Term Deposit Account Fields

The term deposit product upon which to base the term deposit account. When the product is selected, the rest of the term deposit account form will open and the term deposit product values will populate the form.

Term deposit products that are active on the current date will display in the Product list.

Required field

Select from list

The date the term deposit account application was submitted on. Valid dates include the current date or earlier but cannot precede:

• the date the client applying for the term deposit account became active.
• the date the term deposit product became active.

Required field

Select from pop-up calendar

The financial institution employee who will be responsible for the term deposit account.

Optional

Select from list

Cannot be changed

Required field

Select from list

The period at which interest rate is posted or credited to the term deposit account.

The interest posting value will be default for the term deposit product but can be changed for a term deposit account.

Required field

Select from list

The method used to calculate interest.

The interest calculated using value will be default for the term deposit product but can be changed for a term deposit account.

Required field

Select from list

The setting for number of days in a year to use to calculate interest.

The days in years value will be default for the term deposit product but can be changed for a term deposit account.

Required field

Select from list

Fixed term accounts only. The amount the client will be depositing to the term deposit account. The amount must be greater than or equal the minimum and greater than or equal to the maximum deposit amounts specified in the product definition.

Required field

Numeric and select from list

Used to indicate the length of time that a term deposit account of this term deposit product type is locked-in and withdrawals are not allowed.

The lock-in period values will be default for the term deposit product but can be changed for a term deposit account.

Optional field

Numeric and select from list

Indicates if deposits are mandatory for term deposit accounts based on this term deposit product.

• For mandatory accounts: If a deposit is not received as expected on the scheduled deposit day, it is added to the due amount for the next deposit day. That is, the account owner will owe double the amount on the next deposit day.
• For voluntary accounts: If a deposit is not received as expected on a scheduled deposit day, it will not be added to the due amount for next deposit day.

The value will be default for the term deposit product but can be changed for a term deposit account.

Optional field

Check if true; Uncheck if false

Indicates if withdrawals are permitted for term deposit accounts based on this term deposit product.

The value will be default for the term deposit product but can be changed for a term deposit account.

The amount the client commits to deposit on the specified deposit frequency. The amount of the recurring deposit must be within the deposit amount constraints specified in the product definition.

• This amount is considered “due” on the scheduled deposit day of the account owner.  Partial payments are allowed for voluntary accounts.

Required

Numeric

Required field

Numeric and select from list

Required field

Date format

Required fields

Numeric and select from list

Settings

The information in the Settings section of a term deposit account is defined by the term deposit product definition and cannot be changed for an account. The information displayed includes:

Minimum deposit term, example 3 Months

And thereafter, in Multiples of for example 1 Month

Maximum deposit term, example 36 Months

For Premature Closure:

Apply penal interest (less), example .75 (percent)

On example Whole Amount

Interest Rate Chart

The interest rate chart for the term deposit product displays on the term deposit account application but cannot be modified.

Charges will default from the term deposit product definition.

To remove a default charge, click x in the Action column.

To add a charge, select a charge from the Charges list and click Add. If more charges apply to the term deposit account, select additional charges and click Add for each.