Deposit Accounts

Owned by Former user (Deleted)
Last updated: Nov 14, 2014 by Former user (Deleted)
2 min read

A Deposit Account is an instance of a Deposit product. A Deposit  Account has a unique account number, an interest rate depending on the term and it is owned by the client. 

A Deposit account can be created for an active client  based on a deposit product that is active on the submitted date. When a deposit account is created, it inherits the rules and defaults from the deposit product. Your financial institution may allow some of the inherited information to be modified for a deposit account, depending on how the deposit product is defined.

Deposit Account can be created for

  1. Fixed Deposit Product(FD Product)
  2. Recurring Deposit Product(RD Product)

 

On this page:



  • Deposit Account For Fixed Deposit Product:
        1.  Go to the Clients List and select any Client to whom FD account needs to be created.
        2.   In the Client's profile,  Go to 'More' option and click on 'New Fixed Deposit' 




      3. After clicking on 'New Fixed Deposit', Fixed Deposit Application will open as shown below. 

            

 

      

Field NameDescriptionExampleValidations
Submitted OnEnter the FD Application Submitted Date by the Client  
Deposit AmountEnter the Deposit Amount (It Should be in between minimum and maximum deposit amount provided in FD product  
Deposit PeriodProvide the duration of the deposition  
Locking PeriodThe amount can be locked for given period during which withdrawal or premature closure of FD Account is not possible.  
Link SavingsOnce the FD reaches to maturity , the interest can be posted to given savings account.  

           4. Once all the details are entered in FD application and submitted, it needs to be approved with date.

      

           5. Finally, the  FD account needs to be activated with specified date.

 

  

See how to create Recurring Deposit Account

 

 

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