Account Closure
Customers usually initiate account closures. However, banks may also initiate account closure activities for example, when an account is inactive or has a zero, negative, or below a threshold balance for a period of time.
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Perform the settlement of payoff amount for the savings account by providing the transaction amount, currency and also settlement instructions
Close Account
PUTPerform the closure of the savings account after settlement of payoff amount. The account moves to closed status based on the closure conditions defined in the system
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Calculate the payoff amount for the current account which includes the outstanding amounts and also amounts such as account balances, interest, and charge amounts
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Approves account closure information to allow closing of an account which is no longer in use
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Retrieves the account closure information of the account such as closure date and reason, mode of closure, balances on the date of closing and pending charges
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Retrieves the payoff details of an account
Renegotiate Deposits
Renegotiating deposits involves negotiating new terms and conditions for a term deposit account before its maturity date. These negotiations may include a change in the original terms of the account, such as the interest rate or the maturity date and so on.
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Perform the renegotiation of the term deposit contract details such as payment frequency, interest rates, etc.