Recurring Deposit Product Fields

Recurring Deposit Product Fields

Details Section
Field name (attribute)
Description
Example
Validations (if applicable)
Product name
The product name is a unique identifier for the recurring deposit product. The product name is used:
  • In Product lists (depending on where the product list appears, it may contain a list of all recurring deposit products or a list of active recurring deposit products)
  • As the Recurring Deposit Account identifier in the Recurring Deposit Account Overview section on the client General tab
  • In the Name column in the list of recurring deposit products displayed when Recurring Deposit Products is clicked on the Products page
Monthly Interest fixed deposit
Required field
Alphanumeric
Short name
The short name is a unique identifier for the recurring deposit product. The short name is used:
  • In the Short name column in the list of recurring deposit products displayed when Recurring Deposit Products is clicked on the Products page
  • The short names are mainly used in reporting in Mifos X.
MIS
Required field
Alphanumeric
Description
The description is used to provide additional information regarding the purpose and characteristics of the recurring deposit product.
Monthly Interest fixed deposit
Alphanumeric
Length restrictions?
Terms Section
Field name (attribute)
Description
Example
Validations (if applicable)
Currency
The currency to be used for the recurring deposit product. Select the recurring deposit product's currency from the Currency list.
Required field
Decimal places
The number of decimal places to be used to track and report on recurring deposit accounts based on the recurring deposit product.
2
Required field
Numeric
Multiples of
Here, you can provide multiple of currency for example, if you provide "multiple of 10", then the currency values will be rounded off to 20, 30, 40,....130, 140, 150... etc If you provide "multiple of 100", the currency values will be rounded off to 100, 300, 400,.......1200,1300,..... etc
0
Required field
Numeric
Minimum Deposit Amount
The minimum deposit amount required to open a recurring deposit account based on this recurring deposit product. If blank, there is no minimum deposit amount.
200
Optional field
Numeric
Deposit Amount
The default deposit amount expected when a recurring deposit account based on this recurring deposit product is opened.
500
Required field
Numeric
Maximum Deposit Amount
The maximum deposit amount allowed when a recurring deposit account based on this recurring deposit product is opened. If blank, there is no maximum deposit amount
10000
Optional field
Numeric
Interest compounding period
The period at which interest rate is compounded.
Monthly
Required field
Select from list
Interest posting period
The period at which interest rate is posted or credited to a recurring deposit account based on this recurring deposit product.
Monthly
Required field
Select from list
Interest calculated using
The method used to calculate interest.
Average Daily Balance
Required field
Select from list
Days in years
The setting for number of days in a year used to calculate interest.
360
Required field
Select from list
Setting Section
Field name (attribute)
Description
Example
Validations (if applicable)
Recurring Deposit Type
The Recurring Deposit Type value identifies whether the recurring deposit is Mandatory or Voluntary.
Voluntary
Required field
Select from list
Deposit Every
The Deposit Every field define when the recurring deposits will be made.
2 weeks
Required fields
Numeric and select from list
Locking period frequency
A period of time during which a recurring deposit account based on this recurring deposit product will be locked-in after it is opened. During the lock-in period, the client will be unable to access any funds deposited in the account. If lock-in period is set, the pre-mature closure of the account is not possible.
3 months
Optional
Number and select from list
Minimum Deposit Term
The minimum length of time the funds must remain in the recurring deposit account to earn the full interest income.
6 months
Required?
Number and select from list
And thereafter, in Multiples of
After the minimum deposit term has passed, additional deposit duration may be specified. Each of these additional deposit duration must be complete for the recurring deposit account to earn the full interest income.
1 month
Optional
Number and select from list
Maximum Deposit Term
The maximum length of time funds may be deposited in a recurring deposit account based on this recurring deposit product. If the client doesn't want to withdraw or transfer funds to any savings account, he can again extend it for another term.
For Pre-mature Closure:
Apply penal interest (less)
On
Complete this section to define an interest penalty for pre-mature closure as expressed as a percentage to deduct from the interest rate applicable to either:
  • the interest applicable for the period up to the premature withdrawal
  • the interest applicable for the whole term
The interest rates applicable for various time frames are defined in the Interest Rate Chart(s) for the recurring deposit product.
Example:
The recurring deposit product has a 6 month term. For the first 90 days, the interest rate is 4.5%, and for 91-180 days, the interest rate is 5% (based on the Interest Rate Chart in effect). The settings for Pre-mature closure are 1% penal interest and Till Premature Withdrawal. A client with a recurring deposit account based on the recurring deposit product, withdraws funds after 60 days. The interest that the client will be paid on withdrawing funds is 3.5% (4.5%-1%). If the settings had been 1% penal interest and Whole Term the client would be paid 4% (5%-1%) on withdrawing funds.
Check box checked
1%
Till Premature Withdrawal
Options
Check for True; uncheck for False (no interest penalty)
Numeric
Select from list
Interest Rate Chart
For info on amount range interest rate chart, please refer - Interest rate chart with amount range
The interest rate chart provides the information required to calculate the interest payable on a recurring deposit account based on the recurring deposit product. When a recurring deposit product is defined you must set up one and only one interest rate chart. Additional interest rate charts can be set up after the recurring deposit product has been created.
When a recurring deposit product is initially created, the Interest Rate Chart table will be empty. Click +Add to create the first and any additional rows required.
Example
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Field name (attribute)
Description
Example
Validations (if applicable)
Valid From Date
The Valid From Date is the date from which the Interest Rate Chart will be in effect.
01 January 2012
Required field
Select from date picker
End Date
The End Date is the date after which the Interest Rate Chart will not be in effect. Leave this field blank if the Interest Rate Chart end date is unknown.
blank
Optional field
Select from date picker
Period Type
The period type may be expressed in Days, Weeks, Months, or Years
Days
Required for each row
Select from list
Period From / To
The range expressed as from / to, in the period type measure. When multiple rows are present the periods cannot overlap.
1 - 90 91 - 180
Required for each row
Numeric
Interest
The interest rate that is to apply for the specified period.
5
Required for each row
Numeric—percent
Description
Charges Section
Field name (attribute)
Description
Example
Validations (if applicable)
Charges
Select a charge from the Charges list and click Add. If more charges apply to the recurring deposit product, select additional charges and click Add for each.
Accounting Section
Field name (attribute)
Description
Example
Validations (if applicable)
Accounting
Select one from:
  • None
  • Cash
If Cash is selected, see Accounting Saving Product Fields.
Last modified 2yr ago
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