A Deposit Account is an instance of a Deposit Product. Every Deposit Account has a unique account number and an interest rate (depending on the term). Deposit Accounts are owned by Clients.
A Deposit Account can be created for an active client based on a Deposit Product that is active on the submitted date. When a Deposit Account is created, it inherits the rules and default configurations from the Deposit Product. Your financial institution may allow some of the inherited information to be modified for a Deposit Account, depending on how the Deposit Product is defined.
Deposit Accounts can be created for:
On this page: |
Field Name | Description | Example | Validations |
---|---|---|---|
Submitted On | Enter the FD Application Submitted Date provided by the Client. | ||
Deposit Amount | Enter the Deposit Amount (it should be between the minimum and maximum deposit amount provided in the FD product). | ||
Deposit Period | Provide the duration of the deposition. | ||
Locking Period | The amount can be locked for a given period during which withdrawal or premature closure of FD Account is not possible. | ||
Link Savings | Once the FD reaches to maturity, the interest can be posted to the given savings account. |
5. Once all the details are entered in the FD application and the application has been submitted, it needs to be approved with the date of approval.
6. Finally, the FD account needs to be activated with the specified date. Click on the blue "Activate" button in the top-right corner to activate.
For more information on how to create Recurring Deposit Accounts, see Recurring Deposit Account.
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