How to create Saving Accounts

A saving account is an instance of a saving product. A saving account has a unique account number, a specified interest rate, external id, minimum opening balance and it is owned by either client or group.

A saving account can be created for an active client or group based on a saving product that is active on the submitted date. When a saving account is created, it inherits the rules and defaults from the saving product. Your financial institution may allow some of the inherited information to be modified for a saving account.

Existing saving accounts are unaffected when the saving product they are based upon is changed later.

A client may have more than one active saving account as defined by a financial institution's policies, configured in the Product Mix.

In the case of a group saving application, individual client saving accounts belonging to members of the group are included for the purposes of applying product mix rules.

Create Saving Account:

1) To create Saving Account, Go to the specific client, group or center and click on 'New Saving' or 'Group Saving Application' or 'Center Saving Application' to see the following window:

2) Furnish all the details and click on 'Submit' button.

3) Approve and Activate the Saving Account.

The saving account actions / transactions availability and affect on the saving account life cycle status are:

Previous Status	Action	Resulting Status
N/A	New Saving	Pending Approval
Pending Approval	Modify Application	Pending Approval
	Add Saving Charge	Pending Approval
	Modify Application	Pending Approval
	Reject	Rejected(cancel)
	Assign Staff	Pending Approval
	Withdrawn by Client	Cancelled(withdrawn)
	Delete	Cancelled
Approved	Undo Approval	Pending Approval
	Activate	Saving Account Created
	Add saving charge	Approved
	Assign staff	Staff assigned(approved)
Active	Add saving charge	Active
	Deposit	Active
	Withdraw	Active, until the amount in saving account is greater than zero.
	Calculate Interest	Interest calculated and shown on the same window
	Unassign staff	Assign Staff
	Transfer Fund	throwing error: insufficient fund to transfer.. ??
	Close	Withdraw balance and Saving Account is closed.

The typical Saving Account overview is shown in below image with all above options mentioned in the table.

In the Saving Account overview, you can see Summary, Transactions and charges related to Savings Account.

Group Saving Account:

A group saving account is a single saving account shared by all members of a group. All the members of the group can perform deposit and withdraw operations. The group is treated collectively by the financial institution as a single entity.

Saving Account Transactions:

I) Deposit:

In order to deposit the amount for the Client's Saving Account:

1) Go to the Client's profile

2) Select the Savings Account and open it

3 ) Click on 'Deposit' tab, to see the following window:

4) Enter the Transaction Date, Amount and Payment Type

5) Click on the 'Submit' button to make the deposition.

6) Finally, go to the Savings Account overview and click on 'Transactions' tab to confirm the deposition.

II) Withdraw:

In order to enable client to withdraw amount from Savings Account

1) In the Client's Saving Account overview click on 'Withdraw' tab to see the following window:

4) Enter the Transaction Date, Amount and Payment Type

5) Click on the 'Submit' button to make the withdrawal.

6) Finally, go to the Savings Account overview and click on 'Transactions' tab to confirm the withdrawal.