The following steps provide a brief overview of the way DepositBook Platform works:
Depositor registers on the Platform and opens a central account: Depositor registers on the Platform and opens a central account with at least one of our Custodian Partners. The Custodian account will be used to transfer funds to the chosen Partner Bank
Deposit Transaction: Depositor can use the Platform to view, filter and select an offer from the ones published on the Platform by our Partner Banks. The Depositor can either place a deposit in a Standard Offer published by Banks or also consider placing deposits in to a Pooled Campaign run by the Bank or request for a rate through a reverse query. Once they find an offer, a Depositor can confirm the placement and the Platform facilitates the placement process through a seamless, automated journey. The transaction will have a two leg journey 1) Transfer of the Funds from the Remitting Bank of the Customer to the Customer account with the Custodian 2) Once Funds are sighted by the Custodian , Funds are automatically remitted to the Partner Bank .
Partner Bank Confirmation: Once the Partner Bank receives the Fund, it issues a Deposit Receipt to the Custodian