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Saving Product Fields

Saving Product Fields

Details Section

Field name (attribute) Description Example Validations (if applicable)
Product name

The product name is a unique identifier for the saving product. The product name is used:

  • In Product lists (depending on where the product list appears, it may contain a list of all saving products or a list of active saving products)
  • As the Saving Account identifier in the Saving Account Overview section on the client General tab
  • In the Name column in the list of saving products displayed when Saving Products is clicked on the Products page
  • In Savings Reports headers to group product types
  • As the Saving Account identifier at the top of the detail savings product page displayed when a specific saving product is selected from the list of savings products displayed when Saving Products is clicked on the Products page
  • In the Product name field to create a Savings Product
 Monthly Interest Saving

Required field

Alphanumeric

Maximum 100 characters
Short name

The short name is a unique identifier for the saving product. The short name is used:

  • In the Short name column in the list of saving products displayed when Saving Products is clicked on the Products page
  • In the Short name field on the detail savings product page displayed when a specific saving product is selected from the list of savings products, displayed when Savings Products is clicked on the Products page
  • In the Short name field to create a Savings Product
  • Where is it used in reports? - not used in any existing Savings Report
 Monthly Interest Saving

Required field

Alphanumeric

Maximum 4 characters
Description

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

  • To create a Savings Product
  • In the Description field on the detail savings product page displayed when a specific saving product is selected from the list of savings products, displayed when Saving Products is clicked on the Products page
  • In the Description field to create a Savings Product
  • Where is it used in reports? - not used in any existing Savings Report
 Monthly Interest Saving

Alphanumeric

Maximum 500 characters

Currency Section

Field name (attribute) Description Example Validations (if applicable)
Currency The currency to be used for the saving product. Select the saving product's currency from the Currency list. Required field
Decimal places The number of decimal places to be used to track and report on saving accounts based on the saving product. 2

Required field

Numeric
Multiples of You can enter multiples of currency value. For example, if you put "multiples of 100", the currency value will be rounded off to 200, 300, 400, etc. 0

Required field

Numeric

Terms Section

Field name (attribute) Description Example Validations (if applicable)
Nominal annual interest rate The default interest rate set when creating savings accounts based on this saving product, e.g. 5% per year. Nominal annual interest rate is expressed as the annual percentage rate (APR). 5

Required field

Numeric (percentage) with decimals
Interest compounding period The period at which interest rate is compounded. Monthly

Required field

Select from list
Interest posting period The period at which interest rate is posted or credited to a saving account based on this saving product. Monthly

Required field

Select from list
Interest calculated using The method used to calculate interest. Average Daily Balance

Required field

Select from list
Days in years The setting for number of days in year to use to calculate interest. For example 360 days or 365 days. 360

Required field

Select from list

Settings Section

Field name (attribute) Description Example Validations (if applicable)
Minimum opening balance Sets the minimum deposit amount required to open a saving account of this saving product type. 2000

Optional field

Numeric with decimals
Locking period frequency Used to indicate the length of time that a savings account of this saving product type is locked-in and withdrawals are not allowed. 6 Months

Optional field

Numeric and select from list
Apply Withdrawal fee for transfers

Indicates whether the withdrawal fee should be applied when funds are transferred between accounts.

Note that the withdrawal field must have been defined in the system. See How to Create a Charge.

Optional field

Check if true; Uncheck if false
Balance Required For Interest Calculation Sets the balance required for interest calculation. Optional field
Enforce minimum balance Indicates whether to enforce a minimum balance.

Optional field

Check if true; Uncheck if false
Minimum balance Sets the minimum balance allowed for a saving account. Optional field
Is Overdraft allowed? Indicates whether saving accounts based on this saving product may have an overdraft.

Optional field

Check if true; Uncheck if false
Maximum overdraft amount limit Sets the maximum allowed overdraft amount for a saving account that is allowed to have an overdraft. 5000 Required if 'Is Overdraft Allowed' is checked

Charges Section

Field name (attribute) Description Example Validations (if applicable)
Charges Select a charge from the Charges list and click Add. If more charges apply to the saving product, select additional charges and click Add for each.

Accounting Section

Field name (attribute) Description Example Validations (if applicable)
Accounting

Select one from:

  • None
  • Cash

If Cash is selected, see additional fields.