# 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> |         |                             |


---

# Agent Instructions: Querying This Documentation

If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question.

Perform an HTTP GET request on the current page URL with the `ask` query parameter:

```
GET https://docs.mifos.org/mifosx/user-manual/for-administrators-mifos-x-platform/administration/products/untitled/saving-product-fields.md?ask=<question>
```

The question should be specific, self-contained, and written in natural language.
The response will contain a direct answer to the question and relevant excerpts and sources from the documentation.

Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.