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- Deposit amount: The amount deposited might be the originial deposit again or the entire amount received from previous deposit account.
- Term: It will remain same as the original deposit term.
- Record it as a renewal: We should record that this deposit account is a renewal from a pre-existing deposit account (probably best to track the deposit account id it is a renewal of.)
- Interest Rate: MFI / Bank may give different interest rate based on the market offerings during the renew period.
Use-case: Full withdrawal and pre-closure of deposit account
Some deposit accounts allow for the customer to withdraw thier money in full from the account earlier than the maturity date but the result of this is heavy penalization. This is known as pre-closure. On pre-closure the interest accured to date is calculate from the closure date (length of time money was in deposit account), pre-closure interest rate and the original deposit amount.
Use-case: Partial withdrawal from deposit account incurring penalization but not closure?: We are not supporting the partial withdrawal.
Typically customers can avail a loan by seeking the FD as a collateral. If customer wish to withdraw partially then loan product can be offered.
Use-case: Window for back out without penalty?
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