Mifos User Documentation Portal
  • Overview and Background
    • History and Background
    • Mifos Vision, Mission & Values
    • Who Mifos is For
    • How Mifos is Used
    • The Mifos Stack
      • Overview
    • Mifos v/s Fineract
    • Community app v/s Webapps
  • General Contributing Guidelines
    • Upstream Development Approach
      • Contribution Process
      • The Apache Way
    • Contributors Guide
    • Contribution Guidelines: Android Project
    • Contribution Guidelines: Web Project
  • Getting Started
    • Getting started with Git & Github
    • Postman integration with Gitbook for testing
    • Testing framework-Web
    • Testing framework-Android
    • Mifos CI/CD tools and instructions
  • External 3rd Apps
    • Pentaho Reporting Plugin
    • Payment Hub
  • MifosX
    • Overview
    • User Manual
      • How to Use This Manual
      • For All Users
        • General Navigation
          • Sign In Page
          • Welcome Page
          • Dashboard Page
          • List Page
          • Menu Page
          • Form Page
          • Clients-Groups-Centers Navigation
          • Navigation Tool
          • Global Search
          • Loan Product and Accounting with Mifos
        • Reports
          • Standard Reports Shipped in Mifos X
          • Standard Reports Field Descriptions
          • Custom Reports
            • Creating Simple Pentaho Report and Embedding it to Mifos X
          • XBRL Reporting
      • For Administrators (Mifos X Platform)
        • Initial System Set Up
        • Administration
          • Users
          • Organization
            • Manage Offices
            • Currency Configuration
            • Manage Holidays
            • Manage Funds
            • Manage Employees
            • Bulk Loan Reassignment
            • Standing Instructions History
            • Teller / Cashier Management
            • Fund Mapping
            • Working Days
            • Password preferences
            • Payment type
            • Loan Provisioning Criteria
            • SMS Campaigns
            • Message Gateway Configuration
            • Daily Teller Cash Management
            • Entity Data Table Checks
          • System
            • Manage Data Tables
            • Audit Trails
            • Manage Codes
            • Manage Reports
            • Manage Roles and Permissions
            • Manage Scheduler Jobs
            • Configure Maker-Checker Tasks
            • Global Configuration
            • Manage Hooks
              • Steps for creating sms bridge
            • Account Number Preferences
            • Entity To Entity Mapping
              • External Services
          • Products
            • Loan Products
              • Loan Product Fields
                • Accounting Loan Product Fields
                • Configuring and Disbursing of Top-Up Loan
                • Declining Balance Interest Calculation
                • Enabling Floating Rate
                • Enabling Variable Installments
                • Flat interest calculation
                • Loan Product Fields—Additional Fields for Loans with Variable Terms based on Loan Cycle
                • Recalculate Interest
                • Tranche Loan Fields
              • Setting up Minimum Days between Disbursal and First Repayment
              • Product Mix
            • Charges
            • Floating Rate
            • Savings Products
              • Saving Product Fields
                • Accounting Saving Product Fields
            • Fixed Deposit Products
              • Fixed Deposit Product Fields
                • Accounting Fixed and Recurring Deposit Product Fields
              • Interest rate chart with amount range
            • Recurring Deposit
              • Recurring Deposit Product Fields
            • Interest Calculations for Deposit Products
            • Overdraft Product
            • Share products
              • Dividends
            • Manage Tax configuration
          • Templates
          • mifos dropdown
        • Clients, Groups and Centers
          • Manage Clients
            • Client Life Cycle Statuses
