Description: Add a new savings product.
The following fields are present in the Add Savings Product page.
The following are the required fields to add a new savings product.
Savings Product Name
Type the name of the savings product.
The following are the optional fields.
Interest Rate Per Annum
Type the interest rate per annum of the savings product.
The interest rate that will apply to
the savings product. Since the interest rate is per annum, the rate is
divided by the number of days in the year and then calculated daily on
the savings balance. For example, if the interest is 10% and there are
365 days in a year, the daily interest rate would be 10/365.
The interest rate only applies if the daily balance is more than or equal to the Minimum Balance set below. Even though the interest rate is calculated daily, it will only be posted in the savings account based on the Interest Posting Frequency interval set below.
Interest Posting Frequency on Savings Accounts
Type the interest posting frequency of the savings accounts that have this savings product.
The interest amount will only posted in the savings account based on this frequency. For example, if you select 3 months, the interest amount will be posted at end of every 3 months.
Type the minimum balance of the savings product.
Interest will be only be calculated if the balance is more than or equal to the minimum balance.