# Recurring Deposit
**Recurring Deposit Products**
Recurring Deposit products define the rules, default settings, and constraints for a financial institution's recurring deposit offerings (a type of term deposit with recurring deposits).
A recurring deposit product provides a template for multiple recurring deposit accounts for the financial institution's clients.
The information required to set up a recurring deposit product includes:
* Identifying some 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 **Recurring Deposit Products.**
### Now click on **Create Recurring Deposit Products**
### Details
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
* 4 - Select **Currency**. There is a need for one 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 amount for rounding off. For example: 10, so Total amount gets rounded of to 10's.
### Terms
* 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: [Recurring Deposit Product Fields](/mifosx/user-manual/for-administrators-mifos-x-platform/administration/products/recurring-deposit/recurring-deposit-product-fields.md)
14 - On checking the check box - Marks it as mandatory deposit. Only then would it generate the mandatory deposits in collection sheet.
15 - On checking the check box, enables "Adjust advance payments toward future installments". Suppose there is an advance payment, then future installments gets adjusted automatically if this is enabled.
16 - On checking the check box, enables "Allow withdrawals". Only in enabling this will withdrawals be allowed otherwise it wont.
17 - Provide the **Lock-in period value**. Example: 12 Months (\*18 - freq) so for the 12 months it doesn't allow a withdrawal.
18 - Select frequency Days Weeks Months Years
19 - Provide Minimum Deposit Term value. Example: 12 months (\*20 - Freq), can set minimum deposit term.
20 - Select frequency Days Weeks Months Years
21 - Provide thereafter in multiples of value. Example: Lets say the provided deposit term is 12 months and value provided in **thereafter in multiples of** is 3 months. Then creation of FD account will only be allowed every after 2 months like 14, 16, 18th month.(\*22 - freq)
22 - Select frequency Days Weeks Months Years 23 - Provide Maximum Deposit Term value
24 - Select frequency Days Weeks Months Years
25 - Check the check box for enabling penalty if there is a premature closure.
26 - Provide the percentage - penalty for premature closure. Example: 1(%) will be deduced by the selected deduction type (\*27).
27 - Select type of deduction
* Whole term
* Till premature withdrawal
28 - **Optional field**; Provide minimum balance for calculating interest.
### 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: [Recurring Deposit Product Fields](/mifosx/user-manual/for-administrators-mifos-x-platform/administration/products/recurring-deposit/recurring-deposit-product-fields.md)
29 - Provide start date for the interest rate chart.
30 - Provide end date, in case you want to stop the provided interests rates for the chart.
31 - Select period type Days Weeks Months Years Example: Months
32 - Provide period value - From / To Example: a) 1 - 12 months b) 13 - 18 Months
33 - Provide rate of interest for the period. Example: a) 8(%) b) 8.5(%)
34 - Provide description for the table. Example: a) 1 - 12 months - 8%. b) 13 - 18 months - 8.5%.
35 - To add interest go to the few more interest rate table, and click on **Add** button. To remove, click on **remove** button.
**36 - 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)
37 - Select Attribute from the drop down. Example - Gender
38 - Select either one depending upon your needs:- Less than or Equal or Greater than or Not equal. Example - Female
39 - Select Type:Fixed - Provided value will be considered as the rate of interest. Example - 9% (\*40). 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%.
40 - Provide the rate of interest. Example: 9% as shown in (\*39).
41 - 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
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:[Recurring Deposit](/mifosx/user-manual/for-administrators-mifos-x-platform/administration/products/recurring-deposit.md)
* Page:[Fixed Deposit Products](/mifosx/user-manual/for-administrators-mifos-x-platform/administration/products/fixed-deposit-products.md)
* Page:[Mifos X Saving Accounts](/mifosx/user-manual/for-operational-users-mifos-x-web-app/accounts-and-transactions/deposit-accounts/mifos-x-saving-accounts.md)
* Page:[How to Modify a Saving Account Application](/mifosx/user-manual/for-operational-users-mifos-x-web-app/accounts-and-transactions/deposit-accounts/mifos-x-saving-accounts/how-to-modify-a-saving-account-application.md)
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