Overview
Close Saving Service is a set of APIs designed to handle the closure of savings accounts within the banking system (typically integrated with Core Banking or frontend platforms such as Mobile Banking or Internet Banking). This API suite supports various scenarios for closing savings accounts, including flexible savings accounts (Flex), term deposits (CD/FD), and special cases like premature closures or maturity-day settlements.
Why Use This API Suite?
Automate the Savings Account Closure Process
The Close Saving Service APIs help banks and financial institutions automate and simplify the settlement of various types of savings accounts (such as Flex, FD, CD...), improving efficiency while reducing manual intervention and processing time.
Handle Multiple Closure Scenarios
The API suite supports scenarios such as:
- Premature settlement for term deposit accounts (FD/CD).
- Automatic closure after maturity.
- On-demand closure of flexible savings accounts at any time.
This provides flexibility for customers and helps banks meet diverse needs.
Automatic Settlement Transaction Handling
The APIs ensure full account balance processing, including accrued interest and any applicable fees. This guarantees accurate recording of all financial transactions upon account closure.
Regulatory Compliance
Banks must strictly comply with regulations related to account settlement, including interest calculation, fee handling, and account status updates. This API suite ensures the closure process aligns with internal policies and legal regulations.
Enhanced Customer Experience
Automated and streamlined closure processes allow customers to avoid visiting branches or dealing with complex paperwork. Customers can initiate closures directly via digital platforms such as Mobile Banking or Internet Banking.
Minimized Errors
Automation helps reduce human error in manual processes, ensuring high accuracy in settlement transactions.
Key Features
Close Multiple Types of Savings Accounts
1. Close Flexible Savings Account
API: /closeSavingService/v1/closeFlexSaving
Allows customers to close flexible savings accounts that they can deposit/withdraw at any time.
2. Settle Savings After Maturity
API: /closeSavingService/v1/closeCDPassDay
Automatically closes term deposits after the maturity date, ensuring the customer receives both principal and interest.
3. Premature Settlement
API: /closeSavingService/v1/settleSavingBeforeDate
Handles early settlement requests for term deposits, calculates adjusted interest rates, and/or applies penalties if applicable.
4. Close on a Specific Date
API: /closeSavingService/v1/closeCDOnDay
Allows customers to specify a particular date for account closure, useful in urgent cash needs.
5. Auto-close FD and Linked Auto-Pay Savings Accounts
API: /closeSavingService/v1/closeFDAPSaving
Automatically processes closures for accounts linked with recurring transactions and cancels associated transactions accordingly.
Approval Workflow for Flexible Savings
Approval for Flex Account Closure
API: /closeSavingService/v1/approveCloseFlex
Supports mandatory approval workflows before closing a flexible savings account.
