Fixed-Term Savings account (Deposit)

Owned by Chetan Bekkinkeri (Unlicensed)
Last updated: May 09, 2012Version comment
23 min read

Fixed-Term Savings account (Deposit)

Release

Release J

Current Owners:

Chetan B

Status (Draft, In Review, Stable / Approved):

Draft

Contents:

Introduction

Many MFIs across the world want to encourage their clients to open savings account and save a part of the income being generated by the loans provided. Savings account product in Mifos currently meets a part of the savings account requirements for clients.

However to encourage clients for long term savings, MFIs want to provide a savings product similar to a certificate of deposit whereby a client deposits certain amount of money in a savings account for a fixed duration of time. Clients are paid a fixed amount (Principal+Interest) at the end of the fixed duration. Also to discourage clients from withdrawing or closing the account before the end of the term, there is a need for MFIs to charge a penal interest/charge in case the account is closed before the end of the fixed duration

Goals

List Goals of feature

  • To add the fixed/term deposit savings product support to the Mifos product functionality

Non-Goals

The following items will not be addressed in this release:

  • item 1
  • item 2

Definitions and Terminology

Term

Definitions

User

User of system

  • Mandatory fields will be preceded by "*" (an asterisk)
  • Links are italicized
  • Buttons are Button

Related Documents

*insert links to related specs here

2. User Stories

List high level user stories - these can be broken down later into small user stories / user tasks if needed

Priority

User Stories

Section in FR

PR1

As a Mifos Administrator, I want to be able to create a term deposits product from the Administrator screen of Mifos

4.1

PR2

As a Mifos Administrator, I want to be able to view and edit the attributes defined in the term product definition

4.2

PR3

As a Mifos Administrator, I want to be able to assign permissions to other user roles so that users can create a term deposit product.

4.3

PR4

As a Mifos Administrator, I want to be able to assign permissions to other user roles so that users can create, edit and approve term deposit accounts and perform transactions

4.3

PR5

As a Mifos user, I want to be able to create a term deposit account as per the product attributes specified in product definition

4.4

PR6

As a Mifos user with appropriate permissions, I want to be able to approve/reject a term deposit account after creation

4.5

PR7

As a Mifos user, I want to be able to payout the term deposit maturity value at the end of term to the clien

4.6

PR8

As a Mifos user, I want to be able to payout the calculated term deposit value when the client intends to close the account before the end of term.

4.6,4.7

PR9

As a Mifos user, I want to be able payout the term deposit value for cases when the deposit end date is past due.

4.7

3. Use Cases

3.1 Ability to create a term deposit product with appropriate attributes

Actors

  • Mifos administrator or user with permission to create a Term deposit product ( administrator role assigned)

Preconditions

  • Administrator is logged into Mifos and has permissions

Basic Flow

  1. Mifos Administrator ( or user with appropriate permissions) logs into Mifos
  2. User navigates to the Admin Screen
  3. User clicks on the "Define Term Deposit product" link
  4. User enters the required information -product name, interest calculation etc - ( refer FR #4.1 for full list of attributes/fields) and clicks on preview
  5. User submits the information

Post-conditions

  • Term deposit product with the required attributes should be created

Alternative Flows

Validations

1. If an attribute is  mandatory,  a validation message should be displayed when the preview button is clicked.The error message should read  "Please specify a value for field : ". For the list of mandatory fields, refer the section 9 of the document

2. If any special characters are entered in the name column, an error message "Enter valid name in the Product Instance name value" should be displayed.

