About Term Deposit Accounts
A term deposit account is an instance of a term deposit product. Depending on your financial institution and the term deposit product definition a term deposit account is based upon, the term deposit account may be a fixed deposit account or a recurring deposit account. In all cases, a term deposit account has a unique account number, a specified interest rate, and it is owned by one, and only one, client, group, or center.
A term deposit account can be created for an active client, group, or center based on a term deposit product that is active on the submitted date. When a term deposit account is created, it inherits the rules and defaults from the term deposit product. Your financial institution may allow some of the inherited information to be modified for a term deposit account, depending on how the term deposit product is defined.
Group/center term deposit accounts. By default, all members of a group/center are part of all the term deposit accounts of the group. Members are allowed to deposit and withdraw from the group/center term deposit account.
A center, group or client can have multiple term deposit accounts of the same or different term deposit products but a single term deposit account cannot be held by multiple centers, groups or clients. Term deposit accounts cannot be transferred from one client, group, or center to another.
Once approved, term deposit accounts cannot be deleted.
The term deposit account lifecycle is illustrated in the Mifos X Term Deposit Account Lifecycle diagram. Term deposit account statuses are visually indicated in Mifos X using the color scheme illustrated in the Mifos X Term Deposit Account Lifecycle diagram.
Figure Mifos X Term Deposit Account Lifecycle
The term deposit account actions / transactions availability and affect on the saving account lifecycle status are:
Previous status | Action / Transaction | Resulting status |
---|
N/A | New Saving | Pending Approval |
Pending Approval | Modify Application Approve Reject Withdrawn by client Add Charge Delete | Pending Approval Approved Cancel (rejected) Cancel (withdrawn) Pending Approval N/A |
Approved | Activate Undo Approval Add Charge | Active Pending Approval Approved |
Active | Deposit Withdraw Calculate Interest Post Interest Add Charge Standing Instruction Close Transfer Funds | Active Active Active Active Active Active Closed Active |
Term Deposit Account View / Navigation
(**under construction**)