You are viewing a plain text version of this content. The canonical link for it is here.

Posted to issues@fineract.apache.org by "Airsay (Jira)" <ji...@apache.org> on 2020/04/21 19:03:00 UTC

[jira] [Created] (FINERACT-903) Fixed Interest Rate for Fixed Deposit and Recurring Deposit Products

Airsay created FINERACT-903:
-------------------------------

             Summary: Fixed Interest Rate for Fixed Deposit and Recurring Deposit Products
                 Key: FINERACT-903
                 URL: https://issues.apache.org/jira/browse/FINERACT-903
             Project: Apache Fineract
          Issue Type: Improvement
          Components: Savings
    Affects Versions: 1.3.0, 1.2.0, 1.4.0
            Reporter: Airsay
             Fix For: 1.4.0, 1.3.0


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



--
This message was sent by Atlassian Jira
(v8.3.4#803005)