[jira] [Updated] (FINERACT-1964) Fixed Deposit Enhancement- calculcate Interest during the FD creation phase

["Adam Saghy (Jira)" <ji...@apache.org>]

     [ https://issues.apache.org/jira/browse/FINERACT-1964?page=com.atlassian.jira.plugin.system.issuetabpanels:all-tabpanel ]

Adam Saghy updated FINERACT-1964:
---------------------------------
    Fix Version/s: 1.10.1

> Fixed Deposit Enhancement- calculcate Interest during the FD creation phase 
> ----------------------------------------------------------------------------
>
>                 Key: FINERACT-1964
>                 URL: https://issues.apache.org/jira/browse/FINERACT-1964
>             Project: Apache Fineract
>          Issue Type: Improvement
>            Reporter: Bharath Gowda
>            Priority: Major
>             Fix For: 1.10.1
>
>         Attachments: image-2024-03-13-07-23-46-822.png, image-2024-03-13-07-25-22-987.png
>
>
> *As a* user
> *I want system* to calculate the interest of the Fixed deposit account before the account creation
> *in order to* give flexibility to the customers to know their liability before account creation
> h4. *Background and details:*
> Need to add a new capability to calculate *interest for fixed deposit savings* based on the interest posting period and interest compounding period before the creation of the fixed deposit saving.
> This enhancement will empower the customers to have a comprehensive preview of the interest that will be accrued at the maturity of their fixed deposit savings, enabling them to make informed decisions.
> To achieve this,an API endpoint is required that can perform the interest calculation for fixed deposit savings. The API endpoint should accept parameters such as the {*}principal amount, interest rate, tenure, interest posting period, and interest compounding period{*}. Upon receiving these inputs through a POST request, the endpoint should conduct the necessary calculations and return the maturity amount and interest earned in the response.
> UI button “{*}calculate Interest{*}” should be available on create fixed deposit account view screen for users to know the interest after entering all the parameteres
>  
> Ex API:
> *POST* /api/calculate-fixed-deposit-interest
> *Request Body:*
> {
>  "principal_amount": 10000,   // The initial amount deposited
>  "interest_rate": 5,      // Annual interest rate (in percentage)
>  "tenure": 12,         // Number of months for which the FD is held
>  "interest_posting_period": 3, // Posting period of interest (in months)
>  "interest_compounding_period": 1 // Compounding period of interest (in months)
> }{*}Response Body:{*}
> {
>  "maturity_amount": 10512.5,  // Total amount at maturity (including interest)
>  "interest_earned": 512.5    // Interest earned during the tenure
> }
> *Acceptance criteria*
>  # I want to be able to calculate the interest on Fixed deposit during account creation phase
>  # a button should be available on the UI for users to calculate and show the interest based on the parameters entered ({*}principal amount, interest rate, tenure, interest posting period, and interest compounding period{*})
>  



--
This message was sent by Atlassian Jira
(v8.20.10#820010)