Deposit Management
eBanqr offers comprehensive features for managing a diverse range of deposit products. Expand your financial offerings and manage various deposit products with ease using eBanqr’s Deposit Management module. Whether it’s savings accounts, fixed deposits, or unique susu schemes, our platform provides the flexibility and robust features to handle diverse deposit types, ensuring seamless customer experience and accurate record-keeping.
Flexible Deposit Management for Diverse Products
Benefits:
- Ability to offer a wider range of deposit products.
- Improved efficiency in managing deposit accounts.
- Enhanced customer satisfaction with seamless deposit services.
- Accurate interest calculations and financial reporting.
- Stronger compliance and reduced operational risk.
Deposit Management Features
- Diverse Account Types: Supports a broad spectrum of deposit accounts to cater to varied client needs:
- Basic Savings Accounts: For mandatory/voluntary savings, single/multi-currency, at center, group, or individual level.
- Passbook Savings Accounts: Full support for traditional passbook operations.
- Mandatory Savings: Specific support for mandatory savings programs.
- Interest Bearing Savings: Accounts designed to accrue interest.
- Term Deposits: Fully supported with extensive flexibility and parameterization.
- Recurring Deposit Term Accounts: Supports regular deposit frequency.
- Share Accounts: Configurable for financial cooperatives.
- Current (Checking) Accounts: Customizable to align with institutional needs.
- Custom Savings Programs: Enables creation of unique, custom savings programs.
- Transaction Processing & Management:
- Standing Instructions: Automates periodic transactions (daily, weekly, monthly, yearly) including transfers between client accounts, client-to-client savings transfers, and automated loan repayments from savings.
- Automated Deposit Renewal: Automatically renews term deposits upon maturity.
- Penalty for Premature Closure: Allows assessment of penalties for early deposit closure.
- Savings Account Management Tools: Provides tools for Recurring Deposit, Standing Instructions, Interest Calculation, Dividend Calculation, and Receipt Printing.
- Interest Accrual & Configuration:
- Flexible Parameterization: Centralized administration with flexible parameters for interest rates, compounding/posting periods, minimum balances, lock-in periods, and fees.
- Dormancy & Inactive Settings: Defines dormancy and inactive settings, including escheatment.
- Min/Max Interest & Balance: Granular control over interest calculations by defining min/max interest, balance, or balance for interest.
- Batch Processing: Interest can be capitalized monthly, quarterly, semi-annually, or annually via scheduled batch jobs or manual posting.
- Granular Product Design: Allows extensive parameterization for each deposit product, including nominal interest rates, compounding/posting periods, minimum balances, lock-in periods, and withdrawal fees.
- Configurable Interest Rate Bands: Defines interest rate bands based on maturity periods for deposit products.
- Market Responsiveness: High degree of configurability enables rapid design and launch of specialized deposit products tailored to specific market segments or regulatory environments, providing a competitive edge.
- Operational Efficiency & Client Convenience: Automation of routine transactions like periodic savings contributions and deposit renewals reduces manual workload, minimizes errors, and enhances client experience.