Authorize, book, and fund a fixed deposit
How an application becomes an active funded contract.
Booking converts an approved Application into a Fixed Deposit Account, Contract, and payout schedule. Funding then posts the principal from the Customer's Funding Account into the new deposit Account.
Book the Fixed Deposit
You need Process Workflow and Create Fixed Deposit Contract. The current stage must be accepted by you and configure Create Fixed Deposit Account, Generate Fixed Deposit Payout Schedule, and Book Fixed Deposit Contract.
Before Book Fixed Deposit appears, the Application must be Authorized and Approved, have no existing Contract, and contain a current Pass or Waived Eligibility result. Booking also requires approved terms, a matching current rate snapshot, Funding and Payout Accounts, and all referenced Product, Account-condition, and maturity configuration.
At booking, the Customer must still be active and Authorized. The Funding and Payout Accounts are revalidated for Customer ownership, currency, record and operational status, and debit or credit capability respectively.
remoteEaze creates:
- an Authorized Customer deposit Account initially using the PENDING-ACTIVATION Account status;
- a Booked Contract with Pending funding;
- schedule version 1 and its interest-payout and maturity-settlement events.
The Contract uses the Customer's Branch and the Product's ledger Product. The approved terms and key policies are snapshotted so later configuration changes do not silently rewrite the agreement.
Fund and activate
- Open Operations → Fixed Deposits → Contracts.
- Open the newly booked Contract.
- With Update Fixed Deposit Contract, select Fund & Activate.
- Confirm the operation.
Funding is idempotent. It creates the system transaction that debits the Funding Account and credits the deposit Account. While posting is pending, the Contract remains Booked. Successful posting changes funding to Posted, the Contract to Active, and the deposit Account to its active status. A posting failure is shown as Failed and must be investigated before another attempt.
Continue with Contracts, schedules, and certificates.