{"id":606,"date":"2026-03-26T09:44:37","date_gmt":"2026-03-26T09:44:37","guid":{"rendered":"https:\/\/www.sikasoftonline.net\/?p=606"},"modified":"2026-03-26T10:33:46","modified_gmt":"2026-03-26T10:33:46","slug":"fixed-deposit-discounting","status":"publish","type":"post","link":"https:\/\/www.sikasoftonline.net\/index.php\/2026\/03\/26\/fixed-deposit-discounting\/","title":{"rendered":"Fixed Deposit Discounting"},"content":{"rendered":"\n<p>The&nbsp;<strong>Fixed Deposit Discounting<\/strong>&nbsp;page provides a secure interface to prematurely terminate or &#8220;discount&#8221; a customer&#8217;s active Fixed Deposit investment before its original maturity date. This module handles the automated calculation of the payout amount and records the transaction in an unauthorized state pending supervisor approval.<\/p>\n\n\n\n<!--more-->\n\n\n\n<h2 class=\"wp-block-heading\" id=\"user-content-purpose\">PURPOSE<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Allow staff to process early withdrawals (discounting) of Fixed Deposits for customers.<\/li>\n\n\n\n<li>Automatically fetch and display the investment details (Principal, Duration, and Interest).<\/li>\n\n\n\n<li>Ensure payouts are routed to a verified destination account (A\/C to Debit).<\/li>\n\n\n\n<li>Verify customer identity using the integrated Profile Picture and Signature modal before processing the payout.<\/li>\n\n\n\n<li>Maintain an audit trail by sending the discounted request to the &#8220;Unauthorised&#8221; queue for managerial approval.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"user-content-step-by-step-guide\">STEP-BY-STEP GUIDE<\/h2>\n\n\n\n<p class=\"has-medium-font-size\"><strong>Step 1 \u2014 Start the Process<\/strong><\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>Navigate to the <strong>Back Office module <\/strong>and access the&nbsp;<strong>Fixed Deposit Discounting<\/strong>&nbsp;page.<\/li>\n\n\n\n<li>The&nbsp;<strong>Discount Date<\/strong>&nbsp;is automatically set to the current system date.<\/li>\n<\/ol>\n\n\n\n<p class=\"has-medium-font-size\"><strong>Step 2 \u2014 Find the Active Fixed Deposit<\/strong><\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>In the&nbsp;<strong>Find Customer<\/strong>&nbsp;search box on the main screen, type the customer&#8217;s account number, name, or deposit amount.<\/li>\n<\/ol>\n\n\n\n<figure class=\"wp-block-image size-large\"><img fetchpriority=\"high\" decoding=\"async\" width=\"1024\" height=\"123\" src=\"https:\/\/www.sikasoftonline.net\/wp-content\/uploads\/2026\/03\/image-52-1024x123.png\" alt=\"\" class=\"wp-image-607\" srcset=\"https:\/\/www.sikasoftonline.net\/wp-content\/uploads\/2026\/03\/image-52-1024x123.png 1024w, https:\/\/www.sikasoftonline.net\/wp-content\/uploads\/2026\/03\/image-52-300x36.png 300w, https:\/\/www.sikasoftonline.net\/wp-content\/uploads\/2026\/03\/image-52-768x92.png 768w, https:\/\/www.sikasoftonline.net\/wp-content\/uploads\/2026\/03\/image-52-1536x184.png 1536w, https:\/\/www.sikasoftonline.net\/wp-content\/uploads\/2026\/03\/image-52.png 1667w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<ol class=\"wp-block-list\">\n<li>The search results will display only active, non-discounted fixed deposits.<\/li>\n\n\n\n<li>Click the blue&nbsp;<strong>SELECT<\/strong>&nbsp;button next to the relevant Fixed Deposit No. This will automatically open the Discounting Modal.<\/li>\n<\/ol>\n\n\n\n<p class=\"has-medium-font-size\"><strong>Step 3 \u2014 Verify Customer Identity (Mandatory Anti-Fraud Check)<\/strong><\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>In the popup modal, click the orange <strong>Verify Customer<\/strong>&nbsp;button at the bottom.<\/li>\n<\/ol>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"156\" height=\"57\" src=\"https:\/\/www.sikasoftonline.net\/wp-content\/uploads\/2026\/03\/image-56.png\" alt=\"\" class=\"wp-image-611\"\/><\/figure>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"503\" src=\"https:\/\/www.sikasoftonline.net\/wp-content\/uploads\/2026\/03\/image-55-1024x503.png\" alt=\"\" class=\"wp-image-610\" srcset=\"https:\/\/www.sikasoftonline.net\/wp-content\/uploads\/2026\/03\/image-55-1024x503.png 1024w, https:\/\/www.sikasoftonline.net\/wp-content\/uploads\/2026\/03\/image-55-300x147.png 300w, https:\/\/www.sikasoftonline.net\/wp-content\/uploads\/2026\/03\/image-55-768x378.png 768w, https:\/\/www.sikasoftonline.net\/wp-content\/uploads\/2026\/03\/image-55.png 1076w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<ol class=\"wp-block-list\">\n<li>Ensure the person requesting the discount matches the&nbsp;<strong>Profile Picture<\/strong>&nbsp;and&nbsp;<strong>Signature<\/strong>&nbsp;on file.<\/li>\n\n\n\n<li>Close the verification window once identity is confirmed.<\/li>\n<\/ol>\n\n\n\n<p class=\"has-medium-font-size\"><strong>Step 4 \u2014 Review Deposit Details &amp; Select Payout Destination<\/strong><\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>Review the auto-populated data from the selected investment:\n<ul class=\"wp-block-list\">\n<li><strong>Fixed Deposit Amount:<\/strong>&nbsp;The original principal.