Fixed Deposit Product Fields
Last updated
Last updated
Details Section
Terms Section
Setting Section
Interest Rate Chart
For info on amount range interest rate chart, please refer - Interest rate chart with amount range
The interest rate chart provides the information required to calculate the interest payable on a fixed deposit account based on the fixed deposit product. When a fixed deposit product is defined you must set up only one interest rate chart. Additional interest rate charts can be set up after the fixed deposit product has been created.
When a fixed deposit product is initially created, the Interest Rate Chart table will be empty. Click +Add to create the first and any additional rows required.
Example
Charges Section
Accounting Section
Field name (attribute)
Description
Example
Validations (if applicable)
Product name
The product name is a unique identifier for the fixed deposit product. The product name is used:
In Product lists (depending on where the product list appears, it may contain a list of all fixed deposit products or a list of active fixed deposit products)
As the Fixed Deposit Account identifier in the Fixed Deposit Account Overviewsection on the client General tab
In the Name column in the list of fixed deposit products displayed when Fixed Deposit Products is clicked on the Products page.
Monthly Interest fixed deposit
Required field
Alphanumeric
Short name
The short name is a unique identifier for the fixed deposit product. The short name is used:
In the Short name column in the list of fixed deposit products displayed when Fixed Deposit Products is clicked on the Products page
These short names are mainly useful in reporting.
MIS
Required field
Alphanumeric
Description
The description is used to provide additional information regarding the purpose and characteristics of the fixed deposit produc
Monthly Interest fixed deposit
Alphanumeric
Field name (attribute)
Description
Example
Validations (if applicable)
Currency
The currency to be used for the fixed deposit product. Select the fixed deposit product's currency from the Currency list.
Required field
Decimal places
The number of decimal places to be used to track and report on fixed deposit accounts based on the fixed deposit product.
2
Required field
Numeric
Multiples of
Here you can provide multiple of currency, for example, if you provide "multiple of 10", then the currency values will be rounded off to 20, 30,.. 140, 150....
If you provide "multiple of 100", then the currency values will be 200, 300, 400.....1500, 1600, 1700.. etc.
0
Required field
Numeric
Minimum Deposit Amount
The minimum deposit amount required to open a fixed deposit account based on this fixed deposit product.
200
Optional field
Numeric
Deposit Amount
The default deposit amount expected when a fixed deposit account based on this fixed deposit product is opened.
500
Required field
Numeric
Maximum Deposit Amount
The maximum deposit amount allowed when a fixed deposit account based on this fixed deposit product is opened.
10000
Optional field
Numeric
Interest compounding period
The period at which interest rate is compounded. It is normally monthly, quarterly, etc..
Monthly
Required field
Select from list
Interest posting period
The period at which interest rate is posted or credited to a fixed deposit account based on this fixed deposit 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 used to calculate interest. Normally, it is 360 days or 365 days.
360
Required field
Select from list
Field name (attribute)
Description
Example
Validations (if applicable)
Locking period frequency
A period of time during which a fixed deposit account based on this fixed deposit product will be locked-in after it is opened. During the lock-in period, the client will be unable to access any funds deposited in the account and premature close of FD Account is not possible if lock-in period is set.
3 Months
Optional
Number and select from list
Minimum Deposit Term
The minimum length of time the funds must remain in the fixed deposit account to earn the full interest income.
6 Months
Required?
Number and select from list
And thereafter, in Multiples of
After the minimum deposit term has passed, additional deposit duration may be specified. Each of these additional deposit duration must be complete for the fixed deposit account to earn the full interest income.
1 Month
Optional
Number and select from list
Maximum Deposit Term
The maximum length of time funds may be deposited in a fixed deposit account based on this fixed deposit product. If the client doesn't want to withdraw or transfer funds to any savings account, he can again extend it for another term.
For Pre-mature Closure:
Apply penal interest (less)
On
Complete this section to define an interest penalty for pre-mature closure expressed as a percentage to deduct from the interest rate applicable to either:
the interest applicable for the period up to the premature withdrawal
the interest applicable for the whole term
The interest rates applicable for various time frames are defined in the Interest Rate Chart(s) for the fixed deposit product.
Example:
The fixed deposit product has a 6 month term. For the first 90 days, the interest rate is 4.5%, and for 91-180 days, the interest rate is 5% (based on the Interest Rate Chart in effect). The settings for Pre-mature closure are 1% penal interest and Till Premature Withdrawal. A client with a fixed deposit account based on the fixed deposit product, withdraws funds after 60 days. The interest that the client will be paid on withdrawing funds is 3.5% (4.5%-1%). If the settings had been 1% penal interest and Whole Term the client would be paid 4% (5%-1%) on withdrawing funds.
Check box checked
1%
Till Premature Withdrawal
Options
Check for True; uncheck for False (no interest penalty)
Numeric
Select from list
Field name (attribute)
Description
Example
Validations (if applicable)
Valide From Date
The Valid From Date is the date from which the Interest Rate Chart will be in effect.
01 January 2012
Required field
Select from date picker
End Date
The End Date is the date after which the Interest Rate Chart will not be in effect. Leave this field blank if the Interest Rate Chart end date is unknown.
blank
Optional field
Select from date picker
Period Type
The period type may be expressed in Days, Weeks, Months, or Years
Days
Required for each row
Select from list
Period From / To
The range expressed as from/to in the period type measure. When multiple rows are present, the periods cannot overlap.
1 - 90
91 - 180
Required for each row
Numeric
Interest
The interest rate that is to apply for the specified period.
5
Required for each row
Numeric—percent
Description
Field name (attribute)
Description
Example
Validations (if applicable)
Charges
Select a charge from the Charges list and click Add. If more charges apply to the fixed deposit product, select additional charges and click Add for each.
Field name (attribute)
Description
Example
Validations (if applicable)
Accounting
