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- Maturity date: Recalculate the projected maturity date given the current commencement date and tenure length.
- Accrued interest on maturity: Re-calculate 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.
- Re-schedule: Given the current commencement date & tenure length the schedule of the RD should be changed.
Use-case VII: Withdrawal and closure of Recurring of Deposit Account
A typical scenario is that the Recurring deposit account reaches the maturity date and the customer withdraws their deposit amount and accrued interest which effectively closes the Recurring deposit account.
Case I: Is Compounding Interest if selected
Recurring Deposit Amount + Interest Accrued for the complete tenure gets computed and the amount is available to withdraw.Case II: Simple Interest without "Is Interest Withdrawal" option
Recurring Deposit Amount + Interest Accrued for the complete tenure gets computed and the amount is available to withdraw.
Use-case VIII: Full withdrawal and pre-closure of Recurring deposit account
Some deposit accounts allow for the customer to withdraw their 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 accrued to date is calculate from the (account start date + amount collections) with the pre-closure interest rate and the recurring deposit collected amount.
Case I: Is Compounding Interest if selected
Recurring Deposit Amount + Interest Accrued for the service availed duration with pre-closure interest rate gets computed and the amount is available to withdraw.
Case II: Simple Interest without "Is Interest Withdrawal" option
Recurring Deposit Amount + Interest Accrued for the service availed duration with pre-closure interst rate gets computed and the amount is available to withdraw.