either or Survivor no approval is required. This is applicable even to the top up deposit renewal also.

Navigation

The following is the navigation for this option:

• Click the Deposit Accounts – Renew Fixed Deposit  hyperlink in the New Requests  screen.

OR

• Select Renew Fixed deposit option for More Actions in View Deposit Accounts screen and click on OK button(Under Balance & Transaction Information < Deposit Accounts)

• The Renew Fixed Deposit  screen is displayed.

Note:

This service request is available online (through FI), that is, Core database.

What you can do

The table below provides a brief description of the data that must be specified on the screen and the functions you can perform:

Field

Description

Deposit Account

Select the deposit account from the drop-down list that has to be renewed.

Note:

Clicking Details button will take the user to account details screen, where the details of the deposit account selected will be displayed and also user is given a choice to download the details in appropriate format.

Renewal Instructions

Specify the instructions to be carried out for renewal of the FD. User can select:

•  Renew Principal and Interest

•  Renew the Principal only and Redeem the Interest On

•  Renew the Interest On only and Redeem the Principal

Instructions for Renewal Calculation

Select the relevant radio buttons against the instructions for interest calculation to:

•  Calculate Inflow

•  Calculate Outflow

Interest can be either:

•  Calculated and reinvested either monthly, quarterly, yearly basis or on maturity

•  Calculated and redeemed either monthly, quarterly, yearly basis or on maturity

Fixed Deposit Renewal Period

The duration for which the fixed deposit should be renewed in days and months.

Transaction Remarks

Enter remarks, if any, on deposit renewing.