3.2 Ability to edit a term deposit product

Actors

  • Mifos administrator or user with permission to create and edit a Term Deposit product ( administrator role assigned)

Preconditions

  • Administrator is logged into Mifos and has permissions

Basic Flow

  1. Mifos Administrator ( or user with appropriate permissions) logs into Mifos
  2. User navigates to the Admin Screen
  3. User clicks on the "View term Deposit product" link
  4. User enters/edits the required information -product name, interest calculation etc - ( refer FR #4.2 for full list of attributes which are editable) and clicks on preview
  5. User submits the information

Post-conditions

  • Term deposit product with the required attributes should be saved with the changed information

Alternative Flows

Validations

1. If an attribute is  mandatory,  a validation message should be displayed when the preview button is clicked.The error message should read  "Please specify a value for field : ". For the list of mandatory fields, refer the functional spec

2. If any special characters are entered in the name column, an error message "Enter valid name in the Product Instance name value" should be displayed.

The validations should follow the attributes definition mentioned in FR#9 and section 9

3.3 Ability to assign a new permissions for Term Deposit product creation

Actors

  • Mifos administrator or user with permission to assign and modify permissions ( administrator role assigned)

Preconditions

  • Administrator is logged into Mifos and has permissions to modify other role permissions

Basic Flow

  1. Mifos Administrator ( or user with appropriate permissions) logs into Mifos
  2. Navigates to the Admin Screen
  3. Navigates to "Manage Roles and Responsibilities" link and clicks on an existing or creates a new role

Post-conditions

  • Under product definition, the new sub Category - Term Deposit products should be viewable with sub categories for
    • Can define new term deposit product instance
    • Can edit new term deposit product instances
  • User should be able to click on the permission and submit.

Alternative Flows

Validations

3.4 Ability to assign permissions for Term Deposit transactions

Actors

  • Mifos administrator or user with permission to assign and modify permissions ( administrator role assigned)

Preconditions

  • Administrator is logged into Mifos and has permissions to modify other role's permissions

Basic Flow

  1. Mifos Administrator ( or user with appropriate permissions) logs into Mifos
  2. Navigates to the Admin Screen
  3. Navigates to "Manage Roles and Responsibilities" link and clicks on an existing or creates a new role
  4. A new category "Term Deposit Management" should be available to assign permissions

Post-conditions

  • Under Terms Deposit Management category, permissions associated with term deposit transactions such as
    • Creation of a term deposit account
    • update a term deposit account
    • Can change state to active etc should available to be assigned to the role. ( For full list of permissions, refer to the FR#4.3)
  • User should be able to click on the permission and submit.

Alternative Flows

Validations

3.5 Ability to create a Term Deposit account for a Center/Group/Client

Actors

  • Mifos user with permission to create a Term Deposit account

Preconditions

  • User is logged into Mifos and a center/group/client is already created

Basic Flow

  1. Log into Mifos
  2. navigate to Branch->loan officer->center->Group->client for creating a term deposit account for Client. The navigation will change appropriately for creating a term deposit account for a Group or a center
  3. The "open new account" option should display "Term Deposit" next to the Loans|Savings account links
  4. Click on the "Term deposit" click
  5. The available Term deposit accounts should be visible in the next screen
  6. Choose a term deposit from the available list of products

Post-conditions

    1. The term deposit product instance attributes should be visible as a summary

    2. The following fields should be available for user entry : Term Deposit Amount, Term Start Date, Term End Date

    3. Clicking on the "Continue", should show the maturity value of the deposit at end of the term.

    4. Clicking on "Save for Approval" button should save the account details and modify the account status to " Application Pending Approval "

    5. The status change for the account should be visible under the "View change log" and "View status history".

 Alternative Flows

   1. Clicking on the "Save for later" button should save the account details and modify the account status to " Partial Application"

  Validations

  1. If the user clicks on the continue button without entering the Amount , an error message "Please specify the amount for account creation" should be mentioned

  2. If the user clicks on the continue button without entering the Term Start date OR Term End date, an error message " Please specify the term start date or end date" should be displayed

3.6 Ability to approve a Term Deposit account in "Application Pending Approval" State

Actors

  • Mifos user with permission to approve or Edit a Term Deposit account

Preconditions

  • User is logged into Mifos and a center/group/client is already created
  • A term deposit account in "Application Pending Approval" status exists

