Break / Close Recurring Deposit

Introduction

Using this option customer can place a request to break the recurring deposit. The request can be placed in online as well as offline mode.

Note:

In case back end host is unable to provide required details for closure / breaking, online closure / breaking cannot happen.

Navigation

• Click Break / Close Recurring Deposit  in the Deposit Accounts screen.

• The Break / Close Recurring 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

Break / Close Recurring Deposit

Option

Select the appropriate option by selecting the option button.
Valid Values:

Break

Close

Note:

Default selection would be ‘Break’.

Deposit Account

Select the recurring deposit account from the drop-down list for which the deposit break /close request has to be placed.

Note:

This is a mandatory field, if left blank an error message ‘Please Select Account Number’ will displayed.

Effective Date

Select the date from the calendar pop-up on which the recurring deposit has to be broken / closed.

Note:

• By default current date will be selected.

• If the date entered is a past date then an error message ‘Effective Date cannot be less than current date will displayed.

Amount

Enter the amount to be broken from the recurring deposit.

Note:

• This field will be enabled only if the option selected is breaking the deposit.

• It is a co-mandatory field with break option, hence if this field is left blank an error message ‘Enter the Amount’ will be displayed.

• If amount entered is more than deposit amount then an error message “Amount cannot be more than deposit amount” will be displayed.

• A positive integer has to be entered in the field. Else an error ‘Invalid Amount Entered’ will be displayed.

Transfer Proceeds To/By

Select the appropriate radio button to select the payment mode.

Valid Values:

Select any account from drop-down

Chose ‘Cheque’

Note:

• If the user selected value is Account then the operative account number has to be specified by the user. Else error message ‘Please select an account for transferring proceeds’ will be displayed.

• In case of online submission of the request, redemption through cheque is not possible. An error message “The Redeem through Cheque option is not supported in online mode” will be displayed if cheque option is selected.

Transaction Remarks

Type the transaction remarks if any.

Debit Service Charge Account

Select the operative account from the drop-down list, to which the service charge has to be debited.