Fixed Deposit Products

Fixed Deposit Products defines the rules, default settings, and constraints for a financial institution's fixed deposit offerings (also referred to as term deposits). A fixed deposit product provides a template for multiple fixed deposit accounts for the financial institution's clients.

The information required to set up a fixed deposit product includes:

  • Identifying descriptive information

  • Terms

  • Settings

  • Charges

  • Accounting

Beginning at the main screen, select Admin, then Products from the drop-down menu. This will launch the Products menu.

Select Fixed Deposit Products.

Now Select Create Fixed Deposit Product


Please refer above Image for details, Details mentioned below are updated with respect to the provided fields number's.

  • 1 - Provide Savings Product name .

  • 2 - Provide Short name.

  • 3 - Provide Description of this product.


  • 4 - Select Currency. You need to have defined required currency: Currency Configuration

  • 5 - Provide Decimal places.

  • 6 - Provide Currency in multiples of. This is to provide the total rounding off amount. For example: 10, so Total amount gets rounded of to 10's.


7 - Provide Default Deposit Amount

8 - Provide Minimum Deposit Amount

9 - Provide Maximum Deposit Amount

10 - Select Interest compounding period. For more information refer: Savings Interest Calculation and Posting

Daily Monthly Quarterly Semi-Annual Annually

  • 11 - Select Interest posting period - Interest get posted for the selected frequency period. For more information refer: Savings Interest Calculation and Posting Monthly Quarterly Semi-Annual Annually

  • 12 - Select Interest calculated using. For more information refer: Savings Interest Calculation and Posting Daily Balance Average daily balance

  • 13 - Select Days in year - depending upon your financial days in a year practice. 365 Days 360 Days


For detailed information on Fields refer: Fixed Deposit Product Fields

14 - Provide Lock-in period value Example: 12 Months (*15 - freq) so for the 12 months it doesn't allow withdrawal.

15 - Select frequency: Days Weeks Months Years

16 - Provide Minimum Deposit Term value Example: 12 months (*17 - Freq), can set minimum deposit term.

17 - Select frequency Days Weeks Months Years

18 - Provide thereafter in multiples of value Example: Lets say the provided deposit term is 12 months and Provide thereafter in multiples of value is 3 months. Then creation of Fixed Deposit account will only be allowed every after 2 months like 14, 16, 18th month.(*19 - freq)

19 - Select frequency: Days Weeks Months Years

20 - Provide Maximum Deposit Term value Example: 36 months (*21 - Freq), can set maximum deposit term.

21 - Select frequency

Days Weeks Months Years

22 - Check the check box to enable penalty, if there is a premature closure.

23 - Provide the percentage - penalty for premature closure. Example: 1(%) will be deduced by the selected deduction type(*24).

24 - Select type of deduction Whole term - As originally defined term. Till premature withdrawal - Till the date of premature withdrawal.

Interest Rate chart

For info on amount range interest rate chart, please refer - Interest rate chart with amount range

For detailed information on Fields refer: Fixed Deposit Product Fields

25 - Provide start date for the interest rate chart.

26 - Provide end date, in case if you want to stop the provided interest rates for the chart.

27 - Select period type Days Weeks Months Years

Example: Month

28 - Provide period value - From / To Example: a) 1 - 12 months b) 13 - 18 Months

29 - Provide rate of interest for the period. Example: a) 8(%) b) 8.5(%)

30 - Provide description for the table. Example: a) 1 - 12 mnt - 8%. b) 13 - 18 mnt - 8.5%.

31 - To add more interest on the interest rate table, click on Add button. To remove, click on remove button.

32 - Incentives - For detailed information on Fields refer: Fixed Deposit Product Fields

33 - Select Attribute from the drop down. Example - Gender

34 - Select either one depending upon your needs:- Less then or Equal or Greater then or Not equal. Example - Female

35 - Select Type: Fixed - Provided value will be considered as the rate of interest. Example - 9%(*36). Incentive - Provided value will be added to the interest rate chart. For example in the chart if it is defined as 8% and incentive is provided as 2%(*36) then the final interest value will be 10%.

36 - Provide the rate of interest. Example: 9% as shown in (*35).

37 - Click on Add(+) button to define more.

Example 1) Attribute - Gender, Equal, Value - Female, Type - Fixed, Interest - 9(%) then close the button to save.

Example 2) Attribute - Age, Greater then, Value - 60, Type - Incentive, Interest - 2(%) then close the button to save.


In order to use Add charge, you should have already defined it in charges. For more information on charges refer here: Charges


By default, Accounting will be disabled - None:- This means If you are using this product for various transactions like deposits, withdrawals,etc, these transactions are not passed in the journal entry.

Enabling accounting for the savings product:->> You should have created chart of accounts, for more information refer:>> To enable Accounting, you need to select cash accounting. As of now, Mifos x supports only cash accounting for savings product.

  • Cash

>> Map accounts with respect to the savings product accounts. For information on these accounts refer: A Possible accounting Spec - Accounting rules for savings.

Advanced Accounting Rule

On clicking on the show button it enables the Advanced accounting rule.

If you click on Add button, it will expand and show up selection drop-downs.

  • Configure Fund sources for Payment Channels. Example: In the image shown above, Payment type - Cheque is mapped to Fund source - Bank. So whenever payment type is used for transaction. Journal entry for Account - Bank will be passed.

  • Map Fees to Income Accounts.

  • Map Penalties to Specific Income Accounts

Click on Submit button to Save/Create savings product.

Related articles