Advanced Settings for Savings Products
We support advanced settings done to include floating rate interest with respective to period.
| # | Field Name | Description |
|---|---|---|
| 1. | Allow Floating Rate Interest? | This is a check box to enable floating rate interest with respective to period. |
| 2. | Effective From Date | The date when the rate of interest changes. |
| 3. | Interest | Interest rate that need to be applied from the mentioned effective from date |
For Example: The Central Banker changes the interest rate every year.
Say an Organization wants to apply a interest rate of 12% per annum from 21 July 2016 and the interest rates would increase to 24% from 21 July 2017. To achieve this behavior, the organization will add a new interest rate from 21 July 2017 as shown in the fig below.
