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https://issues.apache.org/jira/browse/FINERACT-903?page=com.atlassian.jira.plugin.system.issuetabpanels:all-tabpanel
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Michael Vorburger updated FINERACT-903:
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Fix Version/s: (was: 1.4.0)
(was: 1.3.0)
> 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: 1.2.0, 1.3.0, 1.4.0
> Reporter: Airsay
> Priority: Blocker
>
> 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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