Page Comparison

Savings Product Details:
Interest Rate - 10%
Interest Calculation - every 1 months
Interest Posting - every 3 months
Minimum Balance - 1000 (interest calculation is only applicable when 'average balance' or 'minimum balance' exceeds this value for given calculation period.

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 Minimum Balance Principal for a given calculation period is greater or equal to Minimum Balance required then interest calculation is applicable.