How do I list my fixed deposits in the platform?
Individual fixed deposits are often short-term and change frequently as they mature. Instead of listing each fixed deposit individually, it is recommended to list the fixed deposit account number instead. As for the market value of the accounts, list it based on its current value, even if it is likely to change soon.
What happens when the fixed deposits mature?
Generally, you are required to set where the fixed deposits go to upon maturity, which can be another savings account within the same bank.
The fixed deposits will be distributed based on the allocation assigned to the fixed deposit account. Meanwhile, the funds in the bank account (into which the fixed deposits are deposited upon maturity) will be distributed according to the allocation for that account. If the same allocation is set for both the fixed deposit account and the bank account, the distribution remains unaffected, regardless of any fluctuation in market values between the two accounts.
Alternatively, if you have multiple accounts within the same bank with the same distribution, you can list it as one asset which includes all accounts from a particular bank. HOWEVER, this is generally not recommended since using broad categories can have serious downsides as they may still be ambiguous, overlap with other categories or listed assets, and is often more prone to mistakes. Listing each assets individually is still the preferred approach as it adds clarity, makes future updates easier, and helps prevent unintentional errors.
Additionally, if the distribution is not intended for the same beneficiary or group of beneficiaries (e.g. the fixed deposit account goes to the Son, three specific accounts go to the Daughter, and the joint bank account goes to the Mum, all other accounts go to Wife), you will need to list each account individually to avoid any confusion.