Recurring Deposit Product Fields

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
  
  
  

Required field

Alphanumeric

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.

Required field

Alphanumeric

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

Alphanumeric

Length restrictions?

Required field

Numeric

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

Required field

Numeric

Optional field

Numeric

Required field

Numeric

Optional field

Numeric

Interest compounding period

The period at which interest rate is compounded.

Monthly

Required field

Select from list

Required field

Select from list

Required field

Select from list

Required field

Select from list

Required field

Select from list

Required fields

Numeric and select from list

Optional

Number and select from list

Required?

Number and select from list

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.

Optional

Number and select from list

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

Required field

Select from date picker

Optional field

Select from date picker

Required for each row

Select from list

1 - 90

91 - 180

Required for each row

Numeric

Required for each row

Numeric—percent

Select one from:

• None
• Cash

If Cash is selected, see additional fields.