In the CDS BankingTermDepositAccount schema,
maturityInstructions enumeration, we assume the following interpretation:
- ROLLED_OVER = Customer wants to roll over the principal and interest
- PAID_OUT_AT_MATURITY = Customer wants principal and interest to be paid out in full at maturity
- HOLD_ON_MATURITY = customer wants interest paid out at maturity and principal to be rolled over.
Can you confirm that this is correct?
These definitions are a good interpretation. The three states are indicative of the customer's instruction given to the bank, or in the absence, the default instruction the bank would take based on their product disclosure statement / terms and conditions.
aHold on maturity was introduced in v1.5.0 based on feedback that some banks had a different instruction when a term deposit reaches maturity whereby the funds are placed in a holding facility similar mechanism managed by the bank for a period of time until the customer provides explicit instructions or the maximum period of the hold has elapsed. During this time, the term deposit has not rolled over but continues to accrue interest. In this scenario, funds may be renewed or withdrawn upon instructions by the customer.
For further context, see: https://github.com/ConsumerDataStandardsAustralia/standards-maintenance/issues/153