Bharath Gowda created FINERACT-1964:
---------------------------------------
Summary: Fixed Deposit Enhancement- calculcate Interest during the
FD creation phase
Key: FINERACT-1964
URL: https://issues.apache.org/jira/browse/FINERACT-1964
Project: Apache Fineract
Issue Type: Improvement
Reporter: Bharath Gowda
*As a* user
*I want system* to calculate the interest of the Fixed deposit account before
the account creation
*in order to* give flexibility to the customers to know their liability before
account creation
h4. *Background and details:*
Need to add a new capability to calculate *interest for fixed deposit savings*
based on the interest posting period and interest compounding period before the
creation of the fixed deposit saving.
This enhancement will empower the customers to have a comprehensive preview of
the interest that will be accrued at the maturity of their fixed deposit
savings, enabling them to make informed decisions.
To achieve this,an API endpoint is required that can perform the interest
calculation for fixed deposit savings. The API endpoint should accept
parameters such as the {*}principal amount, interest rate, tenure, interest
posting period, and interest compounding period{*}. Upon receiving these inputs
through a POST request, the endpoint should conduct the necessary calculations
and return the maturity amount and interest earned in the response.
UI button “{*}calculate Interest{*}” should be available on create fixed
deposit account view screen for users to know the interest after entering all
the parameteres
Ex API:
*POST* /api/calculate-fixed-deposit-interest
*Request Body:*
{
"principal_amount": 10000, // The initial amount deposited
"interest_rate": 5, // Annual interest rate (in percentage)
"tenure": 12, // Number of months for which the FD is held
"interest_posting_period": 3, // Posting period of interest (in months)
"interest_compounding_period": 1 // Compounding period of interest (in months)
}{*}Response Body:{*}
{
"maturity_amount": 10512.5, // Total amount at maturity (including interest)
"interest_earned": 512.5 // Interest earned during the tenure
}
*Acceptance criteria*
# I want to be able to calculate the interest on Fixed deposit during account
creation phase
# a button should be available on the UI for users to calculate and show the
interest based on the parameters entered ({*}principal amount, interest rate,
tenure, interest posting period, and interest compounding period{*})
--
This message was sent by Atlassian Jira
(v8.20.10#820010)
