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About deposits

This guide explains how to configure and manage the products, create and manage deposit applications, offers and contracts.

In general, the deposit lifecycle includes the following:

In this guide you will find the steps how to create and manage each of step of the deposit lifecycle:

Also, you will find additional materials about deposit management:

Note that the deposit module is an optional part of the Tuum core banking functionality. You can create and manage deposits only when the deposit module is enabled for your organisation.

Definitions

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.