> For the complete documentation index, see [llms.txt](https://docs.mifos.org/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.mifos.org/mifosx/user-manual/for-administrators-mifos-x-platform/administration/products/untitled/saving-product-fields.md).

# Saving Product Fields

### **Saving Product Fields**

**Details Section**

| **Field name (attribute)** | Description                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | Example                 | Validations (if applicable)                                               |
| -------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ----------------------- | ------------------------------------------------------------------------- |
| Product name               | <p></p><p>The product name is a unique identifier for the saving product. The product name is used:</p><ul><li>In <strong>Product</strong> lists (depending on where the product list appears, it may contain a list of all saving products or a list of active saving products)</li><li>As the <strong>Saving Account</strong> identifier in the <strong>Saving Account Overview</strong> section on the client <strong>General</strong> tab</li><li>In the <strong>Name</strong> column in the list of saving products displayed when <strong>Saving Products</strong> is clicked on the Products page</li><li>In <strong>Savings Reports</strong> headers to group product types</li><li>As the <strong>Saving Account</strong> identifier at the top of the detail savings product page displayed when a specific saving product is selected from the list of savings products displayed when <strong>Saving Products</strong> is clicked on the Products page</li><li>In the <strong>Product name</strong> field to create a <strong>Savings Product</strong></li></ul> | Monthly Interest Saving | <p>Required field</p><p>Alphanumeric</p><p>Maximum 100 characters<br></p> |
| Short name                 | <p></p><p>The short name is a unique identifier for the saving product. The short name is used:</p><ul><li>In the <strong>Short name</strong> column in the list of saving products displayed when <strong>Saving Products</strong> is clicked on the Products page</li><li>In the <strong>Short name</strong> field on the detail savings product page displayed when a specific saving product is selected from the list of savings products, displayed when <strong>Savings Products</strong> is clicked on the Products page</li><li>In the <strong>Short name</strong> field to create a <strong>Savings Product</strong></li><li><em>Where is it used in reports? - not used in any existing Savings Report</em></li></ul>                                                                                                                                                                                                                                                                                                                                             | Monthly Interest Saving | <p>Required field</p><p>Alphanumeric</p><p>Maximum 4 characters<br></p>   |
| Description                | <p></p><p>The description is used to provide additional information regarding the purpose and characteristics of the saving product. The description is used:</p><ul><li>To create a <strong>Savings Product</strong></li><li>In the <strong>Description</strong> field on the detail savings product page displayed when a specific saving product is selected from the list of savings products, displayed when <strong>Saving Products</strong> is clicked on the Products page</li><li>In the <strong>Description</strong> field to create a <strong>Savings Product</strong></li><li><em>Where is it used in reports? - not used in any existing Savings Report</em></li></ul>                                                                                                                                                                                                                                                                                                                                                                                          | Monthly Interest Saving | <p>Alphanumeric</p><p>Maximum 500 characters<br></p>                      |

**Currency Section**

| **Field name (attribute)** | Description                                                                                                                                          | Example | Validations (if applicable)         |
| -------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------- | ------- | ----------------------------------- |
| Currency                   | The currency to be used for the saving product. Select the saving product's currency from the **Currency** list.                                     |         | Required field                      |
| Decimal places             | The number of decimal places to be used to track and report on saving accounts based on the saving product.                                          | 2       | <p>Required field</p><p>Numeric</p> |
| Multiples of               | You can enter multiples of currency value. For example, if you put "multiples of 100", the currency value will be rounded off to 200, 300, 400, etc. | 0       | <p>Required field</p><p>Numeric</p> |

**Terms Section**

| **Field name (attribute)**   | Description                                                                                                                                                                                     | Example               | Validations (if applicable)                                    |
| ---------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------- | -------------------------------------------------------------- |
| Nominal annual interest rate | The default interest rate set when creating savings accounts based on this saving product, e.g. **5**% per year. Nominal annual interest rate is expressed as the annual percentage rate (APR). | 5                     | <p>Required field</p><p>Numeric (percentage) with decimals</p> |
| Interest compounding period  | The period at which interest rate is compounded.                                                                                                                                                | Monthly               | <p>Required field</p><p>Select from list</p>                   |
| Interest posting period      | The period at which interest rate is posted or credited to a saving account based on this saving product.                                                                                       | Monthly               | <p>Required field</p><p>Select from list</p>                   |
| Interest calculated using    | The method used to calculate interest.                                                                                                                                                          | Average Daily Balance | <p>Required field</p><p>Select from list</p>                   |
| Days in years                | The setting for number of days in year to use to calculate interest. For example 360 days or 365 days.                                                                                          | 360                   | <p>Required field</p><p>Select from list</p>                   |

**Settings Section**

| **Field name (attribute)**                | Description                                                                                                                                                                                                                                                 | Example  | Validations (if applicable)                                 |
| ----------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -------- | ----------------------------------------------------------- |
| Minimum opening balance                   | Sets the minimum deposit amount required to open a saving account of this saving product type.                                                                                                                                                              | 2000     | <p>Optional field</p><p>Numeric with decimals</p>           |
| Locking period frequency                  | Used to indicate the length of time that a savings account of this saving product type is locked-in and withdrawals are not allowed.                                                                                                                        | 6 Months | <p>Optional field</p><p>Numeric and select from list</p>    |
| Apply Withdrawal fee for transfers        | <p>Indicates whether the withdrawal fee should be applied when funds are transferred between accounts.</p><p>Note that the withdrawal field must have been defined in the system. See <a href="/pages/-Ljw3KKGDjSZKMkJg_mT">How to Create a Charge</a>.</p> |          | <p>Optional field</p><p>Check if true; Uncheck if false</p> |
| Balance Required For Interest Calculation | Sets the balance required for interest calculation.                                                                                                                                                                                                         |          | Optional field                                              |
| Enforce minimum balance                   | Indicates whether to enforce a minimum balance.                                                                                                                                                                                                             |          | <p>Optional field</p><p>Check if true; Uncheck if false</p> |
| Minimum balance                           | Sets the minimum balance allowed for a saving account.                                                                                                                                                                                                      |          | Optional field                                              |
| Is Overdraft allowed?                     | Indicates whether saving accounts based on this saving product may have an overdraft.                                                                                                                                                                       |          | <p>Optional field</p><p>Check if true; Uncheck if false</p> |
| Maximum overdraft amount limit            | Sets the maximum allowed overdraft amount for a saving account that is allowed to have an overdraft.                                                                                                                                                        | 5000     | Required if 'Is Overdraft Allowed' is checked               |

**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 saving product, select additional charges and click **Add** for each. |         |                             |

**Accounting Section**

| **Field name (attribute)** | Description                                                                                                                                            | Example | Validations (if applicable) |
| -------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------ | ------- | --------------------------- |
| Accounting                 | <p>Select one from:</p><ul><li>None</li><li>Cash</li></ul><p>If Cash is selected, see <a href="/pages/-Ljq13N84LxGmoc5ZJrp">additional fields</a>.</p> |         |                             |