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Interest Rate – The yearly rate at which interest shal be applied. (In mifos a year can be defined as 365 days or 360days in Accounting Rules configuration)

Interest Calculation Period – every 1 month on the end of the month with dates starting from start of financial year (always 1 Jan in mifos)

Interest Posting – every 3 months on the end of the month with dates starting from start of financial year (always 1 Jan in mifos)

Minimum Balance (for interest Calculation) – if the Average or Minimum Balance Principal for a given calculation period is greater or equal to Minimum Balance required then interest calculation is applicable.