Ｐｒｏｄｕｃｔ Ｃｏｄｅ:
Currency
The currency to be used for the TD product.
Class
class code of the TD product.
Conventional Deposit--Accounts under conventional products will have a normal interest treatment. You can calculate the interest amount earned, over and above the principal amount. For example, interest can be accrued, compounded and paid.
Islamic Deposit-- Accounts under Islamic products will work on the basis of pre-determined payout ratio. Banks that practice islamic banking use Islamic TD. In Islamic deposit, the amount earned over and above the principal is termed as profit. In this case, the General Ledger entries will be different.
General
Product Name
Name of the product.
Discounting Type
The discounting type for the TD product.
Not Discounted--The initial amount is deposited and interest is calculated on the deposit amount.
Normal Discounted--The maturity amount is defined along with the interest rate and the initial amount is deposited. Only the principal amount is discounted. Maturity value is decided based on the interest calculation.
Tax Deduction as source flag
The mode based on which, the tax should be deducted from the interest earned on the TD.
No Tax--No TDS will be deducted from the accounts opened under this product.
Accrual--TDS will be calculated and deducted on every interest accrual for an account.
Compounding-- TDS will be deducted whenever the computed interest is added to the principal amount.
Payout--TDS will be deducted at the time of interest payment to the customer when the data becomes due, not at the event of payment to the customer. Accordingly entries will be automatically made in the Payable GL.
Withdrawal--TDS will be deducted in the time of interest withdrawal.
Lien Allowed
The type of amount on which the lien should be imposed for a TD product. Lien means placing a hold on the deposit when the bank wants to provide credit to the customer for any reason where the bank wants to hold on to the deposit and ensure customer does not en-cash. Value options include:
Principal--Lien can only be imposed on the principal portion of the deposit.
Principal + Interest -- Lien can be imposed on the cumulative value of the principal and interest accrued and compounded till now.
Maturity--Lien can be imposed up to the maturity amount of the deposit. This means applying lien for the interest portion, which is yet to be accrued and compounded.
Product Expiry Date
The user can not open new accounts under the product after the Expiry Date. The existing accounts perform normally.
History Retention Days
Setup the number of days for which the history is to be maintained in the system after a deposit is closed.
Tax Currency
The type of currency to be used for the TD product. This is the currency in which tax has to be deducted from the account.
Accrual Frequency
Accrual frequency for the TD product. This specifies the time interval at which, the interest for a deposit will get accrued or accumulated. Value options include: Daily, Monthly, Bi-Monthly, Quarterly, Half Yearly, Yearly
Accrual Start Month
The start date from which the accrual calculation will be reflected in the account.
PMI Accrual Frequency
The post maturity interest accrual frequency for a TD product. Value options include: Daily, Monthly, Quarterly, Half Yearly, Yearly.
Account Retention Days
There are the number of days, for which an initiated TD account will be retained without a payin happening for the same. If the payin does not happen within the specified period, then the TD deposit will be closed during the EOD process on the last retention day.
Advertising Message
Advertising message for the TD product. It will be used for the purpose of product promotion.
Credit Interest Parameters
The parameter is to be used for calculation of interest for the TD product. If payin is done through cheque, the interest can be calculated either from the posting date or value date of the cheque. Two value options:
Posting Date -- The posting date of the credit interest
Value Date -- The value date of the credit interest.
Deposit Term
Amount
Minimum/Maximum
The minimum/maximum amount that can be accepted as a deposit under this TD product. The system displays an error message if the TD deposit is being opened with a balance less than the amount defined in this field.
Incremental
The incremental amount that can be deposited under the TD product. When a new deposit is made it has to be in multiples of the incremental amount. This field becomes invalid for the deposits which are being renewed.
Terms
Unit
The unit which be used for specifying the term of the deposit. Value options include: Days, Months, Combination
Minimum/Maximum
The minimum/Maximum term for the TD product. It's defined in days and/or months.
Incremental
setup the incremental term for the TD product. A deposit term has to be in multiples of the incremental term. Value options include: Months, Days.
