Financial Services Product Management
Savings (share) Accounts
Current (checking/share draft) Accounts
Term Deposit Accounts
Collateral Loans
Savings Secured Loans
Agriculture Loans
Open End/Top Up/Line of Credit Loans
Incremental Disbursement Loans
Village/Group Lending
Solidarity Group Lending
Loan
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Loan Products
Savings secured loans – this feature looks as though it is well fleshed out in the jira and is in development. It is expected to ship in xx release.
Variable rate loans. This may be somewhat tied to the above Automatic Rate Adjustments. Specifications for this need to be written.
Collateral Loans
Savings Secured Loans
Agriculture Loans
Open End/Top Up/Line of Credit Loans
Incremental Disbursement Loans
Village/Group Lending
Solidarity Group Lending
Loan Approval Process
Loan Product Configuration
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Payment Processing Strategy
Grace Period Support
Savings Products
Passbook
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Savings
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Mifos X has full support for basic passbook savings at the client, group, and center levels. Each passbook savings account has the same flexible account parameters that be configured at the product level including the specification of the interest rate, its compounding period, its posting period, balances used for interest calculation as well as the number of days in a year. A minimum opening balance and minimum balance for interest calculation as well as lock-in period can be enforced. It fully integrates into with cash-based accounting for automated portfolio posting as well as our fees & charges module.
Current Accounts
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In Mifos X, you can create a current account (zero-interest savings account) that allow you to specify an overdraft limit enabling the account to be used as a current or transactional account in which loan payments/fees can be automatically be deducted. These current accounts fully utilize the standing instruction functionality found in Mifos X.
- IN DEVELOPMENT Making these a distinct product (separate from savings products) in the Product Administration section of the Community App is still being worked on.
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Shares Management
SCHEDULED IN ROADMAP
Recurring Deposits
IN DEVELOPMENT
Fixed Deposits
Fixed Deposits (Term Deposits/CDs)
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Mifos X has full support for fixed/term deposit functionality with the ability to configure interest rate bands defined by length of deposit term. Fixed Deposit product share the same flexible configuration parameters for interest calculation found in the basic savings accounts. Penalties for premature closure and withdrawal are supported. At maturity fixed deposit amount can be withdrawn, rolled over to a new fixed deposit, or transferred to another saving account. Fixed deposit products support the full range of charges and fees as well as integration with cash-based accounting.
- Minimum & Maximum Deposit Terms: Minimum length of time funds must remain in the account to earn interest as well as the maximum length of time a deposit can be held can be defined.
- Pre-mature closure: Penalties for premature closure of an FD account (withdrawal before maturity) are calculated as a percentage deducted off either the interest applicable to the period up to the premature withdrawal or for the interest for the whole term.
- Interest Rate Charts: interest rate charts are created to define the interest rate bands that are applied to deposits held for periods of certain duration. Periods can be defined in days, weeks, months, or years. Multiple interest rate charts can be created and activated for certain lengths of time and applied across different fixed and recurring deposit products.
- IN DEVELOPMENT Configurable Interest Rate Bands based on Amount Deposited
Recurring Deposits
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Extending off of the fixed deposit functionality, recurring deposit products support the same parameters for interest rate charts, term length, and pre-mature closure as fixed deposit products. Mifos X supports term deposits with a regularly recurring voluntary or mandatory deposit amount .
IN DEVELOPMENT
Pensions
FUTURE ENHANCEMENTS
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