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Use-case: Activation/Commencement of Deposit Account
Question: Shiva, is this the 'approval' use case that was implemented by madhukar or is Approval something different? Provision for updating the interest rate, deposit amount, term & Interest compounding frequency is not considered while approval. However, I feel the provision should be provided. We will take-up the changes.
It is the same as given below. However, we are not allowing a user to change the Term, Deposit Amount
The deposit account may commence on the exact date given when 'creating/settingup' the deposit account. The date on when the 'deposit' transaction is received by the bank/mfi is the date typically from which the deposit account becomes 'active'.
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- Term/tenure: What is the length of the term/tenure (in months)
- Deposit amount: How much money is being deposited for the term.
- Nominal annual interest rate: What is the interest rate to be applied to deposit amount for the term expressed as a nominal annual rate.
- Interest compounding frequency: Interest is usually compounded at periodic intervals like monthly, quarterly, annually
Commencement date: On what date does the term/tenure commence from: Deposit start date commence from the date of approval. Initial FD date which commence on adding the FD account gets override with the Approval date.
As a result of activation any or all the following 'derived' fields should be set
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