Basic Flow

  1. Log into Mifos
  2. navigate to Branch->loan officer->center->Group->client. The navigation will change appropriately for creating a term deposit account for a Group or a center
  3. On the client summary, click on the term deposit account link next to the Loans| Savings account links
  4. Click on the term deposit account number
  5. The Term deposit accounts details should be visible.
  6. Click on "Edit account status" link
  7. Select the "Active" radio button, enter notes and click on preview

Post-conditions

    1. The term deposit account status should change to "Active"

    2. The status change for the account should be visible under the "view change log" and "view status history".

    3. A transaction for the amount deposited in the term deposit account should be recorded and "view transaction history"  should display a transaction.

 Alternative Flows

  1. When the user clicks on the "Edit account Status" link, three options - "Partial Application","Active" and "Cancelled"  should be shown

  2. Clicking on cancel and entering the comments should close the account status to "cancelled" status.

Validations

  1. If a user who does not have permissions to approve term deposits logins and tried to change the status of the loan to "active" , an error message " You do not have permissions to perform this activity. Contact your system administrator to grant you required permissions and try again" should be displayed

3.7 Ability to pay out the term deposit at end of term

Actors

  • Mifos user with permission for making Term Deposit transactions

Preconditions

  • User is logged into Mifos and a center/group/client is already created
  • A term deposit account with interest rate is created, approved
  • the account's term end date has passed and the payout is due today .i.e the deposit's term has been completed.

Basic Flow

  1. Log into Mifos
  2. Navigate to Branch->Loan officer->Center->Group->Client.The navigation will change appropriately for creating a term deposit account for a Group or a Center.
  3. On the client summary, click on the term deposit account link next to the Loans|Savings account links
  4. Click on the term deposit account number
  5. The Term deposit accounts details should be visible.
  6. Click on the "payout/close account" option

Post-conditions

    1. On a new screen,  the following fields should be shown on the account payout/close screen : - Date of transaction, Amount( Should be calculated), Mode of Payment, Receipts, Receipt ID and notes

    2. The amount calculated should be based on terms & conditions entered while creating the account.Since the payout is due today, the amount to be paid out should be as calculated during the account creation.

  3. The status change for the account should be visible under the "View change log" and "View status history".   

  4. A transaction for the amount paid out ( interest +principal)  in the term deposit account should be recorded and "view transaction history"  should display a transaction for the amount paid out with the appropriate GL entries.

 Alternative Flows

Validations

  1. If a user does not select the mode of payment , then an error "Please specify the mode of payment" must be shown

  2. If the user does not enter any value in the notes column, an error message " Please specify notes value" must be shown

3.8 Ability to Close/Pay out a Term Deposit account anytime in the term period

Actors

  • Mifos user with permission for making Term Deposit transactions

Preconditions

  • User is logged into Mifos and a center/group/client is already created
  • A term deposit account with interest rate is created, approved
  • The term deposit account's period should be current status

Basic Flow

  1. Log into Mifos
  2. navigate to Branch->loan officer->center->Group->client. The navigation will change appropriately for creating a term deposit account for a Group or a Center.
  3. On the client summary, click on the term deposit account link next to the Loans| Savings account links
  4. Click on the term deposit account number
  5. The Term deposit accounts details should be visible.
  6. Click on the "payout/close account" option

Post-conditions

    1. On a new screen, the following fields should be shown on the account payout/close screen : - Date of transaction, Amount( Should be calculated), Mode of Payment, Receipts, Receipt ID and notes

    2. The amount calculated should be based on the terms & conditions ( attributes) defined in the term product definition. Since the term deposit account is being closed before the end of term, the interest should be paid out prorata and at the early "pay out/penalty" interest rate.

3. The status change for the account should be visible under the "view change log" and "view status history".   

  4. A transaction for the amount paid out ( interest +principal)  in the term deposit account should be recorded and "view transaction history"  should display a transactions for the amount paid out with appropriate GL entries.

