Overview
This page helps you understand how to add a fixed deposit. As part of adding a fixed deposit, you need to access the Fixed Deposits page and enter all the required details. Upon saving, the fixed deposit is added and basic and transactions details are displayed.
The below step-by-step instructions describe the complete process of adding a fixed deposit.
Adding a Fixed Deposit
1. On the Side Panel of Finvisage application, click Asset.
The menu is expanded.
2. On the expanded menu, click Fixed Deposit. See the image below:
The Fixed Deposit page is displayed on the right pane.
3. On the Fixed Deposit page, click the Add Fixed Deposit button at the page bottom.
The New page is displayed.
3. In the New page section, enter all the required information.
Note: See the below table for the field description.
| Field | Description |
General Information | |
| Fixed Deposit Type | From this drop-down box, select the fixed deposit type from either Withdrawable or Non Withdrawable. |
| Deposit Number | In this field, enter the fixed deposit number. |
| Entity | From this drop-down box, select the corresponding entity. |
| Counterparty | From this drop-down box, select the corresponding counterparty. Note: Here, counterparty refers to the financial institution where the amount is deposited as fixed deposit. |
| Currency | From this drop-down box, select the corresponding currency. |
| Principal | In this field, enter the fixed deposit principal amount. |
| On Maturity | From this drop-down box, select the applicable maturity option choosing from the below: Non Renewable Note: If this option is selected, then the fixed deposit won't be renewed upon maturity. The entire principal amount along with the interest will be paid. Renew with Principal Note: If this option is selected, then the fixed deposit principal amount will be renewed upon maturity. However, interest will be paid. Renew with Principal and Interest Note: If this option is selected, then the fixed deposit principal amount along with the interest will be renewed upon maturity. |
| Debit Bank Account | From this drop-down box, select the corresponding bank account from which the principal amount is debited. |
| Beneficiary Account | From this drop-down box, select the corresponding beneficiary account to which the bank has to transfer the amount upon maturity of the fixed deposit. |
| Home Branch | Select this check box to enter the bank home branch details in the Branch Details box. |
| Branch Details | In this field, enter the enter the bank home branch details. |
Fixed Deposit Term Settings | |
| Value Date | In this field, enter the opening date of the fixed deposit. |
| Years | In this field, enter the tenure of the fixed deposit tenure in years. |
| Months | In this field, enter the tenure of the fixed deposit tenure in months. |
| Days | In this field, enter the tenure of the fixed deposit tenure in days. |
| End Date | The end date refers to the maturity date of the fixed deposit. It will be auto populated once the tenure is entered in years, months (if any), and days (if any). |
| Tenure | This field will be auto populated in days once the tenure is entered in years, months (if any), and days (if any). |
| Payment Date | This field will be auto populated once the tenure is entered in years, months (if any), and days (if any). |
Effective Interest Rate Schedules | |
| New Effective Interest Rate Schedule button | Click this button to enter the interest details. |
| Effective Interest Date | In this field, the effective interest date interest date will be displayed automatically. Note: If required, you can change the effective interest date. |
| Interest Rate Type | From this drop-down box, select the interest rate type choosing from Fixed or Floating. Note: - Fixed interest type means that the interest will remain the same throughout the investment period. - Floating interest type means that the interest will change periodically based on market conditions or benchmark changes. |
| Interest Benchmark | From this drop-down box, select the interest benchmark. Note: The field is activated only on selecting the floating interest type. Interest benchmark determines the amount of interest rates. |
| Interest Spread (% p.a.) | In this field, enter the interest spread in percentage per annum. Note: Interest rate spread is the difference between interest rates charged to customers and the interest rate a bank pays other banks when they borrow money |
TDS Schedules | |
| New TDS Schedule button | Click this button to enter the TDS details. |
| Effective Date | In this field, enter the date from when the TDS is effective. |
Fees for Interest Calculation | |
| Days in a Year Type | From this drop-down box, select the Days in a Year Type choosing from Actual Days in a Year or Constant Days. Note: - You can select the Actual Days in a Year option in case of leap year. - You can select the Constant Days option for all the normal years except leap year. |
| Days in a Year | This field is activated only on selecting the Constant Days option. In this field, enter 365 days. |
| Use First Day for Calculation | Select this checkbox if the interest is required to be calculated from the first day of opening the fixed deposit. |
| Use Last Day for Calculation | Select this checkbox if the last of the fixed deposit is to be considered for calculating the interest. |
| Additional Info | In this field, enter the the addition info, if any. |
5. Finally, click the Create button.
The fixed deposit is added.