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Early Withdrawal Penalty on FIXING PHASE

Former Member
0 Kudos

Dear All,

I'm trying to manage the deposit accounts in a very simply way, and I need to denay the early withdrawal penalty calculation during the fixing phasare of the deposit when disbursing the interest accrued during the settlement activity.

Anyone knows if there is any possibility to customize this activity in order to have the free early withdrawal also during the fixing phase and not inside the grace period ?

Kindly regards,

A.

2 REPLIES 2

Former Member
0 Kudos

During Fixing Phase it's not possible to withdraw money. There is only one option to withdraw fund before maturity i.e. Early Withdrawal for Fixed Deposit Accounts. During Renewel you can withdraw in grace period.

Former Member
0 Kudos

Hi Andrea,

Time Deposit Liye Cycle,

1. Create an account .

2. Depsoit the fund

3. Fixing of time deposit agreement

4. Early withdrawal of money( Withdrawal of money before maturity)

5. Calling of time deposit ( Maturity of time deposit agreement)

Early withdrawal penalty will charged to the customer if they want to withdraw the fund before maturity.  So this step will come after fixing of time deposit agreeement.

You can avoid early withdrawal penalty in 2 ways,

1. Do not configure any penalty interest  in Financial Condition Or,

2.. Select no penalty tick up while creating Early withdrawal Order.

Thanks,

Warm Regards,

Anuj Agarwal