If an institution changes a configuration in either a particular loans or savings product, this change should be applied to already existing accounts created.
E.g if during savings product creation, MFI sets Min Balance as 5,000 and after some time decided to change it 10,000 then i think this should not be applied to new accounts created after this change but rather cut across any other existing account. This should apply to loan product configurations.
These are some of the ways this can be achieved:-
- This product configuration account values like Min Balance, Interest rate etc should not be stored in the account table but rather a pointer can be set to them
- When a change is made to a product configuration, in the respective accounts table i.e loan account table or savings account table depending on the product type being modified, changes must be updated accounting like if interest rate or min balance value is change, query should be include when submitting these changes to effect them in the account table, some time like
select * from m_savings_account where product_id = (product id being modified), then update the necessary values in the table
This should be for :-
- Savings Product
- Recurring Deposit
- Fixed Deposit