# Overdraft Product
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.
**Overdraft should be defined in the Savings product itself by enabling Overdraft allowed as shown in the illustrations below.**
Select **Savings Products.**
### Create Savings Product
### Details
Please refer above **Details - Image**, Details mentioned above are updated with respect to the provided fields numbers.
* 1 - Provide Overdraft **Product name**.
* 2 - Provide **Short name**.
* 3 - Provide **Description** of this product.
### Currency
* 4 - Select **Currency**. 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 total rounding off amount. For example: 10, so Total amount gets rounded of to 10's.
### Terms
* 7 - Provide **Nominal annual interest** (Rate of interest) - Will calculate the interest on the positive balance.
* 8 - 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
* 9 - 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
* 10 - 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
* 11 - Select **Days in year** - depending upon your financial days in a year practice. \
365 Days\
360 Days
### Settings - Enabling overdraft
**Skip to 19:**
*12 to 18 are the other fields which are required for creating -* [*Savings Products,*](/mifosx/user-manual/for-administrators-mifos-x-platform/administration/products/untitled.md) *you can ignore and skip to 19.*
* 19: Checking the check box enables Overdraft allowed and opens up new fields: 19-a, 19-b and 19-c.
* 19-a: **Maximum Overdraft amount limit** - Set overdraft limit amount here, example: 100000 where an overdraft cannot be crossed with this set limit.
* 19-b: **Nominal annual interest for overdraft** - Provide annual rate of interest. Will calculate the interest on the negative balance, that is, on the overdraft amount.
* 19-c: **Min Overdraft Required For Interest calculation** - Provide in case you want to provide minimum overdraft required for interest calculation.
### Charges
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
**By default Accounting will be disabled - None:-** Meaning If you are using this product for various transactions like deposits, withdrawals, etc. These transactions are not passed in 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.
### **Advanced Accounting Rule**
On clicking on the show button, it enables Advanced accounting rule.
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.**
Related articles
* Page:[Product Mix](/mifosx/user-manual/for-administrators-mifos-x-platform/administration/products/loan-products/product-mix.md)
* Page:[Overdraft Product](/mifosx/user-manual/for-administrators-mifos-x-platform/administration/products/overdraft-product.md)
* Page:[Overdraft account](/mifosx/user-manual/for-operational-users-mifos-x-web-app/accounts-and-transactions/overdraft-account.md)
* Page:[How to create overdraft account (Draft)](/mifosx/user-manual/for-operational-users-mifos-x-web-app/accounts-and-transactions/deposit-accounts/mifos-x-saving-accounts/how-to-create-overdraft-account-draft.md)
* Page:[Accounting Saving Product Field](/mifosx/user-manual/for-administrators-mifos-x-platform/administration/products/untitled/saving-product-fields/accounting-saving-product-fields.md)
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