Page tree
Skip to end of metadata
Go to start of metadata

Constructor for savings products including interest rates, maturities, amounts, etc...

Create a new Savings Product


To create a new Savings product click + Create button on the upper right-hand corner and fill the following fields:

1616pxGeneral parameters:

  • Name - specify the name of a new savings product
  • Code - specify a short unique code for designation this new product. For example, it can contain capital letters of the product
  • Availability - set the availability of the product by checking the boxes you need: Person, Company
  • Currency - select the available currency code from the drop-down list
  • Initial amount range - set the minimum and maximum value for the initial amount range
  • Interest rate - set the minimum and maximum value for the interest rate of savings product
  • Min balance - set a minimum balance for a savings product. It is the minimum amount that a customer needs to initially open the savings account
  • Interest accrual frequency - select the interest accrual frequency from the drop-down list: Daily, Monthly, End of the month, Yearly
  • Posting frequency - select the posting frequency from the drop-down list: Daily, Monthly, End of the month, Yearly
  • Capitalize interest - according to posting frequency, the accrued interest will be added to the savings amount if capitalize is chosen, if not accrued amount will be posted to the current account as per posting frequency
  • Savings account - select the most suitable account from the list of available accounts
  • Interest account - select the most suitable account from the list of available accounts
  • Interest expense account - select the most suitable account from the list of available accounts

Cash deposit parameters:

  • Deposit amount - set minimum and maximum amount that the customer is allowed to deposit
  • Deposit fee rate - set minimum and maximum fee rate for a deposit, if any
  • Deposit fee flat - set flat minimum and the maximum fee for a deposit, if any
  • Deposit fee account -  select the most suitable account from the list of available accounts
  • Deposit fee income account -  select the most suitable account from the list of available accounts

Cash withdrawal parameters:

  • Withdrawal amount - set minimum and maximum that the customer is allowed to withdraw
  • Withdrawal fee rate - set minimum and maximum fee rate for withdrawal, if any
  • Withdrawal fee flat - set flat minimum and the maximum fee for withdrawal, if any
  • Withdrawal fee account -  select the most suitable account from the list of available accounts
  • Withdrawal fee income account -  select the most suitable account from the list of available accounts

Management fees:

  • Management fee rate - set minimum and maximum management fee rate as a percentage of the savings balance of the customer
  • Management fee flat - set flat minimum and maximum management fee 
  • Management fee frequency - select the management fee frequency from the drop-down list: Daily, Monthly, End of the month, Yearly
  • Management fee account -  select the most suitable account from the list of available accounts
  • Management fee income account -  select the most suitable account from the list of available accounts

Entry fees:

  • Entry fee rate - set minimum and maximum entry fees as a percentage of the amount deposited
  • Entry fee flat - set flat minimum and maximum entry fees
  • Entry fee account -  select the most suitable account from the list of available accounts
  • Entry fee income account -  select the most suitable account from the list of available accounts

Close fees:

  • Close fee rate - set minimum and maximum closing fee as a percentage of the savings balance of the customer at the time of closing
  • Close fee flat - set flat minimum and maximum closing fee
  • Close fee account -  select the most suitable account from the list of available accounts
  • Close fee income account -  select the most suitable account from the list of available accounts

Please note that all of the fields are required. After that, click the Save button at the upper right-hand corner to save the new entry or Cancel to discard your changes.

Edit Saving Product

Click on the entry you want to edit to go to the entry details, where you will find the Edit button.

Once changes are made, click Save to save them or Cancel to discard.

  • No labels