 Alternative Flows

Validations

  1. If a user does not select the mode of payment , then an error "Please specify the mode of payment" must be shown

  2. If the user does not does not enter any value in the notes column, an error message " Please specify notes value" must be shown

3.9 Ability to Close/Pay out a Term Deposit account after the term date

Actors

  • Mifos user with permission for making Term Deposit transactions

Preconditions

  • User is logged into Mifos and a center/group/client is already created
  • A term deposit account with interest rate is created, approved
  • The term deposit account's end date should have passed.

Basic Flow

  1. Log into Mifos
  2. navigate to Branch->loan officer->center->Group->client
  3. On the client summary, click on the term deposit account link next to the Loans| Savings account links
  4. Click on the term deposit account number
  5. The Term deposit accounts details should be visible.
  6. Click on the "payout/close account" option

Post-conditions

    1. On a new screen, the following fields should be shown on the account payout/close screen : - Date of transaction, Amount( Should be calculated), Mode of Payment, Receipts, Receipt ID and notes

    2. The amount calculated should be based on the terms & conditions ( attributes) defined in the term product definition. Since the term deposit account is being after the end date, for the days after the term end date, the interest should be calculated based on the default Savings interest rate set up.

   3. The total payout should include the term deposit interest and the default savings interest

 Alternative Flows

Validations

  1. If a user does not select the mode of payment , then an error "Please specify the mode of payment" must be shown

  2. If the user does not does not enter any value in the notes column, an error message " Please specify notes value" must be shown

4. Functional Requirements

4.1 Term Deposit Product creation

FR#

Description

Comments/Mockups

4.1.1

A new link " Define term Deposit Product" needs to be added under the Admin Section.

The link should be displayed under Manage Products ->Manage Savings Product -> "Define New Term Deposit Product"

4.1.2

In the admin section, for defining a new product category for term deposits, the product type lookup needs to be updated

In the Admin screen, under Manage Products->Define new category, the product types shown are Loans and Savings. There is a need to add a new product type to create a new product category "Term Deposits".

4.1.3

A new default category for "Term Deposits" is required to be added

In the admin screen , under Manage Products-> View product category, a new product category "Term Deposits" needs to be displayed.

4.1.4

To create the term deposit product, the product attributes need to be displayed

The following attributes need to be displayed :
Term Deposit Product details
1. Product Instance Name
2. Short name
3. Product Category
4. Description
5. Product Start date
6. Product End Date
7. Applicable to : ( Clients, Groups, Centers)
Product Restrictions
1. Minimum amount
2. Recommended amount
3. Allow Pre-closure ( check box)
Interest Rate
1. Interest rate for Term Deposit
2. Pre-closure Interest Rate
3. Default savings Interest rate ( default to 0)
4. Frequency of Interest posting ( compounding)
Accounting
1. GL code for deposits
2. GL code for Interest

4.1.5

For the mandatory attributes, validations are to be performed on submitting the information. The validation message should read " Please specify a value for : mandatory field"

The following fields are mandatory
1. Product Instance Name
2. Short Name
3. Product Start Date
4. Interest Rate
5. Pre-closure Interest rate
6. Frequency of posting
7. GL code for deposits
8. GL code for Interest

4.2 Editing Term Deposit product attributes

FR#

Description

Comments/Mockups

4.2.1

A new link " View Term Deposit Product" needs to be added under the Admin Section.

