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- 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 III: Undo Approval
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- Status: Status of deposit account moves from SUBMITTED_AND_AWAITING_APPROVAL to REJECTED ?
Use-case V: Applicant withdraws from 'deposit account application' process
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- Status: Status of deposit account moves from SUBMITTED_AND_AWAITING_APPROVAL to APPLICANT_WITHDREW ?
Use-case VI: Modification of Deposit Account Application
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Its typical to allow a customer to renew an existing deposit account on maturity. If deposit account allows renewal (sometimes known as rolling it over) then we simply want to create/open another deposit account with the same 'terms', 'Matured Amount', 'Interest Rate' for Auto renew scenario. The following may be different for manual renew cases:
Use-Case
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1: Manual Renewal of Deposit Account
- Deposit amount: The amount deposited might be the original deposit again or the entire amount (Deposit Amount + (Interest Accrued - Interest Withdrawn)) received from previous deposit account.
- Term: Customer may opt for different term from 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
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X: Automatic rollover or renewal of deposit account
- 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
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XI: 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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This type of FD's are generally offered as to give some income to the FD holders.
Use Case
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XII: Job Process for updating matured FD accounts
FD which passes the maturity date and not renewed or withdrawn should be marked as "Matured" in the status column for the respective FD accounts.
Also change the Fixed deposit account to Regular Fixed deposit account.
Use Case
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XIII: Post Maturity Interest Rate
Customer should renew or withdraw upon the maturity of a Fixed Deposit. However, sometimes customers delay in doing so. In such scenario interest associated with the FD account will not be used for further interest calculation. Instead a regular interest rate or No interest is posted for those customer. Hence, to accommodate that there is a separate parameter provided as "Post Maturity Interest Rate"
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Interest will be posted with the Post / Pre-maturity interest rate as defined while creating a FD account for that customer.
Use Case
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XIV: Lock-in Period
Financial Institutions define a lock-in period for a Fixed deposit product. If customer wish to withdraw the Fixed deposit are entitled to honor the Lock-in period function to avail interest for the Date of Deposit account to withdrawal date with the pre-maturity interest rate.
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- Calculate interest with pre-closure interest rate.
- Calculate penalty / pre-closure charges based on the pre-closure product definition
- Post a withdraw entry with FD amount & Interest
- Post a pre-closure penalty entry
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XV: Pre-closure charges / Penalty for Fixed Deposit: Configuration of the pre-closure should be very dynamic. It varies from Financial Institution to institution.
- Few MFI configures pre-closure charges only if customer withdraws amount before the lock-in period.
- Other MFI do not define the lock-in period. However, the pre-closure charges are deducted from the FD Interest payable amount.
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