1st Slab and 2nd Slab of the Term deposit. ...
Interest Rate
Minimum/Maximum Rate
Minimum/Maximum interest Rate allowed for accounts under this product.
Rate control flag
type of interest rate control to be used for the TD product.
Fixed--The interest will not change during the term of the account.
Floating--The interest rate can be changed during the term of the account.
Profit Ratio
The profit ratio for the Islamic product. In Islamic product, the deposit does not attract interest. They have a concept of profit sharing. This is only for Islamic deposits.
Minimum/Maximum Variance
The minimum/maximum variance allowed to be applied on the product base for all the accounts.
Interest
Interest Calculation
Interest Accrual Basis
the way the number of days is to be calculated between two dates.
Interest Accrual Basis Broken Period
Select the interest accrual basis to be used for the broken period. The period that is less than a full payout/compounding cycle will be taken as broken period by the system.
Interest Payout basis
The mode based on which the interest payout should take place. Value options:
Calendar--The interest payout will take place at the end of the calendar period
Anniversary--The interest payout will take place at the start date of placing a deposit.
Interest compounding/Payout frequency
the interest compounding frequency at which the interest accrued will be compounded to the principal. Value options include: None/At Maturity, Monthly, Bi-Monthly, Quarterly, Half-Yearly, Yearly.
Minimum Deposit Term for Periodic Interest
The minimum deposit term for the periodic interest. The minimum term for which the deposit is to be kept so as to earn the initial interest payment.
Post Maturity Interest Rate/Index
setup the post maturity interest index or rate for the TD product, to derive the interest rate for a post maturity interest.
Include Variance on PMI
If the account level variance has to be included in the PMI interest calculation or not.
Recompute PMI on rate change
If recompute the PMI on rate change or not.
Post Maturity Interest routine
It's a logical set of instruments for calculating the post maturity interest rate. The bank can define its own post maturity interest calculation routine.
Payout Option
Payout option for the TD product. Value options include:
No Instruction--the interest will be paid and the post maturity interest will be calculated.
Redeem--the interest will be paid, but no post maturity interest will be calculated.
Reinvest--the interest amount will be reinvested into the principal specified in the interest payout and redemption tab.
On Maturity
Maturity Parameters
Maturity Due Notice Days
the maturity due notice days for the TD product. This field specifies the number of days in advance a notice will be sent to the customer, informing about the maturity of the deposit accounts under this product.
Unclaimed Deposit Transfer Days
A matured term deposit with no renewal/redemption instruction will remain in the matured GL. The user can specify a time period after which such deposit will be closed automatically by the system and the proceeds will be transferred to the unclaimed GL.
Unclaimed Deposit Processing Frequency
The frequency at which the unclaimed deposits will be processed for the TD product. The system's process of transferring of deposit and subsequent closure of accounts could be scheduled to take place either monthly or daily. Value options include: Daily, Monthly.
Forced Renewal Term
The term for which the deposit is to be automatically renewed on the maturity if there is lien on the deposit. The lien can be internal lien( i.e. for availing an overdraft against TD) or it can be an external lien like a court order. This term can be specified in months and/or days.
Auto Renewal Term
setup the auto renewal term, in which the deposit is to be automatically renewed, if the customer has not given any renewal instructions and there is no lien on the deposit. Values include: Months, Days.
Renew with Maturity Date
Select the check box to renew the TD account as on the maturity date even if the TD account grace days has expired. Grace days is not applicable in this case.
Renewal Rate
the renewal rate to be applied in case renewal is done from maturity. Values include:
Current--The interest rate effective as on the renewal date will be applied to the TD account;
Higher--Higher of the interest rate applicable on the maturity date of the TD and the renewal/processing date will be applied.
Lower--Lower of the interest rate applicable on the maturity date of the TD and the renewal/processing date will be applied.
None--...
Renewal Grace Period
A deposit is kept in the matured GL, in case no instructions for payment of the matured deposit has been received from the customer at the time of deposit initiation. However, the customer can come to the bank well after the mature date and request to renew the deposit effective from maturity date. You can define a period at the product level, within which a matured deposit can be renewed with back dated effect from the maturity date.
