Overview

Fixed Deposit Accounts are instances of a particular Fixed Deposit Product created. An application process around the creation of accounts is also supported.

Field Descriptions

ParamsDescription
clientIdThe client you are creating the fixed deposit account for.
productIdThe id of the product used for this fixed deposit account. The fixed deposit account inherits the selected currency of the product and possibly other details if not overridden in the fixed deposit account creation request
accountNoThe account no. associated with this fixed deposit. Is auto-generated if not provided at creation time.
externalIdA place to put an external reference for this fixed deposit account useful in migrations e.g. The ID another system uses. If provided, it must be unique.
submittedOnDatesubmittedOnDate must be provided when initially creating a fixed deposit account application. locale and dateFormat parameters must be provided with this.
interestCompoundingPeriodTypeThe period at which the interest rate is compounded. 1=Daily, 4=Monthly (at end of the month)
interestPostingPeriodTypeThe period at which interest rate is posted or credited to a fixed deposit account. The actual crediting or posting transaction is the date as occurring on the day after the end of the period. 4=Monthly (at end of the month), 5=Quarterly (at end of the quarter, 31st Mar, 30th Jun, 30th Sep, 31st Dec), 7=Annually (at end of calendar year 31st Dec)
interestCalculationTypeThe interest calculation method used: 1=Daily Balance or 2=Average Daily Balance
interestCalculationDaysInYearTypeThe setting for number of days in year to use: 360=360 Days, 365=365 Days
lockinPeriodFrequencyOptional: If provided, used along with lockinPeriodFrequencyType to indicate the length of time that the fixed deposit account is 'locked in' and withdrawals are not allowed. e.g. 6 Months.
lockinPeriodFrequencyTypeOptional: If provided, used along with lockinPeriodFrequency to indicate the length of time that the fixed deposit account is 'locked in' and withdrawals are not allowed. 0=Days, 1=Weeks, 2=Months, 3=Years e.g. 6 Months
depositAmountThe fixed deposit amount for which interest is provided on maturity.
depositPeriodUsed along with depositPeriodFrequencyId to define the term for which amount is deposited in fixed deposit. e.g. 6 Months.
depositPeriodFrequencyIdUsed along with depositPeriod to define the term for which amount is deposited in a fixed deposit. 0=Days, 1=Weeks, 2=Months, 3=Years e.g. 6 Months.
minDepositTermThis is used along with minDepositTermTypeId to define the allowed minimum deposit term for creating a fixed deposit account using this product. e.g. 6 Months.
minDepositTermTypeIdUsed along with minDepositTerm to define the allowed minimum deposit term for creating a fixed deposit account using this product. 0=Days, 1=Weeks, 2=Months, 3=Years e.g. 6 Months
maxDepositTermOptional: If provided, used along with maxDepositTermTypeId to define the allowed maximum deposit term for creating a fixed deposit account using this product. e.g. 3 Years
maxDepositTermTypeIdOptional: If provided, used along with maxDepositTerm to define the allowed maximum deposit term for creating a fixed deposit account using this product. 0=Days, 1=Weeks, 2=Months, 3=Years e.g. 3 Years.
inMultiplesOfDepositTermOptional: If provided, used along with inMultiplesOfDepositTermTypeId to indicate the allowed deposit periods after the minimum deposit period. e.g. If
inMultiplesOfDepositTermis 3 Months then the next allowed deposit period after minimum deposit of 6 Months should be 9 Months..
inMultiplesOfDepositTermTypeIdOptional: If provided, used along with inMultiplesOfDepositTerm to indicate the allowed deposit periods after the minimum deposit period. 0=Days, 1=Weeks, 2=Months, 3=Years e.g. If inMultiplesOfDepositTerm is 3 Months then the next allowed deposit period after a minimum deposit of 6 Months should be 9 Months
preClosurePenalApplicableOptional: expects boolean value true/false, If provided as true then must provide preClosurePenalInterest and preClosurePenalInterestOnTypeId.
preClosurePenalInterestThe client you are creating the fixed deposit account for.
clientIdOptional: Must provide when preClosurePenalApplicable is true. Used along with preClosurePenalInterestOnTypeId to apply a penalty on top of an applicable interest rate for Pre-mature closure of accounts. e.g. “1%” means 1% less than the interest rate applicable.
preClosurePenalInterestOnTypeIdOptional: Must provide when preClosurePenalApplicable is true. Used along with preClosurePenalInterest to decide what should be the applicable interest rate to which penalty can be applied on Pre-mature closure of accounts. 1=Whole Term, 2=Till Premature withdrawal e.g. “1%” means 1% less than the interest rate applicable till premature withdrawal..
withHoldTaxOptional: If tax group provided at product level, will allow to Enable or disable withhold tax on interest posting for savings account