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When a savings product is created, the user defines the frequency of interest posting of which only Monthly is supported in Mifos. Once at least one savings is open for a given savings product, a number of attributes of a savings product cannot be changed. The interest posting frequency and interest calculation frequency are two of this such attributes.
Interest posting always occurs on the end of the month and the exact dates are determined based on the start of the fiscal year (which is currently always Jan 1st in Mifos) and the chosen interest posting frequency.
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For example every 3 months from Jan 1st would product interest posting dates of: |
Interest posting is possible in Mifos from:
- An Overnight batch job named SavingsIntPostingTask that detects savings accounts that are due for interest posting
- When a savings account Savings Account is closed and interest is due based on balance of savings account at closing.
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- No adjustments of deposits or withdrawals are allowed if the transaction exists in a previous interest posting period. To help enforce this we post interest even if the calculated interest is zero as this will result in the user being unable to adjust transactions prior to the interest posting.
- No back-dated transactions are allowed if the transaction exists in a previous interest posting period
How Interest Is Calculated
When it becomes time to execute an interest posting
Interest Calculation Period
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