Time Deposit Account

Functions and Features

  • - Fully integrated with Loans, Current Accounts, Share Accounts, Savings, Customer and General Ledger modules.
  • - Automatic generation of journals for monthly or quarterly interest transfer to savings, current account, loan or GL payorder account.
  • - System places no limit on the number of accounts per customer.
  • - No limit to the number of Time Deposit products per bank.
  • - Automatic update of General Ledger accounts at end-of-day and for interest accruals at end-of-month.
  • - Control of (i) Pre-termination (ii) Dormancy after maturity (iii) Validation of interest rates, periods and minimum and maximum amounts per bracket during opening.
  • - Support for pre-numbered Certificates.
  • - Optionally re-definable interest rates and contract duration at the time of opening of the account.
  • - User defined dormancy period, defined as number of month after maturity without rollover.
  • - Full support for ledgerless operations.
  • - Facility to place a Hold on (part of) the balance of an account for a specified period of time.
  • - Single and dual ownership.
  • - Interest Schemes
  • - Per product, interest rate may be a function of the term, the amount or a combination of both. Maximum of eight term brackets and five amount brackets.
  • - Interest may be paid monthly, quarterly, upon maturity or at any time. Monthly and quarterly interest payments may be credited to a current account, loan or savings account or to a GL payorder account.
  • - Upon maturity, the time deposit may be renewed (“rolled-over”) with or without interest.
  • - Interest after maturity (and when not renewed) payable at the savings rate or at any other, specified, rate.
  • - Interest in case of pre-termination may be specified at (i) savings rate (ii) special rate (iii) time-based rate, depending on the term that was actually completed.
  • - Withholding tax option with up to nine tax rates as function of the category of client. If applicable, withholding tax is automatically debited.