Recurring Deposit Product Fields

Recurring Deposit Product Fields


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

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

  • In Product lists (depending on where the product list appears, it may contain a list of all recurring deposit products or a list of active recurring deposit products)
  • As the Recurring Deposit Account identifier in the Recurring Deposit Account Overview section on the client General tab
  • In the Name column in the list of recurring deposit products displayed when Recurring Deposit Products is clicked on the Products page


Monthly Interest fixed deposit

Required field

Alphanumeric


Short name

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

  • In the Short name column in the list of recurring deposit products displayed when Recurring Deposit Products is clicked on the Products page
  • The short names are mainly used in reporting in Mifos X.


MIS

Required field

Alphanumeric


Description

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

Monthly Interest fixed deposit

Alphanumeric

Length restrictions?

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

Required field

Numeric

Multiples of

Here, you can provide multiple of currency for example, if you provide "multiple of 10", then the currency values will be rounded off to 20, 30, 40,....130, 140, 150... etc If you provide "multiple of 100", the currency values will be rounded off to 100, 300, 400,.......1200,1300,..... etc

0

Required field

Numeric

Minimum Deposit AmountThe minimum deposit amount required to open a recurring deposit account based on this recurring deposit product. If blank, there is no minimum deposit amount.200

Optional field

Numeric

Deposit AmountThe default deposit amount expected when a recurring deposit account based on this recurring deposit product is opened.500

Required field

Numeric

Maximum Deposit AmountThe maximum deposit amount allowed when a recurring deposit account based on this recurring deposit product is opened. If blank, there is no maximum deposit amount10000

Optional field

Numeric

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 recurring deposit account based on this recurring deposit 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 a year used to calculate interest.360

Required field

Select from list

Setting Section
Recurring Deposit TypeThe Recurring Deposit Type value identifies whether the recurring deposit is Mandatory or Voluntary.Voluntary

Required field

Select from list

Deposit EveryThe Deposit Every field define when the recurring deposits will be made.2 Weeks

Required fields

Numeric and select from list

Locking period frequencyA period of time during which a recurring deposit account based on this recurring deposit product will be locked-in after it is opened. During the lock-in period, the client will be unable to access any funds deposited in the account. If lock-in period is set, the pre-mature closure of the account is not possible.3 Months

Optional

Number and select from list

Minimum Deposit TermThe minimum length of time the funds must remain in the recurring deposit account to earn the full interest income.6 Months

Required?

Number and select from list

And thereafter, in Multiples of

After the minimum deposit term has passed, additional deposit duration may be specified. Each of these additional deposit duration must be complete for the recurring deposit account to earn the full interest income.

1 Month

Optional

Number and select from list

Maximum Deposit Term

The maximum length of time funds may be deposited in a recurring deposit account based on this recurring deposit product. If the client doesn't want to withdraw or transfer funds to any savings account, he can again extend it for another term.



For Pre-mature Closure:

Apply penal interest (less)

On

Complete this section to define an interest penalty for pre-mature closure as expressed as a percentage to deduct from the interest rate applicable to either:

  • the interest applicable for the period up to the premature withdrawal
  • the interest applicable for the whole term

The interest rates applicable for various time frames are defined in the Interest Rate Chart(s) for the recurring deposit product.

Example:

The recurring deposit product has a 6 month term. For the first 90 days, the interest rate is 4.5%, and for 91-180 days, the interest rate is 5% (based on the Interest Rate Chart in effect). The settings for Pre-mature closure are 1% penal interest and Till Premature Withdrawal. A client with a recurring deposit account based on the recurring deposit product, withdraws funds after 60 days. The interest that the client will be paid on withdrawing funds is 3.5% (4.5%-1%). If the settings had been 1% penal interest and Whole Term the client would be paid 4% (5%-1%) on withdrawing funds.

Check box checked

1%

Till Premature Withdrawal

Options

Check for True; uncheck for False (no interest penalty)

Numeric

Select from list

Interest Rate Chart

For info on amount range interest rate chart, please refer - Interest rate chart with amount range

The interest rate chart provides the information required to calculate the interest payable on a recurring deposit account based on the recurring deposit product. When a recurring deposit product is defined you must set up one and only one interest rate chart. Additional interest rate charts can be set up after the recurring deposit product has been created.

When a recurring deposit product is initially created, the Interest Rate Chart table will be empty. Click +Add to create the first and any additional rows required.

Example

Valid From DateThe Valid From Date is the date from which the Interest Rate Chart will be in effect.01 January 2012

Required field

Select from date picker

End DateThe End Date is the date after which the Interest Rate Chart will not be in effect. Leave this field blank if the Interest Rate Chart end date is unknown.blank

Optional field

Select from date picker

Period TypeThe period type may be expressed in Days, Weeks, Months, or YearsDays

Required for each row

Select from list

Period From / ToThe range expressed as from / to, in the period type measure. When multiple rows are present the periods cannot overlap.

1 - 90

91 - 180

Required for each row

Numeric

InterestThe interest rate that is to apply for the specified period.5

Required for each row

Numeric—percent

Description


Charges Section
ChargesSelect a charge from the Charges list and click Add. If more charges apply to the recurring deposit product, select additional charges and click Add for each.

Accounting Section
Accounting

Select one from:

  • None
  • Cash

If Cash is selected, see additional fields.