Fixed Term Savings

Description

Sometimes loans are issued in other currencies other than KIP. "Mifos will handle only a single currency.
However, the offline data collection sheet will handle a single currency conversion rate. The new transactions will get uploaded/downloaded to/from Mifos always in KIP at this conversion rate.

The offline collection sheet will display converted values.

Every loan product to have a custom field to capture the currency in which it is being given. It will default to KIP."

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Ed Cable
January 11, 2012, 3:49 AM

Reviewed during Triage on 1/9/2012. Need to document full business requirements and functional specifications for feature before it can estimated and then triaged.

Binny Gopinath Sreevas
January 15, 2012, 6:18 PM

The description of this ticket seems incorrect.

The requirement is to have a savings account for a fixed period of time (like a term-deposit in regular banks).

A member makes a deposit of 10,000 for six months at 8%. At the end of six months, the member should receive interest of 400. So the maturity value of the deposit is 10,400 at the end of six months. Even if the member actually closes the account only after 8 months, the member receives only 10,400/-

Note: If the member makes any withdrawals from this account, then the rate is reduced (for example to 6%) on the closing balance. This can be handled by manually computing and applying an appropriate penalty to the savings account.

Chetan Bekkinkeri
March 13, 2012, 9:34 AM

Duplicate Issue

Assignee

Unassigned

Reporter

Kakhaber Kheladze

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Minor
Configure