• Objective

    The Deposit Management API suite provides a secure, standardized, and automated interface for banks to offer Fixed Deposit (FD) and Recurring Deposit (RD) services digitally. These APIs streamline key deposit operations—verification, account opening, statements, closure, and renewal—while ensuring regulatory compliance and enhanced customer experience.

    • Enable real-time validation of deposit requests before account creation.
    • Support digital account opening for FD/RD with full nominee, interest payout, and auto-renewal options.
    • Provide instant access to deposit account statements and transaction details.
    • Facilitate secure closure, premature withdrawal, or renewal of deposits.
    • Ensure robust authentication and customer consent through OTP verification.
    • Reduce manual intervention, improve TAT, and enhance transparency in deposit services.
    • Verify Deposit Request
      • Purpose: Validate customer and deposit details before opening an account.
      • Inputs: Deposit amount, tenure, interest credit frequency, nominee, debit account, senior citizen flag, FD/RD type.
      • Outputs: Applicable interest rate, projected maturity amount.
      • Use Case: Customer checks expected return before confirming deposit creation.
    • Open Deposit Account
      • Purpose: Create a new FD or RD account after verification.
      • Inputs: Verified customer and deposit details.
      • Outputs: Confirmation of account creation.
      • Use Case: Customer digitally opens deposit account via mobile/net banking.
    • Deposit Account Statement
      • Purpose: Fetch detailed account information and lifecycle data.
      • Inputs: Customer token, account number.
      • Outputs: Opening date, maturity date, deposit amount, interest rate, nominee, auto-renewal status, and debit account details.
      • Use Case: Customer or bank staff views deposit history and status.
    • Verify Close/Renew Deposit
      • Purpose: Validate closure (mature/premature) or renewal request.
      • Outputs: Penalty charges (if premature), applicable renewal details.
      • Use Case: Customer explores penalty implications before closing deposit.
    • Close/Renew Deposit
      • Purpose: Process closure, renewal, or maturity payout of a deposit.
      • Outputs: UTR for transaction tracking, OTP sent to customer for consent.
      • Use Case: Customer redeems or renews FD/RD without branch visit.
    • Authenticate Close/Renew Deposit Request
      • Purpose: Finalize deposit closure/renewal with OTP authentication.
      • Outputs: Confirmation of request acceptance.
      • Use Case: Customer validates transaction digitally ensuring secure consent.

  • Benefits

    • Customer Convenience: Fully digital FD/RD lifecycle management.
    • Operational Efficiency: Reduced branch dependency and manual effort.
    • Transparency: Real-time interest rates, maturity value, and penalty disclosures.
    • APIs align with RBI digital banking guidelines and audit trail requirements.
    • Security: Encrypted payloads, tokenized authentication, and OTP consent.
    • Flexibility: Supports tenure variations, senior citizen benefits, auto-renewal, and nominee management.

  • Verify Deposit Request

  • Open Deposit Account

  • Account Statement

  • Verify Close/Renew Deposit

  • Close/Renew Deposit

  • Authenticate Close/Renew Deposit Request

  • Sample Code