[FINERACT-903] Fixed Interest Rate for Fixed Deposit and Recurring Deposit Products

• Type: Improvement
• Status: Open
• Priority: Major
• Resolution: Unresolved
• Affects Version/s: 1.2.0, 1.3.0, 1.4.0
• Component/s: Savings
• Labels: Roadmap2022
• Assignee: Unassigned
• Reporter: Airsay
• Created: 21/Apr/20 19:02
• Updated: 03/Nov/22 12:45

Description

Hello everyone,

So we are considering Mifos/Fineract for use in our Financial Services organisation. We would like a situation where Fineract calculates Interest to be posted as Nominal Rate (in %) divided by 12 (number of months in a year). I will clarify with an illustration of a use case for us.

Our products work as follows:

So if an account is activated on say Feb 14th, it is due for interest on March 14th and every 14th of the month until the entire duration has lapsed. On the 14th of March a month has lapsed (irrespective of the number of days between both dates) and one month's interest rate (Nominal Interest/12) is posted to the account.

 

This is functionality will allow us post correctly calculated interest to customer accounts