# Deposit Accounts

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**](https://docs.mifos.org/mifosx/user-manual/for-administrators-mifos-x-platform/clients-groups-and-centers/manage-clients) by navigating to **Clients** → **Clients** from the top menu bar.

![](https://mifosforge.jira.com/wiki/download/thumbnails/68354064/clients_clients.PNG?version=1\&modificationDate=1553708384645\&cacheVersion=1\&api=v2\&height=250)

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

![](https://mifosforge.jira.com/wiki/download/thumbnails/68354064/clients_harris.PNG?version=1\&modificationDate=1553708472851\&cacheVersion=1\&api=v2\&height=400)

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

![](https://mifosforge.jira.com/wiki/download/thumbnails/68354064/Client%20screen.png?version=1\&modificationDate=1504853356941\&cacheVersion=1\&api=v2\&height=400)

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

![](https://mifosforge.jira.com/wiki/download/attachments/68354064/New%20Fixed%20deposit%201.png?version=1\&modificationDate=1504853625329\&cacheVersion=1\&api=v2)

![](https://mifosforge.jira.com/wiki/download/attachments/68354064/New%20Fixed%20deposit%202.png?version=1\&modificationDate=1504853626477\&cacheVersion=1\&api=v2)

**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.

![](https://mifosforge.jira.com/wiki/download/attachments/68354064/Approve.jpg?version=1\&modificationDate=1504854252741\&cacheVersion=1\&api=v2)

    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.

![](https://mifosforge.jira.com/wiki/download/thumbnails/68354064/activate.jpg?version=1\&modificationDate=1504854269165\&cacheVersion=1\&api=v2\&width=850)

For more information on how to create Recurring Deposit Accounts, see [Recurring Deposit Account](https://docs.mifos.org/mifosx/user-manual/for-operational-users-mifos-x-web-app/accounts-and-transactions/deposit-accounts/creating-recurring-deposit-account).

### Related articles

* Page:[Savings Products](https://docs.mifos.org/mifosx/user-manual/for-administrators-mifos-x-platform/administration/products/untitled)
* Page:[Loan Products](https://docs.mifos.org/mifosx/user-manual/for-administrators-mifos-x-platform/administration/products/loan-products)
* Page:[Share products](https://docs.mifos.org/mifosx/user-manual/for-administrators-mifos-x-platform/administration/products/share-products)
* Page:[Fixed Deposit Products](https://docs.mifos.org/mifosx/user-manual/for-administrators-mifos-x-platform/administration/products/fixed-deposit-products)
* Page:[How to Prepay a Loan Account](https://docs.mifos.org/mifosx/user-manual/for-operational-users-mifos-x-web-app/accounts-and-transactions/loan-accounts/how-to-prepay-a-loan-account)