Saving Accounts

A Saving Account is an instance of any Saving Product. A Saving Account has the following attributes:

  • A unique Account Number

  • A specified Interest Rate

  • External ID

  • Minimum Opening Balance

  • Lock-in Period and so on.

Every Saving Account is either owned by a client or by a group.

A Saving Account can be created for an active client or group based on a Saving Product (the Saving Product needs to be active on the submitted date). When a Saving Account is created, it inherits the rules and defaults from the Saving Product it is based on. Your financial institution may allow some of the inherited information to be modified for a saving account.

Existing saving accounts are unaffected when the saving product they are based upon is changed in the future.

Existing saving accounts are unaffected when the saving product they are based upon is changed in the future.

A client may have more than one active saving account (as defined by a financial institution's policies, these can be configured in the Product Mix).

In the case of a group saving application, individual client saving accounts belonging to members of the group are included for the purposes of applying product mix rules.

Creating a Saving Account

To create a Saving Account, follow these steps:

  1. Navigate to a specific Client, Group or Center and click on 'New Saving' or 'Group Saving Application' or 'Center Saving Application'. The following window will be displayed:

The possible Saving Account actions/transactions, their availability, and their effects on the Saving Account Life Cycle Status are tabulated below:

Previous status

Action

Resulting status

N/a

New Saving

Pending Approval

Pending Approval

Modify Application

Pending Approval

Add Saving Charge

Pending Approval

Modify Application

Pending Approval

Reject

Rejected (cancel)

Assign Staff

Pending Approval

Withdrawn by Client

Cancelled (withdrawn)

Delete

Cancelled

Approved

Undo Approval

Pending Approval

Activate

Saving Account Created

Add saving charge

Approved

Assign Staff

Staff assigned (approved)

Active

Add saving charge

Active

Deposit

Active

Withdraw

Active until the amount in saving account is greater than zero.

Calculate Interest

Interest calculated and shown on the same window

Unassigned staff

Assign Staff

Transfer Fund

throwing error: insufficient fund to transfer.. ??

Close

Withdraw balance and Saving Account is closed.

Saving Account Overview

A typical Saving Account overview is displayed in the image below (with all the options mentioned in the table above):

In the Saving Account Overview, you can view the following:

  • Summary

  • Transactions

  • Charges (related to the Saving Account)

Group Saving Account

A Group Saving Account is a single Saving Account shared by all members of a group. All the members of the group can perform deposit/withdraw operations. The group is treated collectively by the financial institution as a single entity.

Saving Account Transactions

The following transactions are possible under a Saving Account:

Deposit:

In order to deposit an amount to a Client's/Group's Saving Account, refer to the following steps:

  1. Navigate to the Client's profile (refer to this link to learn more about Clients: Manage Clients).

  2. Select the Savings Account and open it.

  3. Click on the 'Deposit' tab. The following window will be displayed:

4. Enter the Transaction Date, Transaction Amount and Payment Type in the fields displayed in the image above. 5. Click on the 'Submit' button to make the deposit. 6. Finally, go to the Savings Account overview and click on the 'Transactions' tab to confirm the deposit.

Withdraw:

In order to allow a client to withdraw any amount from a Savings Account, refer to the following steps:

  1. In the Client's Saving Account overview, click on the 'Withdraw' tab. The following window will be displayed:

2. Enter the Transaction Date, Transaction Amount and the Payment Type in the fields displayed in the image above. 3. Click on the 'Submit' button to make the withdrawal. 4. Finally, go to the Savings Account overview and click on the 'Transactions' tab to confirm the withdrawal.

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