Mobile Field Officer Applications
Payment and Process Orchestration
Core Banking & Embedded Finance
Application Framework
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.
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Now Select Create Fixed Deposit Product

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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.


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  • 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.


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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
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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
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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
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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.


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


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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.
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Advanced Accounting Rule
On clicking on the show button it enables the Advanced accounting rule.
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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.
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Last modified 2yr ago