Introduction
In mifos we allow the user to create a SavingsProduct that is used to model a real world financial product for savings accounts.
The type of information specific to savings products revolves around:
- Savings Type: Mandatory or Voluntary
- Deposit and Withdrawal limits
- Interest Calculation Details: What rate to use, what caculation algorithm to use (average or minimum balance), interest posting or compounding frequency, interest calculation frequency and min balance required before interest is calculated.
Model
Schema
Functional Specs
http://mifos.org/functional-specifications/mfi-information-setup/product-definitions