Before accepting the first fixed deposit

What this prepares

A permitted team can start a Fixed Deposit Application, quote and approve its terms, book the contract and deposit account, fund it, and produce its payout schedule.

Required before first use

• The depositor is an existing customer within the user's data-access scope.
• An Authorized Fixed Deposit Product points to the intended customer-facing ledger product.
• The product has an Authorized maturity and rollover policy whose allowed payout and maturity instructions cover the intended offer.
• The product has an Authorized interest-rate policy with a rule that matches the principal, tenure, payout mode, frequency, and effective date.
• The product has an Authorized default Account Condition policy. Its Account Condition supplies the interest basis and any applicable interest capitalization limits or taxes used when the contract is booked. Its credit interest expense and payable accounts and accrual and capitalization transaction codes must be complete before the product is submitted.
• The product has an Authorized Fixed Deposit eligibility policy and an Authorized default Workflow Definition with an authorized initial stage. Product submission requires both.
• The workflow contains the actions used by the intended flow. The booking stage needs creation of the deposit account, payout-schedule generation, and contract booking.
• An Authorized funding transaction code is attached to the product.
• Before terms are approved, the customer has authorized funding and payout accounts in the application currency. The funding account must be active and allow debits; the payout account must be active and allow credits. They may be omitted from the initial application and selected during terms approval.
• The customer has a branch, the tenant currency is configured, and an active financial calendar can resolve maturity processing dates.
• A non-deleted PENDING-ACTIVATION Account Status exists for the deposit account created at booking.
• The fixed-deposit application, contract, payout, liquidation, renewal, and customer-account sequences exist. License creation seeds these sequences.

Use Fixed-deposit configuration, Account configuration, and Business calendar.

Access and workflow roles

• The maker needs Create Fixed Deposit Application and scope over the customer and selected accounts.
• Application maintainers need Update Fixed Deposit Application.
• Stage routing requires Assign Fixed Deposit Application.
• Rate quoting, terms approval, normal workflow decisions, progression, and booking use Process Workflow when the current stage and assignment permit the action.
• An eligibility exception requires Waive Fixed Deposit Application, a waivable outcome, and a reason.
• Provide the required maker-checker authorities for the application and for any configuration records that must be approved before use.

Required only when using this feature

• The configured eligibility evaluation needs a passing or authorized waived outcome for the exact terms being booked.
• If negotiated rates are allowed, configure the permitted override bounds, reason requirement, and terms-reapproval behaviour.
• Configure an early-liquidation policy and related taxes only if early liquidation will be offered.

Verify the setup

1. Sign in as the intended maker and open Fixed Deposits → Applications.
2. Select Create Fixed Deposit Application and confirm that the product, customer, currency, funding account, and payout account are available.
3. Enter an allowed principal, tenure, payout mode, frequency, and maturity instruction; then save the controlled application.
4. Confirm that rate quotation resolves a current rate and that eligibility, if configured, produces the expected outcome.
5. Approve the terms and complete the required workflow and maker-checker decisions.
6. Book and fund the contract. Confirm that the deposit account and payout schedule are created.

Continue with Start a fixed-deposit application and Authorize, book, and fund.