From Admin->Manage products-> Manage Savings Products -> "View Term Deposit Product" needs to be added under the admin section

4.2.2

"View Term Deposit Product" should display all available term deposit products. It should also provide the option to create a new Term Deposit product

Similar to the existing "view savings product" functionality

4.2.3

Clicking on the product instance name should take the user to term product screen with option to edit the information

At the right hand side top, a link "Edit Term Deposit Product" should be displayed.Clicking on the link should open the term product definition screen for editing the values

4.2.4

Only specific attributes of the term deposit product should be editable on the term deposit product screen

The following fields should not be editable
1. GL Code for Deposit
2. GL code for Interest
3. Interest Posting Frequency
4. Applicable to ( Clients, Groups, Centers)
5. Default interest rate

4.2.5

The product edit functionality should have the same validation criteria as the product creation function

Similar to the existing "View savings product" functionality

4.3 Creating new Permissions for Term Deposits

FR#

Description

Comments/mockups

4.3.1

A new permission is for providing permissions to users for creating the Term Deposit product

Under Admin->Manage roles and Responsibilities-> Role->Product Definition, a new permission Term Deposit Product is added. Two permissions are required
1. Can define new Term Deposit product instance
2. Can edit new Term Deposit product

4.3.2

New permissions required to enable users to perform transactions for the term Deposit accounts.

The following permissions need to be added to the admin->Manage roles & responsibilities->role->Term deposit Management.
Can create new Term Deposit account in Save for later state
Can update Term Deposit account
Can close Term Deposit account
Can change state to partial application
Can change state to pending approval
Can change state to cancel
Can change state to active
Can change state to inactive
Can blacklist Term Deposit account
Can create new Term Deposit account in submit for approval state
Can do adjustments for Term Deposit account
Can waive due deposits for Term Deposit account
Can waive over due deposits for Term Deposit account
Can make deposit/withdrawal to Term Deposit account
Can add notes to Term Deposit account

4.3.3

Checking the check boxes and submit should save the permissions and show the role summary screen

The role summary screen should display all the available roles.

4.4 Create Term Deposit account

FR#

Description

Mockups/Comments

4.4.1

Under the center summary page, a new link "Term Deposit" needs to be added.
Under the group/client summary page, a new link "Term Deposit" needs to be added.

The new link has to be added next to the existing Open New Account : "Savings" link on the Center summary page 
The new link has to be added next to the existing Open New Account : Loan|Savings link on the group/client summary page

4.4.2

Clicking on the "Term Deposit" link should open a new screen with the available term deposit products.

The list of term deposit products ( with appropriate filtering for the product applicability should be shown in the screen as a list of values with an option to select one of the available products

4.4.3

Selecting a product should open product details with an option to enter the amount and fixed deposit term dates. clicking on continue should take the user to the Term Deposit Approval Workflow.

The following attributes should be allowed to be entered by the user
1. Term Deposit Amount
2. Term Start Date
3. Term End Date
Once the values are entered , clicking on the continue button should trigger the term deposit workflow

4.4.4

The user should be provided the option to "Save for Later" or to "Save for Approval". Clicking on these options should result in the creation of a term deposit account with the account number.
The user should be provided the option to Edit the already entered information.

1. "Save for Later" option should save the record in "Partial Application" state
2. "Save for Approval" option should save the record in "Application Pending Approval" status
3. Edit information link should take the user back to the term deposit creation screen

4.4.5

Clicking on "view Term Deposit Account" link on the term deposit page should take the user to the term deposit details

A link ( similar to the existing Savings functionality) is required to be added to the term deposit screen.

4.5 Retrieve and approve "pending approval" Term Deposit account

FR#

Description

Mockups/Comments

4.5.1

The center summary page should list the Term Deposit Account . ( with status Approved, Partial Application, Application pending Approval).
The group or the client summary page should list the Term deposit accounts ( With status Approved, Partial Application, Application pending approval)

 

4.5.2

Searching on Account number should retrieve the term deposit accounts

The existing search function should be modified such that the searching on a term deposit account number should display the account number link .

4.5.3

Clicking on the account number link should open the Term Deposit account summary page

This is similar to the savings account page. All details of the account and also the option to edit the account status should be visible

4.5.4

Clicking on the "Edit Account Status" link should provide the user with the option to approve the loan

The status field on the account approval page should have the options " Active, Partial Application and Cancel"
The notes text field should be available for entering any comments

4.5.5

Only users with permissions to approve the term deposit account should be allowed to approve the account

If the user logged does not have permission to approve the account a message " The user does not have permission to perform the desired operations" needs to be displayed.

