Guidance on Term Deposit

Introduction

The following notes on term deposits, and related CDS schema, are gathered from Subject Matter Expert guidance and responses to participant support issues.

BankingTermDepositAccount

The following items are related to the BankingTermDepositAccount schema.  

Lodgement Date

When a Term Deposit (TD) is first created, the creationDate and lodgementDate are the same and reflect the account opening.

When a TD is renewed with a different term, the original TD is effectively terminated and a new TD created. In this case, creationDate and lodgementDate are the same.

When a TD is renewed and is the same term as the original TD, then the original TD continues and the original start date remains unchanged. In this scenario, the creationDate is the date of the account being opened but lodgementDate is the renewal date.

ThecreationDate andlodgementDate are distinct, since interest rates and price are defined by term. The lodgementDate indicates the current term.

For example, if a six month term deposit has had five rollovers, the creationDate may date from five years ago, while the lodgementDate is in the last six months. 

Maturity Amount

The maturityAmount is optional. If there is no amount on maturity, or if the TD is closed, then this does not need to be provided. However, maturityDate is mandatory and can be set to the date the term deposit matured.

The DH could omit the termDeposit and specificAccountUType fields from the response altogether, as they are classified as conditional and optional respectively in the BankingAccountDetail schema.

BankingAccountDetail

The following items are related to the BankingAccountDetail schema. 

Term Deposit Details Unavailable

If the Data Holder does not have the details required for the termDeposit structure, the DH can exclude the optional specificAccountUType field and the associated termDeposit field from the BankingAccountDetail schema. This implies that there is no specific structure to present for the account.
Aternatively, the DH can retain the field but provide an empty array for the termDeposit field. This implies that there are no deposits currently held in the account. The account balance should also reflect this.