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| Pending Approval | Pending Approval Approved Cancel (rejected) Cancel (withdrawn) Pending Approval N/A | |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