Maturity Option
Maturity option that is available for interest and principal. Value options include:
No instructions--the amount gets transferred to the matured deposits GL and the amount would earn post-maturity interest for the grace days. Beyond grace days, no PMI interest will be applicable.
Redeem--the amount gets transferred to the payable GL and this amount would not earn post-maturity interest.
Reinvest--The amount gets added to the existing account with the auto renewal term.
Add Pending Interest to Principal on Maturity
if add any uncollected interest and due interest, which is not collected, to the principal at the time of maturity of the account. The adding of amounts to principal on maturity will be done in the BOD.
Restriction Options on principal payouts
Appropriate restriction options on the principal payouts. Values include : None, Deposit and Deneficiary Blocked.
Redemption
Redemption Parameters
Premature Redemption Allowed
If premature redemption is allowed. If not, then the deposit cannot be renewed before maturity.
Part redemption allowed--if partial redemption is allowed or not.
Units of redemption--The amount can be partially or prematurely redeemed should be multiples of this units.
Change Slab on redemption--After redemption, the principal balance may go below the specified slab level according to which interest rate was applied to the TD account. If the check box is selected the interest rate will be reapplied according to the new principal balance.
Penalty Rate to use--Penalty rate to be used for a TD product. Value options include: Bank Rate, Product Rate; Slab Rate.
Fixed Penalty Rate/Variance:
Penalty Index:
Penalty Routine to Use:
Penalty Routine:
Partial Period Interest Payable Upto:
Minimum Term for Penalty Interest:
Lock In term
this period indicates the term for which the deposit needs to be retained in the system before it can be allowed to redeem.
Service Charge Package:
GL Codes
Advices
Special Ｆｅａｔｕｒｅｓ
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Ｄｅｎｏｍｉｎａｔｉｏｎ Ｄｅｔａｉｌｓ
Currency
The currency to be used for the TD product.
Class
class code of the TD product.
Conventional Deposit--Accounts under conventional products will have a normal interest treatment. You can calculate the interest amount earned, over and above the principal amount. For example, interest can be accrued, compounded and paid.
Islamic Deposit-- Accounts under Islamic products will work on the basis of pre-determined payout ratio. Banks that practice islamic banking use Islamic TD. In Islamic deposit, the amount earned over and above the principal is termed as profit. In this case, the General Ledger entries will be different.
General
Product Name
Name of the product.
Discounting Type
The discounting type for the TD product.
Not Discounted--The initial amount is deposited and interest is calculated on the deposit amount.
Normal Discounted--The maturity amount is defined along with the interest rate and the initial amount is deposited. Only the principal amount is discounted. Maturity value is decided based on the interest calculation.
Tax Deduction as source flag
The mode based on which, the tax should be deducted from the interest earned on the TD.
No Tax--No TDS will be deducted from the accounts opened under this product.
Accrual--TDS will be calculated and deducted on every interest accrual for an account.
Compounding-- TDS will be deducted whenever the computed interest is added to the principal amount.
Payout--TDS will be deducted at the time of interest payment to the customer when the data becomes due, not at the event of payment to the customer. Accordingly entries will be automatically made in the Payable GL.
Withdrawal--TDS will be deducted in the time of interest withdrawal.
Lien Allowed
The type of amount on which the lien should be imposed for a TD product. Lien means placing a hold on the deposit when the bank wants to provide credit to the customer for any reason where the bank wants to hold on to the deposit and ensure customer does not en-cash. Value options include:
Principal--Lien can only be imposed on the principal portion of the deposit.
Principal + Interest -- Lien can be imposed on the cumulative value of the principal and interest accrued and compounded till now.
Maturity--Lien can be imposed up to the maturity amount of the deposit. This means applying lien for the interest portion, which is yet to be accrued and compounded.
Product Expiry Date
The user can not open new accounts under the product after the Expiry Date. The existing accounts perform normally.
