Details
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Improvement
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Status: Closed
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Minor
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Resolution: Fixed
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None
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None
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None
Description
Fixed deposits required to have maturity instructions including rollover:
Explanation of Business Use Case per ippezrobert
- MFI has a max of 1 yr Deposit Term but a client would wish to fix for 2 yrs, so the MFI accepts this offer and manages the 2 yrs period in shifts internally. So after the 1 yr is done, the MFI would like the rollover to be managed automatically by the system since chances that a new FD will be created exactly on the same date of maturity is small since an officer can forget to check if this FD is matured or not yet a client would be counting when the two years would end. So there needs to be a job scheduler to check maturity date for FD and also rollover options so that it (system can take appropriate decisions (to reinvest of just close and transfer interest and principal to linked savings).
To be discussed: Will the system use the same account number or new one will be created????
- A client would like to reinvest FD voluntarily since he sees no use for his money for some time. He then has to decides what amount or portion to reinvest after the first maturity is expired. Option can include rollover of principal only, rollover of principal and interest, transfer of balance to another account (make linked account dynamic .ie ability to select loan, shares or savings account and also a GL Account), etc
NB:
- If the selected option involves rollover, a Rollover End Date should be entered i.e the date when you want the rollover transaction to stop.
- If the option selected in After Maturity does not involve the roll over of interest with the principal, the option of linked account is mandatory .ie account to which the transfer will be made at maturity. Like i said this can be a loan, share or savings account but should belong to this client or it can be GL Account.
