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Table of Contents (Online Help)

Renew Time Deposit

This window allows the user to renew a time deposit. The time deposit must be a running one or at least one that has matured.

How to renew a time deposit.

To renew a time, go to Savings\Open Savings Account and a screen as the one below will be seen

• Time deposit No: Click on the choose button to select the time deposit that you want to renew e.g. "KA/00013" then click the next button to continue and the following screen appears:

• Account No: The account number will automatically appear here e.g "KA/00013"
• Name: The Client name will automatically appear here e.g "Angela Molly"
• Product: The time deposit product of the selected time deposit will automatically appear here e.g. "Term deposit".
• Reference No:The client's reference No will appear here automatically e.g "0000001234". For this reference number to appear here it should have been entered under Clients/individual clients/Identification.
• Deposit date/time: The deposit date/time will appear here automatically. This is the initial deposit date and time of the time deposit before the renewal.
• Value date: The value date will appear here automatically. This is the initial Value date and time of the time deposit before the renewal
• Voucher: Enter here the voucher number of the time deposit renewal e.g. "0123"
• Interests rate: Enter here the interest rate for the time deposit renewal e.g "25"
• Period in Months: Enter here the new period in months that the renewed time deposit will last e.g "6"
• Interest calculation: Select the interest calculation option. This can be interest calculated at maturity, or monthly, or Quarterly, or semi annually.
• Interest Capitalized: When this option is activated, the interest till the date of renewal will be added to the principal which already has the previous interest and only one option interest option "Interest calculated at maturity" will be active.
• Maturity Date: The maturity date will appear here automatically. It is a date by which the time deposit expiry date was extended by the period in months at renewal:
• Maturity value: The Maturity value will appear here automatically. This is the initial deposit date and time of the time deposit before the renewal.
• Withholding tax (%): The withholding tax percentage will appear here e.g 12.5. It can be set by time deposit product. For this percentage to appear here it should have been set under System/ configuration /time deposit/ time deposit default settings.
• Withholding tax: The withholding tax amount will appear here e.g. "46,875" automatically computed by the system.
• VAT: The Value added Tax (VAT) amount will appear here automatically. This amount will be computed based on the VAT rate set under Support files / VAT rates. For this amount to appear here, the payment of VAT for time deposit should have also been configured under System/configuration/ Time deposit/ Time deposit VAT settings. Tick the options for which you want VAT charged.
• Interest paid at calculation (cash or cheque): Select this option for interest to be paid in cash or by cheque at maturity.
• Interest to be remitted to savings account at maturity: Select this option for interest to be paid into the client's savings account at maturity. When this option is selected, additional option that displays the savings accounts displays.
• Select savings product: From the drop down box select the Savings product account that the interest will be remitted at maturity e.g "Free savings".
• Date of renewal: Enter here the date of renewal of the time deposit e.g. "30/07/2016". This date can be different from the maturity date. However, tax computations (Withholding and Value added Tax) will be based on the date of renewal.
• Refresh: Click on the Refresh button for all the changes to be visible.
• Revert: Click on the revert button to revert to the original information if there are adjustments you need to make before renewing the time deposit.
• Renew: If you are satisfied with the data entry click on the Renew button to renew the time deposit.
• Cancel: Click on the Cancel button if you want to quit the page without making any changes at the renew time deposit window.

Contact LPF live support for more information
This service requires an Internet connection.