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A Saving Account can be created for an active client or group , based on a Saving Product (the Saving Product needs to be active on the submitted date). When a Saving Account is created, it inherits the rules and defaults from the Saving Product it is based on. Your financial institution may allow some of the inherited information to be modified for a saving account.
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A client may have more than one active saving accounts account (as defined by a financial institution's policies, these can be configured in the Product Mix).
In the case of a group saving application, individual client saving accounts belonging to members of the group are included for the purposes of applying product mix rules.
Creating a Saving Account
To create a Saving Account, follow these steps:
- Navigate to a specific Client, Group or Center and click on 'New Saving' or 'Group Saving Application' or 'Center Saving Application'. The following window will be displayed:
- Fill in the details cor for the corresponding fields and click on the 'Submit' button
. - Approve and Activate the Saving Account.
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The possible Saving Account actions/transactions, their availabilitiesavailability, and their effects on the Saving Account Life Cycle Status are tabulated below:
| Previous Status | Action | Resulting Status |
|---|---|---|
| N/A | New Saving | Pending Approval |
| Pending Approval | Modify Application | Pending Approval |
| Add Saving Charge | Pending Approval | |
| Modify Application | Pending Approval | |
| Reject | Rejected (cancel) | |
| Assign Staff | Pending Approval | |
| Withdrawn by Client | Cancelled (withdrawn) | |
| Delete | Cancelled | |
| Approved | Undo Approval | Pending Approval |
| Activate | Saving Account Created | |
| Add saving charge | Approved | |
| Assign staff | Staff assigned (approved) | |
| Active | Add saving charge | Active |
| Deposit | Active | |
| Withdraw | Active , until the amount in saving account is greater than zero. | |
| Calculate Interest | Interest calculated and shown on the same window | |
| Unassigned staff | Assign Staff | |
| Transfer Fund | throwing error: insufficient fund to transfer.. ?? | |
| Close | Withdraw balance and Saving Account is closed. |
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