Details
| Field Name (attribute) | Description | Example | Validations (if applicable) |
| Product name | The product name is a unique identifier for the saving product. The product name is used: In Product lists (depending on where the product list appears, it may contain a list of all saving products or a list of active saving products) As the Saving Account identifier in the Saving Account Overview section on the client General tab In the Name column in the list of saving products displayed when Saving Products is clicked on the Products page In Savings Reports headers to group product types As the Saving Account identifier at the top of the detail savings product page displayed when a specific saving product is selected from the list of savings products displayed when Saving Products is clicked on the Products page In the Product name field to create a Savings Product | Monthly Interest Saving | Required field Alphanumeric Maximum 100 characters |
| Short name | The short name is a unique identifier for the saving product. The short name is used: In the Short name column in the list of saving products displayed when Saving Products is clicked on the Products page In the Short name field on the detail savings product page displayed when a specific saving product is selected from the list of savings products, displayed when Savings Products is clicked on the Products page In the Short name field to create a Savings Product Where is it used in reports? – not used in any existing Savings Report | Monthly Interest Saving | Required field Alphanumeric Maximum 4 characters |
| Description | The description is used to provide additional information regarding the purpose and characteristics of the saving product. The description is used: To create a Savings Product In the Description field on the detail savings product page displayed when a specific saving product is selected from the list of savings products, displayed when Saving Products is clicked on the Products page In the Description field to create a Savings Product Where is it used in reports? – not used in any existing Savings Report | Monthly Interest Saving | Alphanumeric Maximum 500 characters |
Currency Section
| Field Name (attribute) | Description | Example | Validations (if applicable) |
| Currency | The currency to be used for the saving product. Select the saving product’s currency from the Currency list. | Required field | |
| Decimal places | The number of decimal places to be used to track and report on saving accounts based on the saving product. | 2 | Required field Numeric |
| Multiples of | You can enter multiples of currency value. For example, if you put “multiples of 100”, the currency value will be rounded off to 200, 300, 400, etc. | 0 | Required field Numeric |
Terms Section
| Field Name (attribute) | Description | Example | Validations (if applicable) |
| Nominal annual interest rate | The default interest rate set when creating savings accounts based on this saving product, e.g. 5% per year. Nominal annual interest rate is expressed as the annual percentage rate (APR). | 5 | Required field Numeric (percentage) with decimals |
| Interest compounding period | The period at which interest rate is compounded. | Monthly | Required field Select from list |
| Interest posting period | The period at which interest rate is posted or credited to a saving account based on this saving product. | Monthly | Required field Select from list |
| Interest calculated using | The method used to calculate interest. | Average Daily Balance | Required field Select from list |
| Days in years | The setting for number of days in year to use to calculate interest. For example 360 days or 365 days. | 360 | Required field Select from list |
Settings Section
| Field Name (attribute) | Description | Example | Validations (if applicable) |
| Minimum opening balance | Sets the minimum deposit amount required to open a saving account of this saving product type. | 2000 | Optional field Numeric with decimals |
| Locking period frequency | Usedto indicate the length of time that a savings account of this saving product type is locked-in and withdrawals are not allowed. | 6 Months | Optional field Numeric and select from list |
| Apply Withdrawal fee for transfers | Indicateswhether the withdrawal fee should be applied when funds are transferred between accounts. Note that the withdrawal field must have been defined in the system. See How to create a charge . | Optional field Check if true; Uncheck if false | |
| Balance Required For Interest Calculation | Sets the balance required for interest calculation. | Optional field | |
| Enforce minimum balance | Indicateswhether to enforce a minimum balance. | Optional field Check if true; Uncheck if false | |
| Minimum balance | Sets the minimum balance allowed for a saving account. | Optional field | |
| Is Overdraft Allowed | Indicates whether saving accounts based on this saving product may have an overdraft. | Optional field Check if true; Uncheck if false | |
| Maximum overdraft amount limit | Sets the maximum allowed overdraft amount for a saving account that is allowed to have an overdraft. | 5000 | Required if ‘Is Overdraft Allowed’ is checked |
Charges Section
| Field Name (attribute) | Description | Example | Validations (if applicable) |
| Charges | Select a charge from the Charges list and click Add. If more charges apply to the saving product, select additional charges and click Add for each. |
Accounting Section
| Field Name (attribute) | Description | Example | Validations (if applicable) |
| Accounting | Select one from: None Cash If Cash is selected, see additionnal fields. |