About
SavingTerm Deposit Accounts
A saving term deposit account is an instance of a saving term deposit product. Depending on your financial institution and the saving term deposit product definition a saving term deposit account is based upon, the saving term deposit account may be a current / checking saving fixed deposit account or a passbook saving recurring deposit account. In all cases, a saving term deposit account has a unique account number, a specified interest rate, and it is owned by one, and only one, client, group, or center.
A saving term deposit account can be created for an active client, group, or center based on a saving term deposit product that is active on the submitted date. When a saving term deposit account is created, it inherits the rules and defaults from the saving term deposit product. Your financial institution may allow some of the inherited information to be modified for a saving term deposit account, depending on how the saving term deposit product is defined.
Group/center savings term deposit accounts. By default, all members of a group/center are part of all the saving term deposit accounts of the group. Members are allowed to deposit and withdraw from the group/center savings term deposit account.
A center, group or client can have multiple saving term deposit accounts of the same or different saving term deposit products but a single saving term deposit account cannot be held by multiple centers, groups or clients. Saving Term deposit accounts cannot be transferred from one client, group, or center to another.
Once approved, Saving term deposit accounts cannot be deleted.
| Note |
|---|
Existing saving term deposit accounts are unaffected when the saving term deposit product they are based upon is changed. |
The saving term deposit account lifecycle is illustrated in the Mifos X Saving Term Deposit Account Lifecycle diagram. Saving Term deposit account statuses are visually indicated in Mifos X using the color scheme illustrated in the Mifos X Saving Term Deposit Account Lifecycle diagram.
Figure Mifos X Saving Term Deposit Account Lifecycle
The saving term deposit account actions / transactions availability and affect on the saving account lifecycle status are:
| Previous status | Action / Transaction | Resulting status |
|---|---|---|
| N/A | New Saving | Pending Approval |
| Pending Approval | Modify Application Approve Reject Withdrawn by client Add Charge Delete | Pending Approval Approved Cancel (rejected) Cancel (withdrawn) Pending Approval N/A |
| Approved | Activate Undo Approval Add Charge | Active Pending Approval Approved |
| Active | Deposit Withdraw Calculate Interest Post Interest Add Charge Standing Instruction Close Transfer Funds | Active Active Active Active Active Active Closed Active |
| Note |
|---|
If there are no transactions in a saving account for X days (X is the dormancy period defined by the financial institution), the saving account status is automatically changed to Inactive. There are no restrictions on deposits, withdrawals, and adjustments while the saving account is inactive. If a transaction is made, the status automatically changes to Active. These state changes (from Inactive to Active and vice versa) can also be made manually - TRUE???. |
|
Term Deposit Account View / Navigation
(**under construction**)
| Panel | ||||||||
|---|---|---|---|---|---|---|---|---|
On this page:
|
Related articles
| Filter by label (Content by label) | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|