            • Client Relationship Management
          • Manage Groups
          • Manage Centers
        • Accounting
          • Chart of Accounts - General Ledger Setup
            • Default COA sql script
          • Accounts linked to Financial Activities
          • Migrate opening balances (Office-wise)
          • Accounting Rules
          • Provisioning Entries
          • Print General Ledger Listing
          • How To Enter GL Opening Balance
        • Configure Notifications
      • For Operational Users (Mifos X Web App)
        • Accounting operations
          • Add Journal Entries
          • Searching Accounting Transactions
          • Frequent Postings
          • Advanced Accounting Rules
          • Closing Entries
          • Accruals
        • Accounts and Transactions
          • Cash Transaction Processing
          • Deposit Accounts
            • Mifos X Saving Accounts
              • How to Activate a Saving Account
              • How to Add a Charge to a Saving Account
              • How to Approve a Saving Account Application
              • How to Calculate Interest for a Saving Account
              • How to Close a Saving Account
              • How to Create a Saving Account Application
                • Saving Account Fields
              • How to create overdraft account (Draft)
              • How to Delete a Saving Account Application
              • How to Make a Deposit to a Saving Account
              • How to Make a Withdrawal from a Saving Account
              • How to Modify a Saving Account Application
              • How to Post Interest to a Saving Account
              • How to Reject a Saving Account Application
              • How to Transfer funds from a Saving Account
              • How to Withdraw a Saving Account Application
            • Standing Instructions
              • How to Set up a Standing Instruction
                • Standing Instruction Form Fields
            • Term Deposit Accounts (Fixed Deposit / Recurring Deposit)
              • How to Activate a Term Deposit Account
              • How to Add a Charge to a Term Deposit Account
              • How to Approve a Term Deposit Account Application
              • How to Calculate Interest for a Term Deposit Account
              • How to Create a Term Deposit Account Application
                • Term Deposit Account Fields
              • How to Delete a Term Deposit Account Application
              • How to Make a Deposit to a Recurring Term Deposit Account
              • How to Modify a Term Deposit Account Application
              • How to Post Interest to a Term Deposit Account
              • How to Reject a Term Deposit Account Application
              • How to Withdraw a Term Deposit Account Application
            • Creating Recurring Deposit Account:
          • Loan Accounts
            • How to Create a Loan Account Application
              • Loan Account Fields
            • How to Make Repayments on a Client Loan Account
            • Track Loan Performance History
            • How to Approve a Loan Account Application
            • How to Add a Charge to a Loan Account
            • How to Modify a Loan Account Application
            • How to Assign a Loan Officer
            • How to Reject a Loan Account Application
            • How to Withdraw a Loan Account Application
            • How to Delete a Loan Account Application
            • How to Add Collateral to a Loan Account
            • How to Add/Remove/Modify a Guarantor to a Loan Account
            • How to Manage Loan Account Disbursement
            • How to Make Repayments on a Group Loan Account
            • Using collection sheet or other payment types for making payments
            • How to Waive Interest for a Loan Account
            • How to Write-off a Loan Account
            • How to Close a Loan Account as Rescheduled
            • How to Close a Loan Account
            • Making Prepay of the loan
            • How to Prepay a Loan Account
            • How To Create Group Loan Account
            • How to Process Bulk JLG Loan Application
            • How to generate - Loan transactions report
