# Fixed Deposit Products Fixed Deposit Products defines the rules, default settings, and constraints for a financial institution's fixed deposit offerings (also referred to as term deposits). A fixed deposit product provides a template for multiple fixed deposit accounts for the financial institution's clients. The information required to set up a fixed deposit product includes: * Identifying descriptive information * Terms * Settings * Charges * Accounting Beginning at the main screen, select [**Admin**](/mifosx/user-manual/for-administrators-mifos-x-platform/administration.md), then **Products** from the drop-down menu. This will launch the **Products** menu. Select **Fixed Deposit Products.** ![](https://mifosforge.jira.com/wiki/download/thumbnails/102629544/Capture%2019.PNG?version=1\&modificationDate=1484283809585\&cacheVersion=1\&api=v2\&width=1080) ### Now Select **Create Fixed Deposit Product** ![](https://mifosforge.jira.com/wiki/download/attachments/102629544/Capture%2020.PNG?version=1\&modificationDate=1484283899211\&cacheVersion=1\&api=v2) ### Details ![](https://mifosforge.jira.com/wiki/download/attachments/102629544/Capture%2021.PNG?version=1\&modificationDate=1484283979846\&cacheVersion=1\&api=v2) Please refer above **Image for details**, Details mentioned below are updated with respect to the provided fields number's. * 1 - Provide Savings **Product name** . * 2 - Provide **Short name**. * 3 - Provide **Description** of this product. ### Currency ![](https://mifosforge.jira.com/wiki/download/attachments/102629544/Capture%2022.PNG?version=1\&modificationDate=1484284054618\&cacheVersion=1\&api=v2) * 4 - Select **Currency**. You need to have defined required currency: [Currency Configuration](/mifosx/user-manual/for-administrators-mifos-x-platform/administration/organization/currency-configuration.md) * 5 - Provide **Decimal places**. * 6 - Provide **Currency in multiples of**. This is to provide the total rounding off amount. For example: 10, so Total amount gets rounded of to 10's. ### Terms ![](https://mifosforge.jira.com/wiki/download/thumbnails/102629544/Capture%2023.PNG?version=1\&modificationDate=1484284197030\&cacheVersion=1\&api=v2\&width=1080) 7 - Provide **Default Deposit Amount** 8 - Provide **Minimum Deposit Amount** 9 - Provide **Maximum Deposit Amount** 10 - Select **Interest compounding period.** For more information refer: [Savings Interest Calculation and Posting](https://mifosforge.jira.com/wiki/display/MIFOS/Savings+Interest+Calculation+and+Posting) Daily \ Monthly\ Quarterly \ Semi-Annual \ Annually * 11 - Select **Interest posting period** - Interest get posted for the selected frequency period. For more information refer: [Savings Interest Calculation and Posting](https://mifosforge.jira.com/wiki/display/MIFOS/Savings+Interest+Calculation+and+Posting)\ Monthly \ Quarterly \ Semi-Annual \ Annually * 12 - Select **Interest calculated using.** For more information refer: [Savings Interest Calculation and Posting](https://mifosforge.jira.com/wiki/display/MIFOS/Savings+Interest+Calculation+and+Posting)\ Daily Balance \ Average daily balance * 13 - Select **Days in year** - depending upon your financial days in a year practice. \ 365 Days\ 360 Days ### Settings For detailed information on Fields refer: [Fixed Deposit Product Fields](/mifosx/user-manual/for-administrators-mifos-x-platform/administration/products/fixed-deposit-products/fixed-deposit-product-fields.md) ![](https://mifosforge.jira.com/wiki/download/thumbnails/102629544/Capture%2024.PNG?version=1\&modificationDate=1484284429214\&cacheVersion=1\&api=v2\&width=1080) 14 - Provide Lock-in period value Example: 12 Months (\*15 - freq) so for the 12 months it doesn't allow withdrawal. 15 - Select frequency: Days Weeks Months Years 16 - Provide Minimum Deposit Term value Example: 12 months (\*17 - Freq), can set minimum deposit term. 17 - Select frequency\ Days\ Weeks\ Months\ Years 18 - Provide thereafter in multiples of value Example: Lets say the provided deposit term is 12 months and Provide thereafter in multiples of value is 3 months. Then creation of Fixed Deposit account will only be allowed every after 2 months like 14, 16, 18th month.(\*19 - freq) 19 - Select frequency:\ Days Weeks Months Years 20 - Provide Maximum Deposit Term value Example: 36 months (\*21 - Freq), can set maximum deposit term. 21 - Select frequency Days\ Weeks\ Months\ Years 22 - Check the check box to enable penalty, if there is a premature closure. 23 - Provide the percentage - penalty for premature closure. Example: 1(%) will be deduced by the selected deduction type(\*24). 24 - Select type of deduction Whole term - As originally defined term. Till premature withdrawal - Till the date of premature withdrawal. ### Interest Rate chart For info on amount range interest rate chart, please refer - [Interest rate chart with amount range](/mifosx/user-manual/for-administrators-mifos-x-platform/administration/products/fixed-deposit-products/interest-rate-chart-with-amount-range.md) For detailed information on Fields refer: [Fixed Deposit Product Fields](/mifosx/user-manual/for-administrators-mifos-x-platform/administration/products/fixed-deposit-products/fixed-deposit-product-fields.md) ![](https://mifosforge.jira.com/wiki/download/thumbnails/102629544/Capture%2025.PNG?version=1\&modificationDate=1484284625309\&cacheVersion=1\&api=v2\&width=1080) 25 - Provide start date for the interest rate chart. 