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A status is automatically assigned to the deposit account of SUBMITTED_AND_AWAITING_APPROVAL (represented on database as integer value 100).
Use-case: Approval of Deposit Account
Approval is done by higher ups in the organization. There might a scenario where the User enters the Deposit account and sends it to approval from the manager. This is normally used when customer demands higher interest rate on the FD. Manager negotiates with customer and comes to a common understanding in the changes to interest rate with some additional criteria of increasing the tenure of the deposit as initially agreed or by increasing the Deposit amount. Hence, provision for changing the interest rate, Deposit amount, Tenure & interest type frequency is required while approving the FD.
- Maturity date: Recalculate the projected maturity date given the current commencement date and tenure length.
- Interest on maturity: Recalucate the the amount of projected interest accrued given the current deposit amount and tenure.
- Maturity amount: Recalculate using new projected interest accrued
- Record of deposit transaction: When account is activated, a transaction recording transaction related information such as date, amount and type of transaction (DEPOSIT) should be recorded.
- Status: Status of deposit account moves from SUBMITTED_AND_AWAITING_APPROVAL to ACTIVE ?
Use-case: Rejection of 'deposit account application'
There will be cases where the negotiations with customers fail on the interest payable component while the Deposit account in approval status, such cases should be marked as rejected along with the reasons for the rejection. It helps for management to evaluate such rejected cases and to frame products accordingly.
- Status: Status of deposit account moves from SUBMITTED_AND_AWAITING_APPROVAL to REJECTED ?
Use-case: Applicant withdraws from 'deposit account application' process
Customers changes his mind and wants to withdraw from the deposit process. Those cases should be marked as withdraw along with the reasons for withdraw.
- Status: Status of deposit account moves from SUBMITTED_AND_AWAITING_APPROVAL to APPLICANT_WITHDREW ?
Use-case: Modification of Deposit Account Application
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- Maturity date: Recalculate the projected maturity date given the current commencement date and tenure length.
- Accrued interest on maturity: Recalucate the the amount of projected interest accrued given the current deposit amount and tenure.
- Maturity amount: Recalculate using new projected interest accrued
- Account status: The status of the account should transition from 'PRE-ACTIVATION' to 'ACTIVE'.
- Record of deposit transaction: When account is activated, a transaction recording transaction related information such as date, amount and type of transaction (DEPOSIT) should be recorded.
Use-case: Approval of Deposit Account
Approval is done by higher ups in the organization. There might a scenario where the User enters the Deposit account and sends it to approval from the manager. This is normally used when customer demands higher interest rate on the FD. Manager negotiates with customer and comes to a common understanding in the changes to interest rate with some additional criteria of increasing the tenure of the deposit as initially agreed or by increasing the Deposit amount. Hence, provision for changing the interest rate, Deposit amount, Tenure & interest type frequency is required while approving the FD.
Maturity date: Recalculate the projected maturity date given the current commencement date and tenure length.
Accrued interest on maturity: Recalucate the the amount of projected interest accrued given the current deposit amount and tenure.
Maturity amount: Recalculate using new projected interest accrued
Record of deposit transaction: When account is activated, a transaction recording transaction related information such as date, amount and type of transaction (DEPOSIT) should be recorded.
Use-case: Rejection of 'deposit account application'
There will be cases where the negotiations with customers fail on the interest payable component while the Deposit account in approval status, such cases should be marked as rejected along with the reasons for the rejection. It helps for management to evaluate such rejected cases and to frame products accordingly.
Use-case: Applicant withdraws from 'deposit account application' process
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Use-case: Withdrawal and closure on Maturity of Deposit Account
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