Airsay created FINERACT-904:
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Summary: Post Interest on Account Activation Date for Fixed
Deposit and Recurring Deposit Accounts
Key: FINERACT-904
URL: https://issues.apache.org/jira/browse/FINERACT-904
Project: Apache Fineract
Issue Type: New Feature
Components: Savings
Affects Versions: 1.3.0, 1.2.0, 1.1.0, 1.0.0, 1.4.0
Reporter: Airsay
Fix For: 1.4.0, 1.5.0, 1.6.0, 1.3.0
Hello,
Presently for Savings Products (Savings/Fixed Deposit and Recurring Deposit)
Fineract posts Interest at month end. There is a need for this to change in our
use case (and I believe this may be widely applicable for multiple users).
Assuming a customer's Fixed Deposit or Recurring Deposit account is activated
on Jan 20, we post interest to the customer's account on Feb 20 and on the 20th
of every subsequent month until the duration of the account lapses. So for a 6
month Fixed Deposit Account interest would be posted on Feb 20, Mar 20, Apr 20,
May 20, June 20 and July 20.
For "tricky" dates which don't occur across all months then interest is posted
at the end of the month. So For example an account activated on January 30 will
get Interest posted on Feb 28 (or Feb 29th for a leap year) and then Mar 30,
April 30 etc. One that was activated on say August 31st will receive interest
on Sep 30, Oct 31, Nov 30, Dec 31 etc.
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