<\/li>\n\n\n\n<li><strong>Duration:<\/strong>&nbsp;The agreed term.<\/li>\n\n\n\n<li><strong>Interest Amount \/ Amount Payable:<\/strong>&nbsp;The calculated values applicable for the early payout.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>In the&nbsp;<strong>A\/C to Debit<\/strong>&nbsp;dropdown, select the internal or customer account where the discounted funds will be credited. The system will display the current balance of the selected account.<\/li>\n<\/ol>\n\n\n\n<p class=\"has-medium-font-size\"><strong>Step 5 \u2014 Save the Discount Request<\/strong><\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>Review all figures for accuracy.<\/li>\n\n\n\n<li>Click the green&nbsp;<strong>Discount Fixed Deposit<\/strong>&nbsp;button at the bottom of the modal.<\/li>\n<\/ol>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"177\" height=\"68\" src=\"https:\/\/www.sikasoftonline.net\/wp-content\/uploads\/2026\/03\/image-54.png\" alt=\"\" class=\"wp-image-609\"\/><\/figure>\n\n\n\n<p><\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>Click&nbsp;<strong>Confirm<\/strong>&nbsp;in the popup to proceed.<\/li>\n\n\n\n<li>The transaction is now saved as an &#8220;Unauthorised&#8221; entry and will appear in the&nbsp;<strong>Fixed Deposit Records<\/strong>&nbsp;table at the bottom of the modal, awaiting further approval.<\/li>\n<\/ol>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"682\" src=\"https:\/\/www.sikasoftonline.net\/wp-content\/uploads\/2026\/03\/image-53-1024x682.png\" alt=\"\" class=\"wp-image-608\" srcset=\"https:\/\/www.sikasoftonline.net\/wp-content\/uploads\/2026\/03\/image-53-1024x682.png 1024w, https:\/\/www.sikasoftonline.net\/wp-content\/uploads\/2026\/03\/image-53-300x200.png 300w, https:\/\/www.sikasoftonline.net\/wp-content\/uploads\/2026\/03\/image-53-768x511.png 768w, https:\/\/www.sikasoftonline.net\/wp-content\/uploads\/2026\/03\/image-53.png 1068w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p class=\"has-medium-font-size\"><strong>Step 6 \u2014 Managing Discount Entries<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Recall\/Edit:<\/strong>&nbsp;To modify an unapproved discount request, select it from the&nbsp;<strong>Fixed Deposit Records<\/strong>&nbsp;table, click&nbsp;<strong>Edit<\/strong>&nbsp;to unlock the destination account field, update the selection, and click Save.<\/li>\n\n\n\n<li><strong>Reset:<\/strong>&nbsp;Click the red&nbsp;<strong>Reset<\/strong>&nbsp;button to clear the current form if you selected the wrong fixed deposit.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"user-content-key-notes\">KEY NOTES<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>No Manual Edits:<\/strong>&nbsp;Important financial fields (Amount, Duration, Interest, Amount Payable) are strictly read-only to prevent unauthorized alterations to the contract terms.<\/li>\n\n\n\n<li><strong>Waive Interest:<\/strong>&nbsp;The &#8220;Waive Interest&#8221; checkbox allows the institution to forfeit accrued interest on early termination, pending configuration permissions.<\/li>\n\n\n\n<li><strong>Approval Required:<\/strong>&nbsp;Discounting a fixed deposit does not instantly release funds. It generates a &#8220;D-[FD_Number]&#8221; request that must be authorized by a supervisor.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>The&nbsp;Fixed Deposit Discounting&nbsp;page provides a secure interface to prematurely terminate or &#8220;discount&#8221; a customer&#8217;s active Fixed Deposit investment before its original maturity date. This module handles the automated calculation of the payout amount and records the transaction in an unauthorized state pending supervisor approval.<\/p>\n","protected":false},"author":7,"featured_media":612,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10,21],"tags":[],"class_list":["post-606","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-back-office","category-fixed-deposit-discounting"],"_links":{"self":[{"href":"https:\/\/www.sikasoftonline.net\/index.php\/wp-json\/wp\/v2\/posts\/606","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.sikasoftonline.net\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.sikasoftonline.net\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.sikasoftonline.net\/index.php\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/www.sikasoftonline.net\/index.php\/wp-json\/wp\/v2\/comments?post=606"}],"version-history":[{"count":2,"href":"https:\/\/www.sikasoftonline.net\/index.php\/wp-json\/wp\/v2\/posts\/606\/revisions"}],"predecessor-version":[{"id":641,"href":"https:\/\/www.sikasoftonline.net\/index.php\/wp-json\/wp\/v2\/posts\/606\/revisions\/641"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.sikasoftonline.net\/index.php\/wp-json\/wp\/v2\/media\/612"}],"wp:attachment":[{"href":"https:\/\/www.sikasoftonline.net\/index.php\/wp-json\/wp\/v2\/media?parent=606"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.sikasoftonline.net\/index.php\/wp-json\/wp\/v2\/categories?post=606"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.sikasoftonline.net\/index.php\/wp-json\/wp\/v2\/tags?post=606"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}