4.6 Payout an account at the end of term (maturity)

FR#

Description

Mockups/Comments

4.6.1

In the account summary page, under the transaction , need to add a new transaction - "close/pay out account".

Clicking on the "close/payout account" should display the account transaction page with the following details
1. Amount ( should be calculated based on date of maturity - i.e. Early maturity, end of term or after end of term). See examples in for more details
2. Mode of payment
3. Receipt ID
4. Receipt date
5. Notes  

4.6.2

Clicking on the "preview" button should validate the information entered and display the submit button

The preview button should validate the mode of payment and the notes field. The notes field is mandatory and if the field is not entered, an error message "Please specify a value for the notes" should be entered

4.6.3

Clicking on the submit button should close the account and a "payout" transaction should be recorded. The account summary page should be displayed.

A new transaction type "Term Deposit payout" needs to be created. A corresponding "Deposit" transaction is already entered during term deposit account creation.

4.6.4

The term deposit's summary page should display the links for
1.Transaction History
2.View Status history

Clicking on
1. Transaction history : Should display the transaction history including the deposit, interest posting and the payout transaction ( if already paid out)
2. View Status history : Should display the change in the account status from Partial application ->pending application->Approved->payout/close

4.7 Term Deposit Interest calculations examples

EX#1

Term & Conditions

Details

4.7.1

Amount : 10000

Interest rate for Term Deposit    :   9%
Pre-closure Interest Rate            : 4%
Default savings Interest rate       : 4%
Frequency of Interest posting     :    Quarterly
Term Start Date : 01/01/2012
Term End Date :   12/31/2012
Withdrawal Date : 01/01/2013

Number of days in a year is assumed to set to 365 in Mifos
On 31st March, the batch job will run and calculate the interest as follows
10000*(0.09/ No of days in year)* 91 = 224.38
Balance as on 31st March ( posting date) = 10224.38. Similar interest is calculated and posted at the end of the quarter as follows:
Date            Balance     Interest Calculated and posted
1/1/2012      10000                    NA
3/31/2012    10224.38                224.38
6/30/2012    10453.80                229.42
9/30/2012    10690.95                237.14
12/31/2012  10933.47                242.52

Maturity Value on 01/01/2013 : 10933.47

4.7.2

Amount : 10000

Interest rate for Term Deposit : 9%
Pre-closure Interest Rate : 4%
Default savings Interest rate : 4%
Frequency of Interest posting : Semi Annual
Term Start Date : 01/01/2012
Term End Date :   12/31/2012
Withdrawal Date : 01/01/2013

Number of days in a year is assumed to set to 365 in Mifos
On 30th June 2012, the batch job will run and calculate the interest as follows
10000*(0.09/ No of days in year)* 91 =
Balance as on 31st March ( posting date) = 10224.38. Similar interest is calculated and posted at the end of the quarter as follows:
Date            Balance     Interest Calculated and posted
1/1/2012      10000                    NA
6/30/2012    10448.77                448.77
12/31/2012  10922.83                474.06
Maturity Value on 01/01/2013 = 10922.83

4.7.3

Amount : 10000

Interest rate for Term Deposit : 9%
Pre-closure Interest Rate : 4%
Default savings Interest rate : 4%
Frequency of Interest posting : Quarterly
Term Start Date : 1st Jan 2012
Term End Date :   31st December 2012
Withdrawal Date : 05/31/2012  ( the account is pre-closed) 

