New Product Setup (Discounted TD) (Doc ID 3055608.1)

Last updated on OCTOBER 29, 2024

Applies to:

Symptoms

ACTUAL BEHAVIOR
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We created a discounted TD with the below business process;

Discounted TD with fixed tenor 99 days
In case of pre-closure/redemption

a. within 45 days - the interest paid will be reversed
b. >45<=99 Days - reverse the interest paid and interest of <>% will be paid to the CASA

we have maintained IC rule / product as below ( attached the extract)

Condition 1
When TD account opens, the interest amount will be settled to the Payout account at the creation date.
Formula 1

Condition 2
If this TD account pre-close before maturity, we don't give any interest for this account.
Formula 2

Condition 3
If this TD account pre-close between 45 days and 98 days, we will give the interest as <>% for actual placement days to the CASA Payout Account.
Formula 3

While doing the redemption of condition 3, the interest paid are reversed correctly. Still, the new interest amount @<>% calculated is credited to the TD Account, expecting the interest to be paid to the CASA account .

Please kindly check ILIQ transaction flow as attached excel file and provide the correct accounting flow.


EXPECTED BEHAVIOR
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<>% rate wants to settle to the CASA payout account, not TD account.

STEPS
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The issue can be reproduced at will with the following steps:
1. Do the product setup
2. Create a TD
3. Do preredemption when the TD is open more than 45 days and less than 99 days
4. Verify the redemption entries.

Cause

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