Page tree

Versions Compared

Key

  • This line was added.
  • This line was removed.
  • Formatting was changed.

...

Create a new Savings Product


Image Modified

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

General 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

...