Fixed deposit products are a key option for clients looking to secure their funds while benefiting from attractive interest rates. In this post, we will explore the essential steps to design a fixed deposit product on your banking platform.
1. Understanding the Fundamentals
- Product Name: What will you name this product?
- Interest Rate: What interest rate will you offer, and will it be fixed or variable?
- Minimum and Maximum Amount: What are the required amounts to open the deposit?
- Deposit Term: What will be the duration (6 months, 1 year, etc.) of the contract?
- Early Withdrawal Penalties: Will there be penalties for early withdrawals?
2. Example of a Fixed Deposit Product
For instance, if you design a 1-year fixed deposit product with a 5% fixed interest rate, it means the client will not be able to access their money during this period without incurring penalties, but they will enjoy a guaranteed return at the end of the term.
3. Steps to Design a Fixed Deposit Product
In this article, we will guide you through the essential steps to create a fixed deposit product in Phenix Web, providing you with clear instructions and practical tips for each phase of the process.
4. Best Practices for Designing a Fixed Deposit Product
- Offer competitive rates that reflect market trends.
- Balance the term duration with flexibility to attract different client profiles.
- Ensure the product complies with regulations to guarantee the safety of client funds.