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  1. MifosX
  2. User Manual
  3. For Operational Users (Mifos X Web App)
  4. Accounts and Transactions

Deposit Accounts

PreviousCash Transaction ProcessingNextMifos X Saving Accounts

Last updated 5 years ago

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A Deposit Account is an instance of a Deposit Product. Every Deposit Account has a unique account number and an interest rate (depending on the term). Deposit Accounts are owned by Clients.

A Deposit Account can be created for an active client based on a Deposit Product that is active on the submitted date. When a Deposit Account is created, it inherits the rules and default configurations from the Deposit Product. Your financial institution may allow some of the inherited information to be modified for a Deposit Account, depending on how the Deposit Product is defined.

Deposit Accounts can be created for:

  1. Fixed Deposit Product (FD Product)

  2. Recurring Deposit Product (RD Product)

Creating a Deposit Account (for Fixed Deposit Product)

  1. Go to the Clients List by navigating to Clients → Clients from the top menu bar.

2. Select the Client (for whom the FD account needs to be created) from the list of clients.

3. In the Client's profile, click on the 'More' option and click on 'New Fixed Deposit' from the drop-down menu.

4. After clicking on 'New Fixed Deposit', the Fixed Deposit Application will open (as shown below).

NOTE: Fields with a red asterisk "*" beside them are mandatory.

Field Name

Description

Example

Validations

Submitted On

Enter the FD Application Submitted Date provided by the Client.

Deposit Amount

Enter the Deposit Amount (it should be between the minimum and maximum deposit amount provided in the FD product).

Deposit Period

Provide the duration of the deposition.

Locking Period

The amount can be locked for a given period during which withdrawal or premature closure of FD Account is not possible.

Link Savings

Once the FD reaches to maturity, the interest can be posted to the given savings account.

5. Once all the details are entered in the FD application and the application has been submitted, it needs to be approved with the date of approval.

6. Finally, the FD account needs to be activated with the specified date. Click on the blue "Activate" button in the top-right corner to activate.

For more information on how to create Recurring Deposit Accounts, see Recurring Deposit Account.

Related articles

  • Page:Savings Products

  • Page:Loan Products

  • Page:Share products

  • Page:Fixed Deposit Products

  • Page:How to Prepay a Loan Account