Airsay created FINERACT-903:
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Summary: Fixed Interest Rate for Fixed Deposit and Recurring
Deposit Products
Key: FINERACT-903
URL: https://issues.apache.org/jira/browse/FINERACT-903
Project: Apache Fineract
Issue Type: Improvement
Components: Savings
Affects Versions: 1.3.0, 1.2.0, 1.4.0
Reporter: Airsay
Fix For: 1.4.0, 1.3.0
Hello everyone,
So we are considering Mifos/Fineract for use in our Financial Services
organisation. We would like a situation where Fineract calculates Interest to
be posted as Nominal Rate (in %) divided by 12 (number of months in a year). I
will clarify with an illustration of a use case for us.
Our products work as follows:
So if an account is activated on say Feb 14th, it is due for interest on March
14th and every 14th of the month until the entire duration has lapsed. On the
14th of March a month has lapsed (irrespective of the number of days between
both dates) and one month's interest rate (Nominal Interest/12) is posted to
the account.
This is functionality will allow us post correctly calculated interest to
customer accounts
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