If a Term Deposit is closed and credited to bank’s default SB account how that is recovered

If a Term Deposit is closed and credited to bank's default SB account how that is recovered

Here is DBD held with BOI (8604) since 12/04/2009 for Rs 5 lacs and then renewed with a diff DBD receipt No (I do not remember the new Receipt No) ..it was renewed again on 12/04/2013 with a new DBD receipt issued by the bank . Original Receipt is held with me neither disposed nor pledged. The bank closed it on 10/10/2013 and transferred the amount to its ofc account. 

How Finacle allowed it? Was it hacked by the bank? Or was Infosys system managers assistance were taken ?

Newbie Asked on September 23, 2019 in FinacleEbanking.
Add Comment
  • 2 Answer(s)

    When your TD was opened, was it opened under L-Limited renewal option.? If yes, system will renew if for limited number of times specified at account opening and after the last time, it will auto close it. Please check your setup in TAM table.

    Regular+++ Answered on September 23, 2019.
    Add Comment

    If your repayment account was not maintained during TD account creation, system will automatically default your interest in the bank’s system office account entered during account creation.

    Contributor Answered on December 10, 2019.
    Add Comment

    Your Answer

    By posting your answer, you agree to the privacy policy and terms of service.
  • Disclaimer:

    Finacle is a registered trademark of Infosys Ltd.

    Finaclestack is an independent resources site on Finacle solutions and is not in any way related to/owned by/managed by/under the control of Infosys.

    Infosys is not responsible for the contents of this site or any link contained in this site or a linked site, or any changes or updates on this site.

    Finaclestack provides these resources to you only as a convenience, and the inclusion of any object shall not be construed to imply endorsement by Infosys in any manner. We trustfully rely on the long years of experience of our community members.