Renew Fixed Deposit

Introduction

This option allows the user to renew his existing fixed deposits.

Navigation

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

• The Renew 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

Account Preferences

Deposit Account

Select the fixed deposit account to be renewed from the drop-down.

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

Renewal Instructions

Select the instructions to be carried out for renewal of the FD from the drop down menu.

Valid values:

Renew Principal and Interest

Renew Principal only and redeem Interest

Renew Interest only and redeem Principal

All the above can be either deposited to a selected account or collected by cheque.

Instructions for Interest Calculation

Select the relevant radio buttons against the instructions for interest calculation to:

• Calculate Inflow

• Calculate Outflow

Interest can be either:

• Calculated and reinvested either monthly, quarterly,  yearly or on maturity

• Calculated and redeemed either monthly. quarterly, yearly or on maturity

Top-up Deposit Renewal Period

The duration for which the fixed deposit should be renewed in months and days.

Transaction Remarks

Remarks about the renewal of a fixed deposit, if any.

Debit Service Charge Account

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