26 - Provide end date, in case if you want to stop the provided interest rates for the chart. 27 - Select period type\ Days Weeks Months Years Example: Month 28 - Provide **period value - From / To** Example: a) 1 - 12 months b) 13 - 18 Months 29 - Provide rate of **interest** for the period. Example: a) 8(%) b) 8.5(%) 30 - Provide **description** for the table. Example: a) 1 - 12 mnt - 8%. b) 13 - 18 mnt - 8.5%. 31 - To add more interest on the interest rate table, click on **Add** button. To remove, click on **remove** button. **32 - Incentives -** For detailed information on Fields refer: [Fixed Deposit Product Fields](/mifosx/user-manual/for-administrators-mifos-x-platform/administration/products/fixed-deposit-products/fixed-deposit-product-fields.md) ![](https://mifosforge.jira.com/wiki/download/thumbnails/102629544/Capture%2026.PNG?version=1\&modificationDate=1484284756729\&cacheVersion=1\&api=v2\&width=640) 33 - Select **Attribute** from the drop down. Example - Gender 34 - Select either one depending upon your needs:- Less then or Equal or Greater then or Not equal. Example - Female 35 - Select Type: Fixed - Provided value will be considered as the rate of interest. Example - 9%(\*36). Incentive - Provided value will be added to the interest rate chart. For example in the chart if it is defined as 8% and incentive is provided as 2%(\*36) then the final interest value will be 10%. 36 - Provide the rate of interest. Example: 9% as shown in (\*35). 37 - Click on Add(+) button to define more. Example 1) Attribute - Gender, Equal, Value - Female, Type - Fixed, Interest - 9(%) then close the button to save. Example 2) Attribute - Age, Greater then, Value - 60, Type - Incentive, Interest - 2(%) then close the button to save. ### Charges ![](https://mifosforge.jira.com/wiki/download/attachments/102629544/Capture%2027.PNG?version=1\&modificationDate=1484284859776\&cacheVersion=1\&api=v2) In order to use Add charge, you should have already defined it in charges. For more information on charges refer here: [Charges ](/mifosx/user-manual/for-administrators-mifos-x-platform/administration/products/charges.md) ### Accounting ![](https://mifosforge.jira.com/wiki/download/attachments/102629544/Capture%2028.PNG?version=1\&modificationDate=1484284926690\&cacheVersion=1\&api=v2) **By default, Accounting will be disabled - None:-** This means If you are using this product for various transactions like deposits, withdrawals,etc, these transactions are not passed in the journal entry.
**Enabling accounting for the savings product**:->> You should have created chart of accounts, for more information refer: [https://mifosforge.jira.com/wiki/display/docs/Chart+of+Accounts+and+General+Ledger+Setup](/mifosx/user-manual/for-administrators-mifos-x-platform/accounting/chart-of-accounts-general-ledger-setup.md).>> To enable Accounting, you need to select cash accounting. As of now, Mifos x supports only cash accounting for savings product. * Cash \>> Map accounts with respect to the savings product accounts. For information on these accounts refer: [A Possible accounting Spec](https://mifosforge.jira.com/wiki/display/MIFOSX/A+Possible+accounting+Spec) - Accounting rules for savings. ![](https://mifosforge.jira.com/wiki/download/thumbnails/102629544/Capture%2029.PNG?version=1\&modificationDate=1484284990511\&cacheVersion=1\&api=v2\&width=900) **Advanced Accounting Rule** On clicking on the show button it enables the Advanced accounting rule. ![](https://mifosforge.jira.com/wiki/download/thumbnails/102629544/Capture%2030.PNG?version=1\&modificationDate=1484285070332\&cacheVersion=1\&api=v2\&height=250) If you click on **Add** button, it will expand and show up selection drop-downs. * Configure Fund sources for Payment Channels. \ Example: In the image shown above, Payment type - Cheque is mapped to Fund source - Bank. So whenever payment type is used for transaction. Journal entry for Account - Bank will be passed. * Map Fees to Income Accounts. * Map Penalties to Specific Income Accounts Click on **Submit** button to Save/Create savings product. ![](https://mifosforge.jira.com/wiki/download/attachments/102629544/Capture%2031.PNG?version=1\&modificationDate=1484285113123\&cacheVersion=1\&api=v2) Related articles * Page:[Savings Products](/mifosx/user-manual/for-administrators-mifos-x-platform/administration/products/untitled.md) * Page:[Loan Products](/mifosx/user-manual/for-administrators-mifos-x-platform/administration/products/loan-products.md) * Page:[Recurring Deposit](/mifosx/user-manual/for-administrators-mifos-x-platform/administration/products/recurring-deposit.md) * Page:[Share products](/mifosx/user-manual/for-administrators-mifos-x-platform/administration/products/share-products.md) * Page:[Fixed Deposit Products](/mifosx/user-manual/for-administrators-mifos-x-platform/administration/products/fixed-deposit-products.md) --- # Agent Instructions: Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter: ``` GET https://docs.mifos.org/mifosx/user-manual/for-administrators-mifos-x-platform/administration/products/fixed-deposit-products.md?ask= ``` The question should be specific, self-contained, and written in natural language. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.