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About Term Deposit Accounts
A term deposit account is an instance of a term deposit product. Depending on your financial institution and the term deposit product definition a term deposit account is based upon, the term deposit account may be a fixed deposit account or a recurring deposit account. In all cases, a 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 term deposit account can be created for an active client, group , or center based on a term deposit product that is active on the submitted date. When a term deposit account is created, it inherits the rules and defaults from the term deposit product. Your financial institution may allow some of the inherited information to be modified for a term deposit account, depending on how the term deposit product is defined.
Group/center term deposit accounts. By default, all members of a group/center are part of all the term deposit accounts of the group. Members are allowed to deposit and withdraw from the group/center term deposit account.
A center, group or client can have multiple term deposit accounts of the same or different term deposit products product but a single term deposit account cannot be held by multiple centers, groups or clients. Term deposit accounts cannot be transferred from one client, group , or center to another.
Once approved, term deposit accounts cannot be deleted.
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Existing term deposit accounts are unaffected when the term deposit product they are based upon is changed. |
The term deposit account lifecycle life cycle is illustrated in the Mifos X Term Deposit Account Lifecycle Life cycle diagram. Term deposit account statuses are visually indicated in Mifos X using the color scheme illustrated in the Mifos X Term Deposit Account Lifecycle Life cycle diagram.
Figure Mifos X Term Deposit Account LifecycleLife cycle
The term deposit account actions/transactions availability and affect on the saving account lifecycle life cycle status are:
Previous status | Action / Transaction | Resulting status |
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N/A | Pending Approval | |
Pending Approval | Pending Approval Approved Cancel (rejected) Cancel (withdrawn) Pending Approval N/A | |
Approved | Active Pending Approval | |
Active | Deposit (Recurring Deposit only) | Active Closed Active Active Active |
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Term Deposit Account View/Navigation
(**under construction**)
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