History Retention Days
Setup the number of days for which the history is to be maintained in the system after a deposit is closed.
Tax Currency
The type of currency to be used for the TD product. This is the currency in which tax has to be deducted from the account.
Accrual Frequency
Accrual frequency for the TD product. This specifies the time interval at which, the interest for a deposit will get accrued or accumulated. Value options include: Daily, Monthly, Bi-Monthly, Quarterly, Half Yearly, Yearly
Accrual Start Month
The start date from which the accrual calculation will be reflected in the account.
PMI Accrual Frequency
The post maturity interest accrual frequency for a TD product. Value options include: Daily, Monthly, Quarterly, Half Yearly, Yearly.
Account Retention Days
There are the number of days, for which an initiated TD account will be retained without a payin happening for the same. If the payin does not happen within the specified period, then the TD deposit will be closed during the EOD process on the last retention day.
Advertising Message
Advertising message for the TD product. It will be used for the purpose of product promotion.
Credit Interest Parameters
The parameter is to be used for calculation of interest for the TD product. If payin is done through cheque, the interest can be calculated either from the posting date or value date of the cheque. Two value options:
Posting Date -- The posting date of the credit interest
Value Date -- The value date of the credit interest.
Deposit Term
Amount
Minimum/Maximum
The minimum/maximum amount that can be accepted as a deposit under this TD product. The system displays an error message if the TD deposit is being opened with a balance less than the amount defined in this field.
Incremental
The incremental amount that can be deposited under the TD product. When a new deposit is made it has to be in multiples of the incremental amount. This field becomes invalid for the deposits which are being renewed.
Terms
Unit
The unit which be used for specifying the term of the deposit. Value options include: Days, Months, Combination
Minimum/Maximum
The minimum/Maximum term for the TD product. It's defined in days and/or months.
Incremental
setup the incremental term for the TD product. A deposit term has to be in multiples of the incremental term. Value options include: Months, Days.
1st Slab and 2nd Slab of the Term deposit. ...
Interest Rate
Minimum/Maximum Rate
Minimum/Maximum interest Rate allowed for accounts under this product.
Rate control flag
type of interest rate control to be used for the TD product.
Fixed--The interest will not change during the term of the account.
Floating--The interest rate can be changed during the term of the account.
Profit Ratio
The profit ratio for the Islamic product. In Islamic product, the deposit does not attract interest. They have a concept of profit sharing. This is only for Islamic deposits.
Minimum/Maximum Variance
The minimum/maximum variance allowed to be applied on the product base for all the accounts.
Interest
Interest Calculation
Interest Accrual Basis
the way the number of days is to be calculated between two dates.
Interest Accrual Basis Broken Period
Select the interest accrual basis to be used for the broken period. The period that is less than a full payout/compounding cycle will be taken as broken period by the system.
Interest Payout basis
The mode based on which the interest payout should take place. Value options:
Calendar--The interest payout will take place at the end of the calendar period
Anniversary--The interest payout will take place at the start date of placing a deposit.
Interest compounding/Payout frequency
the interest compounding frequency at which the interest accrued will be compounded to the principal. Value options include: None/At Maturity, Monthly, Bi-Monthly, Quarterly, Half-Yearly, Yearly.
Minimum Deposit Term for Periodic Interest
The minimum deposit term for the periodic interest. The minimum term for which the deposit is to be kept so as to earn the initial interest payment.
Post Maturity Interest Rate/Index
setup the post maturity interest index or rate for the TD product, to derive the interest rate for a post maturity interest.
Include Variance on PMI
If the account level variance has to be included in the PMI interest calculation or not.
Recompute PMI on rate change
If recompute the PMI on rate change or not.
Post Maturity Interest routine
It's a logical set of instruments for calculating the post maturity interest rate. The bank can define its own post maturity interest calculation routine.
Payout Option
Payout option for the TD product. Value options include:
No Instruction--the interest will be paid and the post maturity interest will be calculated.
Redeem--the interest will be paid, but no post maturity interest will be calculated.