            • How to reschedule loan
            • How to provide floating rates
            • How to provide variable installments
            • How to create new loan - Interest Recalculation
            • Tranche loan process
            • Loan with term vary based on loan cycle
            • How to Place Guarantee Funds On-Hold?
          • Overdraft account
          • Saving Accounts
            • How To Create Group Saving Account
          • Share Accounts
        • Checker Inbox & Tasks
      • Side Bar - Features
        • Checker inbox and tasks
        • Collection sheet
        • Help.
        • Individual collection sheet
        • Keyboard short-cuts
        • Navigation
      • Others - mifos dropdown
        • Help
        • Profile
        • Settings
          • Date format
          • Language
        • Signout
      • Data Import Tool
        • Getting started with - Data Import Tool
        • Installing Data Import Tool
      • Glossary of Terms
      • Index
      • Reporting Documentation
      • Mobile Money Tool
    • User Space
      • New Feature Request Content
      • Recommended System Requirement
      • MifosX Overview
      • Installation guide
        • Upgrading Mifosx
        • Install MifosX on Windows
        • Install MifosX on Linux
        • Install MifosX on AWS
      • Release Notes
        • Release 1 and Features List
        • Release 2 and Features List
      • User Manual
        • How to Use This Manual
        • For All Users
          • General Navigation
            • Sign In Page
        • For Administrators
          • Initial System Set Up
        • For Operationals
      • Roadmap
      • Frequently Asked Questions (FAQs)
      • Demo Server Details
    • Developer Space
      • Setting Up Dev Environment
        • Setting up Frontend - community-app
      • Setting up MifosX from latest builds
      • Contributors Guide
      • Customising MifosX
      • Additional features
        • Data import tool
        • SMS campaigns
        • Pentaho reports
      • How Mifosx works
      • Adding a new tenant to MifosX instance
      • Using REST client for testing
      • API documentation
      • Scaling MifosX
      • Upgrading MifosX
      • Troubleshooting guide
  • Core Banking & Embedded Finance
    • Core Banking
      • Overview
    • Embedded Finance
      • Overview
  • Application Framework
    • Payment Hub EE
  • Main Platforms
    • Fineract 1.x
      • Apache Fineract
      • Apache Fineract Client
    • Fineract CN
      • Overview
      • User Manual
  • Staff UI Platforms
    • Fineract 1.x
      • Community-App
      • Web-App
      • Web Self-Service App
        • Online Banking App 2.0 User Manual
          • Developer Environment Setup for Online Banking App 2.0
      • Mobile Field Officer Applications
        • Android Client
          • User Manual
    • Fineract CN
      • Digital Bank User Interface
      • Mobile Field Officer Applications
        • Fineract CN Mobile
  • Customer UI Platforms
    • Fineract 1.x
      • Mobile Banking
        • Mifos Mobile
      • Mobile Wallets
      • Online Banking
    • Fineract CN
      • Mobile Banking
        • Fineract CN Mobile
        • Mifos Mobile CN
      • Mobile Wallets
      • Online Banking
  • Ancillary Tools
    • Fineract 1.x
      • Message Gateway
      • Mifos Passcode
      • PPI Vision
      • DevOps Tooling
      • Fineract Android SDK
      • MifosX Admin
      • Mifos ChatBot
      • Data Import Tool
    • Fineract CN
      • Fineract CN Containers
      • Fineract CN Terraform
  • Payment and Process Orchestration
    • Fineract 1.x
      • Payment Hub
      • Fineract Pentaho
    • Fineract CN
      • Staff Interfaces
        • Digital Bank UI
      • Customer Interfaces
        • Fineract CN Mobile
        • Mifos Mobile CN
        • Fineract CN Mobile
      • Ancillary Tools
        • Fineract CN Terraform
        • Fineract CN Containers
    • Payment Hub EE
Powered by GitBook
On this page
  • Creating a Charge
  • Savings & deposit charge
  • Client charge
  • Editing charge
  • Viewing charges
  • Charge Fields

