Saving Product Fields
Saving Product Fields
Field Name (attribute) | Description | Example | Validations (if applicable) |
|---|---|---|---|
Details Section | |||
| Product name | The product name is a unique identifier for the saving product. The product name is used:
| Monthly Interest Saving | Required field Alphanumeric Maximum 100 characters |
| Short name | The short name is a unique identifier for the saving product. The short name is used:
| MIS | Required field Alphanumeric Maximum 4 characters |
| Description | The description is used to provide additional information regarding the purpose and characteristics of the saving product. The description is used:
| Monthly Interest Saving | Alphanumeric Maximum 500 characters |
| External Id | The Id provided additionally to identify the loan product | ||
Currency Section | |||
| Currency | The currency to be used for the saving product. Select the saving product's currency from the Currency list. | Required field | |
| Decimal places | The number of decimal places to be used to track and report on saving accounts based on the saving product. | 2 | Required field Numeric |
| Multiples of | You can enter multiples of currency value. For example, if you put "multiples of 100", the currency value will be rounded off to 200, 300, 400, etc. | 0 | Required field Numeric |
| Terms Section | |||
Nominal annual interest rate | The default interest rate set when creating savings accounts based on this saving product, e.g. 5% per year. Nominal annual interested is expressed as the annual percentage rate (APR). | 5 | Required field Numeric (percentage) with decimals |
Interest compounding period | The period at which interest rate is compounded. | Monthly | Required field Select from list |
| Interest posting period | The period at which interest rate is posted or credited to a saving account based on this saving product. | Monthly | Required field Select from list |
| Interest calculated using | The method used to calculate interest. | Average Daily Balance | Required field Select from list |
| Days in years | The setting for number of days in year to use to calculate interest. For example 360 days or 365 days. | 360 | Required field Select from list |
Settings Section | |||
| Minimum opening balance | Sets the minimum deposit amount required to open a saving account of this saving product type. | 2000 | Optional field Numeric with decimals |
| Locking period frequency | Used to indicate the length of time that a savings account of this saving product type is locked-in and withdrawals are not allowed. | 6 Months | Optional field Numeric and select from list |
| Apply Withdrawal fee for transfers | Indicates whether the withdrawal fee should be applied when funds are transferred between accounts. Note that the withdrawal field must have been defined in the system. See How to Create a Charge. | Optional field Check if true; Uncheck if false | |
| Balance Required For Interest Calculation | Sets the balance required for interest calculation. | Optional field | |
| Enforce minimum balance | Indicates whether to enforce a minimum balance. | Optional field Check if true; Uncheck if false | |
| Minimum balance | Sets the minimum balance allowed for a saving account. | Optional field | |
| Is Overdraft Allowed | Indicates whether saving accounts based on this saving product may have an overdraft. | Optional field Check if true; Uncheck if false | |
| Maximum overdraft amount limit | Sets the maximum allowed overdraft amount for a saving account that is allowed to have an overdraft. | 5000 | Required if 'Is Overdraft Allowed' is checked |
| This interest rate is used for the interest calculation of Overdraft amount. | Optional field Required if 'Is Overdraft Allowed' is checked | ||
| Min Overdraft Required For Interest Calculation | Sets the minimum overdraft amount required for the interest calculation. | Optional field Required if 'Is Overdraft Allowed' is checked | |
Is DP limit allowed | Indicates whether saving accounts based on this saving product may have an overdraft with Drawing Power(DP) limit | Optional field Required if 'Is Overdraft Allowed' is checked | |
| Drawing power frequency type | Sets Drawing power frequency as days/weeks/months/year.
| Required if Is DP limit allowed' is checked | |
| Drawing power frequency interval | Sets the frequency for DP reduction. For example every 2 weeks or every 1 month etc., | Required if 'Is DP limit allowed' is checked | |
| Is Withhold tax applicable | By checking the check box the selected tax group will not be applicable for the saving account. | ||
| Tax Group | Select the tax group which should be withhold. | Check this check box only if the tracking of dormancy is required. | |
| Enable Dormancy Tracking | Check this check box only if the tracking of dormancy is required. | ||
| Number of Days to Inactive sub-status | Set the number of days to move the account to inactive state | Required if 'Enable Dormancy Tracking' is checked | |
| Number of Days to Dormant sub-status | Set the number of days to move the account to dormant state | Required if 'Enable Dormancy Tracking' is checked | |
| Number of Days to Escheat | Set the number of days to move the account to Escheat state where the account will be closed | Required if 'Enable Dormancy Tracking' is checked | |
| Advanced Settings | |||
| Floating rate interest | Sets a variable interest rate with respect to specific date | Cannot remove or delete the floating rates, once the product is submitted with floating rate interest definition. | |
Charges Section | |||
| Charges | Select a charge from the Charges list and click Add. If more charges apply to the saving product, select additional charges and click Add for each. | ||
Accounting Section | |||
| Accounting | Select one from:
If Cash is selected, see additional fields. | ||