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Deposit Product ​

A deposit product is a directory that stores the conditions of an organization's deposit products. When creating a deposit contract, the deposit terms are automatically filled in according to the conditions of the selected deposit product. The conditions of the selected deposit product can be changed directly from the deposit contract to meet the needs of an individual client. Then, depending on the organization's security policy, this data can be edited directly in the deposit contract or it will be locked for editing.

Viewing and Creating Deposit Products ​

To view deposit products, navigate to:

  • "Directories" -> "Deposit Products", or
  • "Deposits" -> "Deposit Products".

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To view or edit a deposit product, click the "Edit" button. To create a new deposit product, click the "Create New" button.

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Main Deposit Product Fields ​

  • Name This section specifies the name of the created deposit product. For example: Annual 24, Term 360, etc.

  • Active When this checkbox is selected, this deposit product will be active when creating a deposit contract. If the checkbox is not selected, this deposit product will not be active and will not be displayed in the list of deposit products when creating a deposit contract.

  • Deposit Type One of three types is selected: demand, term, or savings.

  • Interest Rate The annual interest rate is specified as a percentage.

  • Deposit Term (months) This field is available for term deposits. The deposit term is specified in months.

  • Interest Payment Frequency Specifies the frequency of interest accrual and payment.

  • Deposit Interest Rate Type Choose between simple and compound:

    • Simple interest rate: the base for interest accrual is the initial deposit amount.
    • Compound interest rate: interest is accrued on the initial deposit amount and all accrued interest (capitalization).

  • Personal Income Tax Calculation Method Choose between direct and reverse:

    • Direct method: the calculated personal income tax amount is deducted from the client's profit.
    • Reverse method: the calculated personal income tax amount is paid from the organization's funds (currently prohibited in Russia).

  • Interest Withdrawal Schedule Calculation Method Choose between simple and banking:

    • Simple calculation is performed by adding the period duration to the repayment date. Then a check for holidays or weekends is performed and a shift is made if the repayment date falls on a weekend.
    • Banking method is tied to a specific date, for example, withdrawal will always occur on the 15th of each month if the period duration is conditionally set to 30 days.

  • Do Not Transfer from Holidays and Weekends When this checkbox is selected, interest can be issued on weekends as well. If the checkbox is not selected, the system transfers the interest payment to the first business day if it falls on a weekend.

  • Interest Accrual Method Choose between German, French, and English:

    • German method: one full month equals 30 days, year duration is 365 days.
    • French method: the interest accrual period equals the actual term, year duration is 360 days.
    • English method: the interest accrual period equals the actual term, year duration is 365/366 days.

  • Payments on the Last Days of the Month When this checkbox is selected, interest payments will be made on the last days of the month. If you set the condition "Transfer from Holidays and Weekends", then if the payment falls on a weekend or holiday, the payment date will be moved to the nearest business day, and the next payment date will be set to the end of the following month.

  • Post-Contract Interest Rate Provided for term deposits, specified as a percentage and applied to the deposit amount after the deposit contract term ends.

  • Minimum Deposit Amount Specifies the minimum deposit amount.

  • Maximum Deposit Amount Specifies the maximum deposit amount.

  • Insurance Contribution (rate) A one-time non-refundable contribution calculated by rate.

  • Fixed Insurance Contribution (amount) A one-time non-refundable contribution, the amount is specified if it is constant for all depositors.

  • Estimated Contribution (rate) A contribution accrued monthly at a rate from the deposit amount.

  • Fixed Estimated Contribution (amount) A contribution accrued monthly for the amount specified in the contract.

  • Minimum Additional Contribution Amount Specifies the minimum amount of additional contribution.

"Recalculation Rate" Tab ​

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The recalculation rate is only available for term deposit products.

If the client wants to withdraw the deposit before the term expires, a recalculation rate can be applied to the deposit. To do this, click the "Add" button. In the opened fields, you need to specify the period in months and the recalculation rate as a percentage, which will be applied to the deposit if the client terminates the deposit contract during this period. By clicking the "Add" button, you can add the required number of periods and rates.

To save the entered data, click the "Submit" button.