Number of days in a year is assumed to set to 365 in Mifos.
On 31st March 2012, the batch job will run and calculate the interest as follows
10000*(0.09/ No of days in year)* 91 =
Balance as on 31st March ( posting date) = 10224.38.
However the account is pre-closed on 31st May 2012.
Hence interest posted on 31st March needs to be reversed.
And new interest for the pre-closure interest should be added with the same posting/compounding rule. Hence the account balance and maturity should be calculated such that the effective interest rate paid is 4%.
Date            Balance       Interest Calculated and posted
01/01/2012    10000           NA
31/03/2012    10224.38      224.38
31/05/2012    10000          N/A
31/05/2012    10167.24     167.24
Maturity Value on 31/05/2012 = 10167.24

4.7.4

Amount : 10000

Interest rate for Term Deposit : 9%
Pre-closure Interest Rate : 4%
Default savings Interest rate : 2%
Frequency of Interest posting : Quarterly
Term Start Date : 1st Jan 2012
Term End Date :   31st December 2012
Withdrawal Date : 01/15/2013

Number of days in a year is assumed to set to 365 in Mifos.
The account statement should reflect the following
Date            Balance       Interest Calculated and posted
1/1/2012      10000                    NA
3/31/2012    10224.38                224.38
6/30/2012    10453.80                229.42
9/30/2012    10690.95                237.14
12/31/2012  10933.47                242.52
01/15/2013  10942.46                8.99
Maturity(Payout) Value on  01/15/2013 = 10942.46

5. Term Deposit Field Definitions

5.1 Term Product Definition - List of Fields

Sl No.

Attribute Name

Data Type

Editable

Range

Mandatory/Optional

Description/Notes

1

Product Instance Name

Text

Yes

NA

Mandatory

Name of the Term deposit product  to be configured

2

Short name

Text (4 chars) 

Yes

NA

Mandatory

Short Name of the product

3

Description

Text

Yes

NA

Optional

Product description for the Term Deposit Product Instance

4

Product Category

Text

Yes

Dropdown with the product Categories defined listed

Mandatory

Product Category as defined

5

Product Start date

Date

Yes

Date

Mandatory

Effective start date of the product

6

Product End Date

Date

Yes

Date

Optional

Effective end date of the product

7

Applicable to

Text

No

Dropdown (Clients, Groups, Centers )

Mandatory

Applicability of the product

8

Minimum Term Deposit Amount

Number

Yes

NA

Mandatory

The minimum amount to be deposited for opening the Term Deposit

9

Recommended amount

Number

Yes

NA

Optional

Recommended amount for Term Deposit

10

Allow Pre-closure ( check box)

Checkbox

Yes

NA

Optional

Unchecked by default

11

Interest rate for Term Deposit

Number

yes

NA

Mandatory

The interest rate of the term deposit account

12

Pre-closure Interest Rate

Number

Yes

NA

Mandatory

Interest rate if the account is closed before the end of term

13

Default savings Interest rate

Number

No

NA

Optional

The interest rate to be charged from the date of term End to the date on which the actual payout/closure is completed . Default value should be 0

14

Frequency of Interest posting

Number

No

NA

Mandatory

Should be a number which signifies the number of months for the interest posting

15

GL code for deposits

Number

No

NA

Mandatory

List of GL codes defined as "deposits" in the COA

16

GL code for Interest

Number

No

NA

Mandatory

List of GL codes defined for  "Interest on Deposit" in the COA

5.2 Term Deposit creation - attributes to be added

Sl No.

Attribute Name

Data Type

Editable

Range

Mandatory/Optional

Description/Notes

1

Term Deposit
Account Number

text

No

Auto-incremented for each new account

Mandatory

The Term Deposit account number created

2

Term Deposit Amount

Number

No

NA

Mandatory

the amount for which the TD account is being created

3

Term Start Date

Date

No

NA

Mandatory

the Start Date of the Term deposit

4

Term End Date

Date

No

NA

Mandatory

the End date of the Term deposit

Standard Considerations

Security

Security (Permissions, Roles, and Data Scope)

Yes/No

Comments

Does the user need to be in a particular user hierarchy to use this feature?

No

 

Does the office hierarchy affect use of this feature?

