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https://issues.apache.org/jira/browse/FINERACT-1964?page=com.atlassian.jira.plugin.system.issuetabpanels:comment-tabpanel&focusedCommentId=17825881#comment-17825881
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Uddyan Goyal commented on FINERACT-1964:
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Hello [~ruhiu],
Thanks for your suggestion!
Actually, I explored the solution suggested by you when I first picked up this
problem. The logic used in that api uses parameters from already existing FD
and savings account like chartslabs, posting periods, compounding periods,
different strategies to calculate the interest, etc.
As per my understanding of the problem, the usecase here is to provide the
customer a quick idea of their maturityAmount which is not solved by the
earlier usecase. Also, I found the formula in one of the comments:
!image-2024-03-13-07-25-22-987.png!
So, I believe the formula I used is correct.
Cheers!
> 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
> Priority: Major
> Attachments: image-2024-03-13-07-23-46-822.png,
> image-2024-03-13-07-25-22-987.png
>
>
> *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{*})
>
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