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Describe this functionality and why an organization would use it (i.e. the business requirements).

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Available Actions: for each one - create as H4 level-header (will show in page-level table of contents) and for each one, include the following this is applicable.  List these out and then for each one, do the following:

Types of loan products

Create a new savings product

Field Name (attribute)DescriptionExampleValidations (if applicable)
    

Details

Field Name (attribute)DescriptionExampleValidations (if applicable)
    
Terms
Field Name (attribute)DescriptionExampleValidations (if applicable)
    

Settings

Field Name (attribute)DescriptionExampleValidations (if applicable)
    
Charges
Field Name (attribute)DescriptionExampleValidations (if applicable)
    
Accounting
Field Name (attribute)DescriptionExampleValidations (if applicable)
    

Edit existing savings product

Field Name (attribute)DescriptionExampleValidations (if applicable)
    

 

Warning
titleKey Error Messages
 

Introduction

Interest is calculated on savings accounts in Mifos X based on options set when creating the savings product. The administrator can set frequency of interest calculation and posting on each savings product to configure how often interest is posted to a savings account. The start date for interest calculation and posting, and the reference for the time period, is the start of the fiscal year. Interest is posted on the last day of the time period (as per Frequency for interest posting to accounts).

Definitions

Formula

For one period interest calculation: A = P(1+r/n)

Where:

P = principal amount (initial amount)

r = annual rate of interest (as a decimal)

A = amount of money accumulated including interest

n = number of times the interest is compounded per year

Periodic intervals: can be set by number of days or months.

Average Balance:

The average balance is the average of all the daily balances for that interest calculation period.

A=P(1+(r/n))

A=1200(1+(.08/4))

Requirements and Calculations

General Interest Calculation and Posting Requirements

TBD

Interest Calculation and Interest Posting

See Savings Interest Calculation and Posting for more information.

Rounding and Precision

CurrencyRoundingModeDigitsAfterDecimalAnnual Interest RateMinimum Balance
HALF_UP1<= 1%<= 60
 2<= 1%<= 5
CEILING1  
 2  
FLOOR1  
 2  



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