Next Fixed Deposit

The NEXT Fixed Deposit page is the primary interface for creating new investment accounts for customers. This module automates the calculation of interest and maturity dates based on pre-configured investment periods, ensuring that staff can quickly and accurately set up term deposits while enforcing strict balance and reference number validations.

PURPOSE

  • Securely initiate new Fixed Deposit (FD) applications for bank customers.
  • Automatically calculate Interest Earned and Total Maturity Value based on the chosen duration.
  • Enforce mandatory “Maturity Instructions” so the system knows what to do at the end of the term (Renew or Payout).
  • Verify customer identity via the integrated Profile Picture and Signature modal.
  • Ensure the source account (Savings/Current) has sufficient funds to cover the investment.

STEP-BY-STEP GUIDE

Step 1 — Find the Customer

  1. Navigate to the Back Office Module and select NEXT Fixed Deposit page.
  2. In the Find Customer search box, enter the customer’s name, account number, or assigned field officer.
  1. Click the blue SELECT button next to the customer’s name to open the application modal.

Step 2 — Verify Customer Identity (Optional but Recommended)

  1. To ensure the person requesting the investment is the true account holder, click the blue Verify Customer button at the bottom of the popup.
  1. Compare the physical person with the Profile Picture and Signature displayed in the verification window.

Step 3 — Configure Source & Investment

  1. A/C to Debit: Select which of the customer’s existing accounts (e.g., Savings) will be used to fund this investment. (Note: The system will automatically display the current balance to ensure there are enough funds).
  2. FD Reference: Enter a 7-digit numeric code from the physical application form. This is a unique, mandatory identifier.
  3. Fixed Deposit Amount: Type the principal amount the customer is investing.

Step 4 — Select Duration and Review Yields

  1. Duration: Choose the investment period from the dropdown (e.g., 91 days, 182 days).
  2. Review Auto-Calculations: The system will immediately calculate the following:
    • Interest Rate: Fetched from bank settings.
    • Maturity Date: The exact date the term ends.
    • Interest Amount: The total profit the customer will earn.
    • Total Maturity Value: The principal + interest total.

Step 5 — Set Maturity Instructions 

You must select one of the following instructions for what happens on the Maturity Date:

  • Roll Over: The full amount (Principal + Interest) will be automatically reinvested into a new term.
  • Credit A/C: The full amount will be automatically paid back into the customer’s savings/source account.

Step 6 — Finalize and Post

  1. Click Post Fixed Deposit.
  2. Review the confirmation prompt and click Confirm.
  3. The transaction is saved in an “Unauthorised” state and will appear in the Fixed Deposit Records table at the bottom for supervisor approval.

CONFIGURATION: Interest Rate Setup

Managers can adjust the available terms and rates by clicking the Interest Rate Setup button inside the form.

  1. Enter the Period (Days) and the corresponding Interest Amount/Rate.
  2. Click Save to update the bank-wide investment options.

KEY NOTES

  • 7-Digit Reference: The system strictly enforces a 7-digit numeric FD reference. If the number has already been used or is too short, the save will be blocked.
  • Insufficient Funds: You cannot create a fixed deposit if the “A/C to Debit” has a balance lower than the investment amount.
  • Auto-Calculations: The math for interest is based on the “Per Annum” or “Monthly” setting of your branch, as shown next to the Interest Rate label.