No

 

Are you using any existing permissions to control this feature?

No

 

Are you adding any new permissions or changing existing permission to control this feature?

Yes

Term Deposits is being introduced as a different product category. Hence the permissions associated will be different as well 

Are you using any existing activities to control this feature?

No

 

Are you adding any new activities or changing existing activities to control this feature?

No

 

Are there any special considerations for upgrade scenarios? What will be the default value for new permissions?

No.

The default value will be disabled

What will be the default values for default roles in a new installation?

The permission should be enabled by default

 

Impacts to System

Impacts to System

Yes/No

Comments

Does this feature affect Bulk Loan Creation? How?

No

 

Does this feature affect Collection Sheet Entry? How?

Yes

Payout at the end of term date should be  visible in the Collection sheet

Does this feature affect Redo Loans?

No

 

Does this feature affect Reverse Loans?

No

 

Is this feature affected by Holidays?

No

 

Globalization/Localization

Globalization/Localization

Yes/No

Comments

Will this feature support users localizing data that they enter?

No

 

Does this feature involve any date/time related data, and if so how should conversions be handled?

No

 

Is there currency or other numeric data ? If so does it require any special handling or validation?  Is there a need for mult-currency?  (Loan Accounts)

No

 

Logging

Change Log

Change Log

Yes/No

Comments

Do changes to the data that is collected or stored by the new feature have to be fully logged by the system?

No

 

Does the administrator configuring the system need the ability to turn on or off logging for this feature?

No

 

Is the feature currently logged but the structure of the logged records changing?

No

 

Reporting

Provide any relevant information about reporting requirements for the new features and answer the questions below, providing detail to explain any particular area when necessary.

Reporting

Yes/No

Comments

Does the feature affect any existing reports?

No

 

Does the feature require adding any new reports?

No

 

Performance

Performance

Yes/No

Comments

Will the feature be a high use-case scenario?

No

 

Will the feature have potential for high concurrency?

No

 

Does the feature include complex UI or data gathering logic that will be used by a significant portion of the user base?

No

 

Does the feature contain risks of database connection timeout?

No

 

Will the feature contain any bulk insert/update/delete transactions?

No

 

Will the feature contain any caching mechanisms or cache refreshing mechanisms?

No

 

Could the feature result in a large amount of data being sent to the client or between the database and web server?

No

 

Would users on a low bandwidth connection likely face issues with a part of this feature?

No

 

Does the feature affect existing batch jobs or require adding any new batch jobs?

Yes

The savings batch job which calculates and posts the interest should now calculate and post interest for Term Deposit accounts also.

Setup and Installation

New Installations

New Installations

Yes/No

Comments

Does this feature require both Mifos Business Intelligence Suite and Mifos Product?

Yes

 

Does this feature require special work for hosting?  (sys admin)

Yes

 

Backward Compatibility and Upgrades

Backward Compatibility and Upgrades

Yes/No

Comments

Is there any data conversion that needs to be done as part of an upgrade?

No

 

Will customers lose data or will the way existing data is stored change significantly?

No

 

Will another feature, workflow or portion of the data model be deprecated as a result of this new feature?

No

 

Will existing role permissions be changed or impacted by this feature? If so provide details in the security section.

No

 

Will existing customers need to learn a new UI process or change the way they use the system as a result of this new feature?

Yes

 

Hosting Support

Hosting Support

Yes/No

Comments

If different user groups are using the same database, are there concerns over the sharing of data related to the feature?

No

 

Are there expected to be performance related issues with having many customers sharing the same hardware in support of this feature?

No

 

Configuration

Configuration

Yes/No

Comments

Does this feature require changes to configuration files?

No

 

If so, is this feature enabled or disabled by default?

NA

 

Are existing configuration properties used to control this feature?  If yes, which ones?

NA

 

Are new configuration properties added for this feature?

NA

 

Open Issues

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Reviews and Approvals

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