Recurring Deposit Product Fields

Recurring Deposit Product Fields

Details Section

Field name (attribute)	Description	Example	Validations (if applicable)
Product name	The product name is a unique identifier for the recurring deposit product. The product name is used: In Product lists (depending on where the product list appears, it may contain a list of all recurring deposit products or a list of active recurring deposit products) As the Recurring Deposit Account identifier in the Recurring Deposit Account Overview section on the client General tab In the Name column in the list of recurring deposit products displayed when Recurring 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 recurring deposit product. The short name is used: In the Short name column in the list of recurring deposit products displayed when Recurring Deposit Products is clicked on the Products page The short names are mainly used in reporting in Mifos X.	MIS	Required field Alphanumeric
Description	The description is used to provide additional information regarding the purpose and characteristics of the recurring deposit product.	Monthly Interest fixed deposit	Alphanumeric Length restrictions?

Terms Section

Field name (attribute)	Description	Example	Validations (if applicable)
Currency	The currency to be used for the recurring deposit product. Select the recurring 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 recurring deposit accounts based on the recurring 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, 40,....130, 140, 150... etc If you provide "multiple of 100", the currency values will be rounded off to 100, 300, 400,.......1200,1300,..... etc	0	Required field Numeric
Minimum Deposit Amount	The minimum deposit amount required to open a recurring deposit account based on this recurring deposit product. If blank, there is no minimum deposit amount.	200	Optional field Numeric
Deposit Amount	The default deposit amount expected when a recurring deposit account based on this recurring deposit product is opened.	500	Required field Numeric
Maximum Deposit Amount	The maximum deposit amount allowed when a recurring deposit account based on this recurring deposit product is opened. If blank, there is no maximum deposit amount	10000	Optional field Numeric
Interest compounding period	The period at which interest rate is compounded.	Monthly	Required field Select from list
Interest posting period	The period at which interest rate is posted or credited to a recurring deposit account based on this recurring 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 a year used to calculate interest.	360	Required field Select from list

Setting Section

Field name (attribute)	Description	Example	Validations (if applicable)
Recurring Deposit Type	The Recurring Deposit Type value identifies whether the recurring deposit is Mandatory or Voluntary.	Voluntary	Required field Select from list
Deposit Every	The Deposit Every field define when the recurring deposits will be made.	2 weeks	Required fields Numeric and select from list
Locking period frequency	A period of time during which a recurring deposit account based on this recurring 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. If lock-in period is set, the pre-mature closure of the account is not possible.	3 months	Optional Number and select from list
Minimum Deposit Term	The minimum length of time the funds must remain in the recurring 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 recurring 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 recurring deposit account based on this recurring 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 as 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 recurring deposit product. Example: The recurring 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 recurring deposit account based on the recurring 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

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 recurring deposit account based on the recurring deposit product. When a recurring deposit product is defined you must set up one and only one interest rate chart. Additional interest rate charts can be set up after the recurring deposit product has been created.

When a recurring 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)
Valid 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 recurring 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 If Cash is selected, see Accounting Saving Product Fields.