Was this helpful?

  1. MifosX
  2. User Manual
  3. For Administrators (Mifos X Platform)
  4. Administration
  5. Products

Charges

PreviousProduct MixNextFloating Rate

Last updated 5 years ago

Was this helpful?

Mifos supports two types of charges—fees and penalties. Fees are charged for services—for example, membership fees, loan disbursement fees, withdrawal fees. Penalties are charged to discourage clients from deviating from the terms of a product—for example, late payment penalty for a loan account, early withdrawal penalty for a fixed deposit account.

It supports Loan charges, Savings & deposits charges and Client charges.

Charges may be associated with a product. When an account is opened based on a product that charges have been associated with, the account will include (inherit) all charges that are associated with the product. In addition, charges that are not defined for a product may be associated with individual client accounts.

Beginning at the main screen, select , Products from the drop-down menu. This will launch the Products menu.

Select Charges.

Creating a Charge

Click on +Create Charge.

Loan charge

  1. Select Charges apply to as Loan.

2. Fill in the charge fields described in the Charge Fields table below.

3. Select Charge time type

Disbursement: Gets charged at the time of loan disbursement, provide amount gets collected separately (Not from the loan amount). Specified due date: Gets charged on the provided date. Installment Fee: Gets charged on every loan installment. Overdue Fees: Gets charged if there is an overdue, this is a penalty charge. Tranche Disbursement: Gets charged for Tranche loan disbursement.

4. Click Submit.

Savings & deposit charge

  1. Select Charges apply to as Savings & deposit.

  2. Fill in the charge fields described in the Charge Fields table below.

  3. Select Charge time type

Specified due date: Gets charged on the provided date. Savings Activation: Gets charged at the time of Savings activation. Withdrawal Fee: Gets charged at the withdrawal of savings amount. Annual Fee: Gets charged every annually. Monthly Fee: Gets charged every monthly. Weekly Fee: Gets charged every weekly. Overdraft Fee: Gets charged on Overdraft account. Saving no activity fee: Get charged on no savings account activity.

4. Click Submit.

Client charge

  1. Select Charges apply to as Client charge.

  2. Fill in the charge fields described in the Charge Fields table below.

  3. Select Charge time type

Specified due date: Gets charged on the provided date.

4. Click Submit.

Share charge

  1. Select Charges apply to as Share charge.

  2. Fill in the charge fields described in the Charge Fields table below.

Select Charge time type

Share Account Activate: Gets charged at the time of Share activation, charge calculation can be only be flat not % of amount.

Share Purchase: Gets charged at the time of share purchase.

Share Redeem: Gets charged at the time of redeeming of shares.

3. Click Submit.

Editing charge

Select charge from the available charge list >> Click on Edit button

Then click on Submit button.

Viewing charges

Click on Admin>>Products>>Charges

Charge Fields

Field name (attribute)

Description

Example

Validations (if applicable)

Name

A descriptive name for the charge. The name provided in this field will populate charge selection lists on applicable product and account forms.

Service Fee

Required field

Alphanumeric

Currency

Select the currency to be used when the charge is applied. The product and charge currency must be the same to be valid. Set up multiple charges if the same charge is required for products set up in different currencies.

Indian Rupee

Required field

Select from list

Charge time type

Select the desired charge time type from the list. There will be different charge time types in the list depending on the product type select in Charges applies to.

Specified due date

Required field

Select from list

Charge calculation

Select the desired charge calculation from the list. There will be different charge calculation options in the list depending on the product type selected in Charges applies to.

Flat

Required field

Select from list

Charge payment by

This field will display for loan product charges only. Select the desired charge payment method from the list.

Account transfer

Required field for loan product charges

Select from list

Add Fee Frequency (loan charges only)

Charge Frequency

Frequency Interval

This option will display for loan product charges only. To add a fee frequency, check Add Fee Frequency.

If Add Fee Frequency is checked the Charge Frequency and Frequency Interval fields will appear and must be filled in.

Checked

monthly

1

Check Add Fee Frequency to add a fee frequency; uncheck to remove a fee frequency

Select Charge Frequency from list

Numeric

Amount

The value in this field is used with Charge calculation to calculate the amount to be charged to the client.

Example:

Apply a service fee of 25 rupees (flat calculation) monthly by transferring the funds from another account.

25

Required

Numeric

Active

If checked, this charge is available to associate with products and accounts. If unchecked, this charge is not available to associate with products and accounts.

Checked

Checked indicates an Active charge

Is penalty?

If checked, this charge is marked as a penalty, rather than a fee.

Unchecked

Checked indicates that the charge is a penalty. Unchecked indicates that the charge is a fee.

If you select 'Charge Time Type' as Overdue Fees, then you have to check 'Is Penlty?' checker.

(Note: If you don't find the currency type you need from drop-down menu, you need to define it. to see How to define the currency)

Click Here
Admin