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On this page
  • Create Savings Product
  • Details
  • Terms
  • Settings
  • Charges
  • Accounting
  • View Savings Product
  • Edit Savings Product

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

Savings Products

PreviousFloating RateNextSaving Product Fields

Last updated 5 years ago

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Savings products define the rules, default settings, and constraints for a financial institution's current/checking and passbook savings accounts. A saving product provides a template for multiple accounts that are or will be held by the financial institution's clients, groups and centers.

The categories of information required to set up a saving product includes:

  • Identifying or descriptive information

  • Terms

  • Settings

  • Charges

  • Accounting

Beginning at the main screen, select , then select Products from the drop-down menu. This will launch the Products menu.

Select Savings Products.

Then click the blue Create Saving Product at the top-right of the list.

Create Savings Product

Details

Please referring to the Details on the Image above, the details 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

  • 5 - Provide Decimal places.

  • 6 - Provide Currency in multiples of. This is to provide total amount rounding off. For example: 10, so total amount gets rounded of to 10's.

Terms

  • 7 - Provide Nominal annual interest (Rate of interest)

  • 11 - Select Days in year - depending upon your financial days in a year practice. 365 Days 360 Days

Settings

Note: All the settings fields are optional.

12 - Provide Minimum opening balance - This is to set minimum opening balance. So the provided amount at the time of new savings application submission, gets deposited into savings account once it is activated.

13 - Provide value for Lock-in period. This is to set lock-in period hence withdrawal wont be allowed for the selected period.

14 - Select frequency for Lock-in period. Days Weeks Months Years

16 - Provide balance amount for calculating interest. So if the available balance is below the provided minimum balance for calculation, interest wont get generated.

17 - On checking the check box it is enforcing minimum balance.

18 - Set up minimum balance to be maintained, by providing amount. Withdrawals wont be possible below the provided amount.

19 - Checking the check box enables savings account based on savings product to have over draft. Enabling Savings dormancy:

1 - Enable dormancy tracking: Check the check box to enable dormancy tracking for inactive savings account.All the fields 2,3 and 4 below needs a scheduler job to "Update savings dormant account" to be run so as to execute the below status/action.

2 - Number of days to inactive sub-status: It is the consecutive number of days of inactive period to mark an account as inactive.For example - Assuming that the number of days is 10 days and that an account has become inactive. On running the respective schedule job on the 11th day, the account moves into inactive sub-status but the account doesn't get closed. The account will get reactivated on the transaction deposit or withdrawal.

3 - Number of days to dormant sub-status: It is the consecutive number of days of inactivity to mark an account as dormant.

For example -Assuming that the number of days is 15 days and that a savings account has become inactive. On running the respective schedule job on the 16th day, the account moves into dormant sub-status but the account doesn't get closed. The account will get reactivated on the transaction deposit or withdrawal.

4 - Number of days to Escheat: It is the consecutive number of days of inactiivity to mark an account as Escheat.

For example - Assuming that the number of days is 20 days and that a savings account has become inactive. On running the respective schedule job on the 21st day, the account moves into Escheat and the account gets closed..

Charges

Accounting

  • Cash

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 selection drop-downs.

  • Configure Fund sources for Payment Channels. For 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.

View Savings Product

Go to Admin>>Product>>Savings Product

The image above shows the Savings products list.

Edit Savings Product

Go to Admin>>Product>>savings Products>>Select savings product (Example: Agriculture Saving ) >> then click on Edit button.

The image above shows savings products details and you can modify it by clicking on Edit

Related articles

4 - Select Currency. Need to have defined required currency:

8 - Select Interest compounding period. For more info refer: Daily Monthly Quarterly Semi-Annual Annually

9 - Select Interest posting period - Interest get posted for the selected frequency period. For more info refer to: Monthly Quarterly Semi-Annual Annually

10 - Select Interest calculated using. For more info refer: Daily Balance Average daily balance

15 - Check the check box to enable withdrawal fee for transfers. To define withdrawal fee refer :

In order to use Add charge, you should have already defined it in charges. For more information on charges, refer here:

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 the journal entry. Enabling accounting for the savings product:->> You should have created chart of accounts, for info refer: >> To enable Accounting, you need to select cash accounting. As of now, Mifos x supports only cash accounting for savings product.

>> Map accounts with respect to the savings product accounts. For information on these accounts refer: - Accounting rules for savings.

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Currency Configuration
Savings Interest Calculation and Posting
Savings Interest Calculation and Posting
Savings Interest Calculation and Posting
Charges
Charges
https://mifosforge.jira.com/wiki/display/docs/Chart+of+Accounts+and+General+Ledger+Setup.
A Possible accounting Spec
Savings Products
Loan Products
Share products
Fixed Deposit Products
Deposit Accounts
Admin