Mifos X Saving Accounts
Last updated
Last updated
A Saving Account is an instance of a saving product. Depending on your financial institution and the saving product definition a saving account is based upon, the saving account may be a current/checking saving account or a passbook saving account. In all cases, a saving account has a unique account number, a specified interest rate, and is owned by a single Client, Group or Center.
A saving account can be created for an active client, group, or center, based on a saving product that is active on the submitted date. When a saving account is created, it inherits the rules and defaults from the saving product. Your financial institution may allow some of the inherited information to be modified for a saving account depending on how the saving product is defined.
By default, all members of a group/center are part of all the saving accounts of the group. Members are allowed to deposit and withdraw from the group/center saving accounts.
A center, group or client can have multiple saving accounts of the same or different saving products, but a single saving account cannot be held by multiple centers, groups or clients. Saving accounts cannot be transferred from one client, group or center to another.
Once approved, saving accounts cannot be deleted.
Existing saving accounts are unaffected when the saving product they are based upon is modified.
The saving account life cycle is illustrated in the Mifos X Saving Account Life Cycle diagram. Saving account statuses are visually indicated in Mifos X using the color scheme illustrated in the Mifos X Saving Account Life Cycle diagram (shown below).
The availability of saving account actions/transactions and the various effects on the saving account's life cycle status are mentioned below:
Previous status
Action/Transaction
Resulting status
N/A
Pending Approval
Pending Approval
Pending Approval
Approved
Cancel (rejected)
Cancel (withdrawn)
Pending Approval
N/A
Approved
Active
Pending Approval
Approved
Active
Active
Active
Active
Active
Active
Active
Closed
Active
If there are no transactions in a saving account for X days (X is the dormancy period defined by the financial institution), the saving account status is automatically changed to Inactive. There are no restrictions on deposits, withdrawals, and adjustments while the saving account is inactive. If a transaction is made, the status automatically changes to Active. These state changes (from Inactive to Active and vice versa) can also be made manually - TRUE???.
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