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. 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:
Could not load image
2. Fill in the details for the corresponding fields and click on the 'Submit' button
. 3. Approve and Activate the Saving Account.
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Withdrawn by Client
Cancelled (withdrawn)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):
Could not load image
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. 1.
    Navigate to the Client's profile (refer to this link to learn more about Clients: Manage Clients).
  2. 2.
    Select the Savings Account and open it.
  3. 3.
    Click on the 'Deposit' tab. The following window will be displayed:
Could not load image
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. 1.
    In the Client's Saving Account overview, click on the 'Withdraw' tab. The following window will be displayed:
Could not load image
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.
Last modified 2yr ago
Copy link