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Former Member

Premature withdrawal of Fixed Deposit

Hi,

We have a fixed deposit (term deposit) which was initially taken for 6 months duration @ 10%

Now at the end of 4 months, we would like to do a premature withdrawal of fixed deposit. As per the revised period, we are required to change the interest rate from 10% to 7% for the duration of 4 months.

-- System does not allow changing the interest rate from 10% to 4%

-- Using other flows will not serve the purpose as the scenario will require payment of additional interest received from bank

Kindly suggest how should we cater to the above scenario. Any suggestion in this regard will be sincerely appreciated.

Warm regards,

Akhil Poddar

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2 Answers

  • Jan 05, 2015 at 08:36 AM

    Hi Akhil,

    I'm not sure if reversal should be a viable option for you since the Posting Period for the Principal flow would probably be closed by now.

    One of the acceptable practices is to customize a Penal Interest/Bank Charge Flow in Other flows and post it.

    So ultimately when the payment is being cleared, the 3 flows that'll have to be cleared are Original Interest, Penal Interest/Bank Charge and Bank Payment Entry.

    Best,

    Rohit

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  • Jan 05, 2015 at 07:09 AM

    Hi Akhil

    Please reverse the transaction by follwoing steps

    FTR_EDIT reverse option

    TPM10 for the same transaction

    after doing above two activities go in FTR_edit and change the interest rate and do the normal cycle

    Regards

    Bajaj Pankaj

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