Deposit Products

Deposit products is a directory that contains templates of the organization's deposit products. When creating a deposit, the credit product is selected from the Deposit Products directory and all fields are filled in automatically according to the template.

To create a new credit product, click on the "Create" link.

Deposit Product Tab

Name - the name of the deposit product is specified

Active - activity indicator of the deposit product

Deposit product properties:

Deposit type - the deposit type is selected from the dropdown list.

- On demand

- Term

- Savings (only here compound interest rate is used)

Interest rate - the annual interest rate is specified in this field

Interest payment frequency - the interest payment frequency is selected from the dropdown list in this field

- Monthly

- Quarterly

- Upon deposit closure

- Semi-annually

- Annually

Interest rate type - select the interest rate type from the dropdown list

- Simple (Without capitalization)

- Compound (With capitalization)

Personal income tax calculation method - select the personal income tax calculation method from the dropdown list.

- Direct (this should be specified by default)

- Reverse

Interest withdrawal schedule calculation method - select the value of the interest withdrawal schedule calculation method from the dropdown list

- Banking (This method is tied to a date, for example, repayments will always occur on the 15th of each month if the repayment period duration is conditionally set to 30 days. If the repayment period duration is set to 90 days – then on the 15th quarterly... etc.)

- Simple (Here the calculation is done by simply adding the period duration to the repayment date. Then a check is performed for holidays or weekends and adjustment is made if the repayment date falls on a non-working day. The next repayment date is calculated by adding the period duration to the obtained current repayment date.)

Do not transfer from holidays and weekends -

Interest accrual method - the interest accrual method is specified in this field.

- German (360/30)

- French (360/actual number of days in month)

- English (365/actual number of days in month)

Payments on the last days of the month - Interest payment on the last days of the month

Minimum deposit amount - the minimum deposit amount is specified in this field

Maximum deposit amount - the maximum deposit amount is specified in this field

Insurance contribution (rate) - the non-refundable insurance contribution rate upon deposit opening is specified in this field

Fixed insurance contribution (amount) - the fixed contribution amount is specified in this field if the amount is the same for all depositors

Estimate contribution (rate) - the contribution rate is specified in this field, accrued monthly on the deposit amount

Fixed estimate contribution (amount) - the fixed estimate contribution amount is specified in this field, accruals are made monthly on the amount specified in the contract.

Minimum additional contribution amount - the minimum additional contribution amount to the deposit is specified.