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https://issues.apache.org/jira/browse/FINERACT-973?page=com.atlassian.jira.plugin.system.issuetabpanels:all-tabpanel
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Michael Vorburger updated FINERACT-973:
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Affects Version/s: (was: 1.6.0)
(was: 1.5.0)
> Savings Product Nominal Annual Interest changes should affect existing
> accounts
> --------------------------------------------------------------------------------
>
> Key: FINERACT-973
> URL: https://issues.apache.org/jira/browse/FINERACT-973
> Project: Apache Fineract
> Issue Type: Improvement
> Components: Savings
> Affects Versions: 1.0.0, 1.1.0, 1.2.0, 1.3.0, 1.4.0
> Reporter: Gabriel Adjei Mensah
> Priority: Critical
> Labels: fineract
>
> If an institution changes the Nominal annual interest on the savings product
> configuration in this change should be applied to already existing accounts
> created.
> E.g if during savings product creation, MFI sets Nominal annual interest as
> 18% and after some time decided to change it 14% then I think this should not
> be applied to new accounts created after this change but rather cut across
> any other existing account on that product {color:#FF0000}*going
> forward*{color} (cause I have tried to update this from the database and it
> was messy, its updated all the existing account alright but recalculated the
> interest on the exiting account dating back to 2015 to date.).
> The Savings product Nominal annual interest configuration should not be
> stored in the account table but rather a pointer can be set to them with
> effect from the date of input or a specific start to end date for a new
> calculation.
> Please this very critical for the survival of a lot of MFIs due to the
> {color:#FF0000}*COVID-19*{color} pandemic which has seen a lot of interest
> rates fall massively. Imagine having over 20,000,000 in a savings accounts
> from over 20,000 customers and paying 8% currently instead of 5% or 4 %
> that's over 600,000 to 800,000 in losses automatically.
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