Please referring to the Details on the Image above, the details below are updated with respect to the provided fields number's.
- 1 - Provide Savings Product name .
- 3 - Provide Description of this product.
- 5 - Provide Decimal places.
- 6 - Provide Currency in multiples of. This is to provide total amount rounding off. For example: 10, so total amount gets rounded of to 10's.
- 7 - Provide Nominal annual interest (Rate of interest)
- 8 - Select Interest compounding period. For more info refer: Savings Interest Calculation and Posting
- 9 - Select Interest posting period - Interest get posted for the selected frequency period. For more info refer to: Savings Interest Calculation and Posting
- 10 - Select Interest calculated using. For more info refer: Savings Interest Calculation and Posting
Average daily balance
- 11 - Select Days in year - depending upon your financial days in a year practice.
Note: All the settings fields are optional.
12 - Provide Minimum opening balance - This is to set minimum opening balance. So the provided amount at the time of new savings application submission, gets deposited into savings account once it is activated.
13 - Provide value for Lock-in period. This is to set lock-in period hence withdrawal wont be allowed for the selected period.
14 - Select frequency for Lock-in period.
15 - Check the check box to enable withdrawal fee for transfers
. To define withdrawal fee refer : Charges
16 - Provide balance amount for calculating interest. So if the available balance is below the provided minimum balance for calculation, interest wont get generated.
17 - On checking the check box it is enforcing minimum balance.
18 - Set up minimum balance to be maintained, by providing amount. Withdrawals wont be possible below the provided amount.
19 - Checking the check box enables savings account based on savings product to have over draft.
Enabling Savings dormancy:
1 - Enable dormancy tracking: Check the check box to enable dormancy tracking for inactive savings account.
All the fields 2,3 and 4 below needs a scheduler job to "Update savings dormant account" to be run so as to execute the below status/action.
2 - Number of days to inactive sub-status: It is the consecutive number of days of inactive period to mark an account as inactive.
For example - Assuming that the number of days is 10 days and that an account has become inactive. On running the respective schedule job on the 11th day, the account moves into inactive sub-status but the account doesn't get closed. The account will get reactivated on the transaction deposit or withdrawal.
3 - Number of days to dormant sub-status: It is the consecutive number of days of inactivity to mark an account as dormant.
For example -Assuming that the number of days is 15 days and that a savings account has become inactive. On running the respective schedule job on the 16th day, the account moves into dormant sub-status but the account doesn't get closed. The account will get reactivated on the transaction deposit or withdrawal.
4 - Number of days to Escheat: It is the consecutive number of days of inactiivity to mark an account as Escheat.
For example - Assuming that the number of days is 20 days and that a savings account has become inactive. On running the respective schedule job on the 21st day, the account moves into Escheat and the account gets closed.
In order to use Add charge, you should have already defined it in charges. For more information on charges, refer here: Charges
By default Accounting will be disabled - None:- Meaning If you are using this product for various transactions like deposits, withdrawals, etc. these transactions are not passed in the journal entry.
Enabling accounting for the savings product:-
>> To enable Accounting, you need to select cash accounting. As of now, Mifos x supports only cash accounting for savings product.
>> Map accounts with respect to the savings product accounts. For information on these accounts refer: A Possible accounting Spec - Accounting rules for savings.