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