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

Fixed Deposit Product Fields

Fixed Deposit Product Fields

Details 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

Terms Section

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

Setting Section

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

Interest Rate Chart

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

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

Charges Section

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.

Accounting Section

Field name (attribute)

Description

Example

Validations (if applicable)

Accounting

Select one from:

  • None

  • Cash

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Last updated 5 years ago

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For info on amount range interest rate chart, please refer -

If Cash is selected, see .

Interest rate chart with amount range
additional fields