Break Fixed Deposit

Introduction

This option allows the user to redeem his fixed deposit prematurely before the maturity date.

Navigation

Select the Break Fixed Deposit option in the More Actions drop-down and click OK in the View Deposit Accounts screen.

The Break Fixed Deposit screen is displayed.

What you can do

The table below provides a brief description of the data that should be entered on the screen and the functions you can perform:

Field

Description

Deposit Account

Select the fixed deposit account to be redeemed from the drop-down list. This is a mandatory field

On clicking Details, the information on the fixed deposit like the currency, category, start date, maturity date and amount and interest rate are displayed.

Breaking Details

Amount to be Broken

The amount to be redeemed to be specified. This is a mandatory field.

Breaking Value Date

The date on which the redemption should take place can be specified from the calendar widget. This is a mandatory field.

Transfer Proceeds To/By

Click the appropriate value to select the manner in which the funds have to be transferred.

Valid Values:

Account drop-down

Cheque

Transaction Remarks

Remarks about the redemption of the fixed deposit, if any.

Debit Service Charge Account

Select the account to which charges should be debited, from the drop-down list provided.

Click	To
Submit Online	Submit the deposit opening request form. Enter user name and transaction password to confirm the submission. On online submission of request, the request is processed immediately. Note: This service request is available online (through FI), from the Core database.
Submit to Relationship Manager	Submit the deposit opening request form. Enter user name and transaction password to confirm the submission. On offline submission of request, it is processed after a period of time as indicated by the bank.
Back	Return to the previous screen.