A Saving Account is an instance of any Saving Product. A Saving Account has the following attributes:
Every Saving Account is either owned by a client or by a group.
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.
A client may have more than one active saving account (as defined by a financial institution's policies, these can be configured in the Product Mix).
The possible Saving Account actions/transactions, their availability, 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Withdrawn by Client | Cancelled (withdrawn) | |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. |
A typical Saving Account overview is displayed in the image below (with all the options mentioned in the table above):
In the Saving Account Overview, you can view the following:
A Group Saving Account is a single Saving Account shared by all members of a group. All the members of the group can perform deposit/withdraw operations. The group is treated collectively by the financial institution as a single entity.
The following transactions are possible under a Saving Account:
Deposit:
In order to deposit an amount to a Client's/Group's Saving Account, refer to the following steps:
Withdraw:
In order to allow a client to withdraw any amount from a Savings Account, refer to the following steps: