[FINERACT-904] Post Interest on Account Activation Date for Fixed Deposit and Recurring Deposit Accounts

• Type: New Feature
• Status: Open
• Priority: Minor
• Resolution: Unresolved
• Affects Version/s: 1.0.0, 1.1.0, 1.2.0, 1.3.0, 1.4.0
• Component/s: Savings
• Labels: Roadmap2022
• Assignee: Unassigned
• Reporter: Airsay
• Created: 21/Apr/20 19:15
• Updated: 23/Sep/23 00:13

Description

Hello,

Presently for Savings Products (Savings/Fixed Deposit and Recurring Deposit) Fineract posts Interest at month end. There is a need for this to change in our use case (and I believe this may be widely applicable for multiple users).

Assuming a customer's Fixed Deposit or Recurring Deposit account is activated on Jan 20, we post interest to the customer's account on Feb 20 and on the 20th of every subsequent month until the duration of the account lapses. So for a 6 month Fixed Deposit Account interest would be posted on Feb 20, Mar 20, Apr 20, May 20, June 20 and July 20.

For "tricky" dates which don't occur across all months then interest is posted at the end of the month. So For example an account activated on January 30 will get Interest posted on Feb 28 (or Feb 29th for a leap year) and then Mar 30, April 30 etc. One that was activated on say August 31st will receive interest on Sep 30, Oct 31, Nov 30, Dec 31 etc.

 

 

Issue Links

• links to: GitHub Pull Request #3260