Reinvest--the interest amount will be reinvested into the principal specified in the interest payout and redemption tab.
On Maturity
Maturity Parameters
Maturity Due Notice Days
the maturity due notice days for the TD product. This field specifies the number of days in advance a notice will be sent to the customer, informing about the maturity of the deposit accounts under this product.
Unclaimed Deposit Transfer Days
A matured term deposit with no renewal/redemption instruction will remain in the matured GL. The user can specify a time period after which such deposit will be closed automatically by the system and the proceeds will be transferred to the unclaimed GL.
Unclaimed Deposit Processing Frequency
The frequency at which the unclaimed deposits will be processed for the TD product. The system's process of transferring of deposit and subsequent closure of accounts could be scheduled to take place either monthly or daily. Value options include: Daily, Monthly.
Forced Renewal Term
The term for which the deposit is to be automatically renewed on the maturity if there is lien on the deposit. The lien can be internal lien( i.e. for availing an overdraft against TD) or it can be an external lien like a court order. This term can be specified in months and/or days.
Auto Renewal Term
setup the auto renewal term, in which the deposit is to be automatically renewed, if the customer has not given any renewal instructions and there is no lien on the deposit. Values include: Months, Days.
Renew with Maturity Date
Select the check box to renew the TD account as on the maturity date even if the TD account grace days has expired. Grace days is not applicable in this case.
Renewal Rate
the renewal rate to be applied in case renewal is done from maturity. Values include:
Current--The interest rate effective as on the renewal date will be applied to the TD account;
Higher--Higher of the interest rate applicable on the maturity date of the TD and the renewal/processing date will be applied.
Lower--Lower of the interest rate applicable on the maturity date of the TD and the renewal/processing date will be applied.
None--...
Renewal Grace Period
A deposit is kept in the matured GL, in case no instructions for payment of the matured deposit has been received from the customer at the time of deposit initiation. However, the customer can come to the bank well after the mature date and request to renew the deposit effective from maturity date. You can define a period at the product level, within which a matured deposit can be renewed with back dated effect from the maturity date.
Maturity Option
Maturity option that is available for interest and principal. Value options include:
No instructions--the amount gets transferred to the matured deposits GL and the amount would earn post-maturity interest for the grace days. Beyond grace days, no PMI interest will be applicable.
Redeem--the amount gets transferred to the payable GL and this amount would not earn post-maturity interest.
Reinvest--The amount gets added to the existing account with the auto renewal term.
Add Pending Interest to Principal on Maturity
if add any uncollected interest and due interest, which is not collected, to the principal at the time of maturity of the account. The adding of amounts to principal on maturity will be done in the BOD.
Restriction Options on principal payouts
Appropriate restriction options on the principal payouts. Values include : None, Deposit and Deneficiary Blocked.
Redemption
Redemption Parameters
Premature Redemption Allowed
If premature redemption is allowed. If not, then the deposit cannot be renewed before maturity.
Part redemption allowed--if partial redemption is allowed or not.
Units of redemption--The amount can be partially or prematurely redeemed should be multiples of this units.
Change Slab on redemption--After redemption, the principal balance may go below the specified slab level according to which interest rate was applied to the TD account. If the check box is selected the interest rate will be reapplied according to the new principal balance.
Penalty Rate to use--Penalty rate to be used for a TD product. Value options include: Bank Rate, Product Rate; Slab Rate.
Fixed Penalty Rate/Variance:
Penalty Index:
Penalty Routine to Use:
Penalty Routine:
Partial Period Interest Payable Upto:
Minimum Term for Penalty Interest:
Lock In term
this period indicates the term for which the deposit needs to be retained in the system before it can be allowed to redeem.
Service Charge Package:
GL Codes
Advices
Special Ｆｅａｔｕｒｅｓ
Ｉｎｔｅｒｅｓｔ ｐａｙｏｕｔ ａｎｄ ｒｅｄｅｍｐｔｉｏｎ
Ｄｅｎｏｍｉｎａｔｉｏｎ Ｄｅｔａｉｌｓ