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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.
Interest Pay-out (Simple Interest Type):
Financial institutions also offers to pay the monthly realised interest component to its members as cash / cheque on monthly or quarterly based on the interest payout frequency selected for the FD Product.
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