Term deposit - A fixed-term investment where money is deposited into an account for a certain period of time and interest is earned on the deposit. The duration of time can range from one month to a few years with mandatory minimum deposits.
Deposit product - A set of contract terms defined by a financial institution that it offers its customers for depositing money.
Deposit application - A customer’s application to deposit money as a term deposit with a financial institution.
Deposit offer - A financial institution's offer of deposit terms to the customer deposit application.
Deposit contract - A contract between the customer and financial institution to deposit money on the terms of the deposit offer accepted by the customer.
This guide explains the management and its operations. It is intended for Tuum customers who want to learn about creating, managing and operating term deposits in the Tuum BackOffice platform.
Here you will learn the following information about deposits:
The Tuum deposit API allows you to create new term deposit products and set up necessary configuration parameters. This module is an optional part of the Tuum core banking functionality. When you subscribe to the deposit API, with the BackOffice, you can create deposit products and manage other operations.
The following image shows the general deposit lifecycle: