Saving Product Fields

Saving Product Fields

Field Name (attribute)DescriptionExampleValidations (if applicable)
Details Section
Product name

The product name is a unique identifier for the saving product. The product name is used:

  • In Product lists (depending on where the product list appears, it may contain a list of all saving products or a list of active saving products)
  • As the Saving Account identifier in the Saving Account Overview section on the client General tab
  • In the Name column in the list of saving products displayed when Saving Products is clicked on the Products page
  • In Savings Reports headers to group product types
  • As the Saving Account identifier at the top of the detail savings product page displayed when a specific saving product is selected from the list of savings products displayed when Saving Products is clicked on the Products page
  • In the Product name field to create a Savings Product
Monthly Interest Saving

Required field

Alphanumeric

Maximum 100 characters


Short name

The short name is a unique identifier for the saving product. The short name is used:

  • In the Short name column in the list of saving products displayed when Saving Products is clicked on the Products page
  • In the Short name field on the detail savings product page displayed when a specific saving product is selected from the list of savings products, displayed when Savings Products is clicked on the Products page
  • In the Short name field to create a Savings Product
  • Where is it used in reports? - not used in any existing Savings Report
Monthly Interest Saving

Required field

Alphanumeric

Maximum 4 characters


Description

The description is used to provide additional information regarding the purpose and characteristics of the saving product. The description is used:

  • To create a Savings Product
  • In the Description field on the detail savings product page displayed when a specific saving product is selected from the list of savings products, displayed when Saving Products is clicked on the Products page
  • In the Description field to create a Savings Product
  • Where is it used in reports? - not used in any existing Savings Report
Monthly Interest Saving

Alphanumeric

Maximum 500 characters


Currency Section
CurrencyThe currency to be used for the saving product. Select the saving product's currency from the Currency list.
Required field
Decimal placesThe number of decimal places to be used to track and report on saving accounts based on the saving product.2

Required field

Numeric

Multiples ofYou can enter multiples of currency value. For example, if you put "multiples of 100", the currency value will be rounded off to 200, 300, 400, etc.0

Required field

Numeric

Terms Section

Nominal annual interest rate

The default interest rate set when creating savings accounts based on this saving product, e.g. 5% per year. Nominal annual interest rate is expressed as the annual percentage rate (APR).

5

Required field

Numeric (percentage) with decimals

Interest compounding period

The period at which interest rate is compounded.

Monthly

Required field

Select from list

Interest posting periodThe period at which interest rate is posted or credited to a saving account based on this saving product. Monthly

Required field

Select from list

Interest calculated usingThe method used to calculate interest.Average Daily Balance

Required field

Select from list

Days in yearsThe setting for number of days in year to use to calculate interest. For example 360 days or 365 days. 360

Required field

Select from list

Settings Section
Minimum opening balanceSets the minimum deposit amount required to open a saving account of this saving product type.2000

Optional field

Numeric with decimals

Locking period frequencyUsed to indicate the length of time that a savings account of this saving product type is locked-in and withdrawals are not allowed.6 Months

Optional field

Numeric and select from list

Apply Withdrawal fee for transfers

Indicates whether the withdrawal fee should be applied when funds are transferred between accounts.

Note that the withdrawal field must have been defined in the system. See How to Create a Charge.


Optional field

Check if true; Uncheck if false

Balance Required For Interest CalculationSets the balance required for interest calculation.

Optional field


Enforce minimum balanceIndicates whether to enforce a minimum balance.

Optional field

Check if true; Uncheck if false

Minimum balanceSets the minimum balance allowed for a saving account.
Optional field
Is Overdraft Allowed

Indicates whether saving accounts based on this saving product may have an overdraft.



Optional field

Check if true; Uncheck if false

Maximum overdraft amount limitSets the maximum allowed overdraft amount for a saving account that is allowed to have an overdraft.5000Required if 'Is Overdraft Allowed' is checked
Charges Section
ChargesSelect a charge from the Charges list and click Add. If more charges apply to the saving product, select additional charges and click Add for each.

Accounting Section
Accounting

Select one from:

  • None
  • Cash

If Cash is selected, see additional fields.