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http://mifosforge.jira.com/browse/MIFOS-5274?page=com.atlassian.jira.plugin.system.issuetabpanels:comment-tabpanel&focusedCommentId=72296#comment-72296
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Chetan Bekkinkeri commented on MIFOS-5274:
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Hi Shiva,
Wanted to check if you have requirement of paying out only the interest
component every quarter or every ( any time period) ? This is common in banks
in India where for long term deposits, they payout the interest at regular
intervals. I think from a MFI requirement perspective, it makes more sense to
have only the full maturity payout as an option given the background to getting
those deposits in the first place. Any thoughts ?
thanks
chetan
> Add support for Term Deposits
> -----------------------------
>
> Key: MIFOS-5274
> URL: http://mifosforge.jira.com/browse/MIFOS-5274
> Project: mifos
> Issue Type: New Feature
> Components: Savings Account
> Reporter: Ed Cable
> Labels: featuretrain, prioritygaps
>
> Term deposits are a specific savings product that have a fixed term and a
> maturity. Funds cannot be withdrawn until the end of this term which results
> in a higher interest rate. They are also referred to as time deposits or
> certificates of deposit.
> For example you could have a term deposit account where a minimum balance of
> $500 must be kept in account for a term of 6 months at which time it will
> pay 2% interest.
> Term Deposit functionality could manually be configured in Mifos by defining
> a new savings product and using start and end date to create a term. This
> would correspond to the time period for interest calculation and frequency of
> interest posting to the account. One would also set the minimum balance
> required for interest calculation.
> True term deposit support would allow for defining the term, maturity date,
> and specified actions that must take place at maturity directly from the
> Mifos UI with the corresponding business logic.
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