How to create Overdraft account
On this page:
Create Overdraft Account
1) Go to the specific Client and click on 
2) New savings applications page gets opened, then Select savings product >> Defined overdraft product.
Below showing an example of overdraft product:-
>> Nominal annual interest rate is defined as 8%. >> Is overdraft allowed is True (Enabled) >> Maximum Overdraft limit is set as 100000 >> Nominal annual interest rate for overdraft is 12% >> Min overdraft required for interest calculation is set as 0. |
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3) Fill up all the required details, below showing an example of the above shown selected product with default values.
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Then click on submit.
4)Next, the Overdraft Account needs to be approved and activated with specified date.
5) Overdraft Account gets created with active status.
To Deposit
Click on 
button to make deposits.
Provide Transaction date, amount payment type and click on submit button.
To Withdraw
Click on 
button to make withdrawals
Transactions
Below showing an transactions example.
As you could see transaction type:
>>As Interest posting is calculated on the positive balance, 8% of 20,000 and it has posted interest accordingly.
>> As Overdraft interest is calculated on the negative balance, 12% of -29779.64 and interest is accordingly.
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