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Issue Type:
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![Improvement]() Improvement
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Assignee:
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Madhukar
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Created:
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05/Oct/12 12:49 AM
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Description:
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Modification of Deposit Account Application before Approval
The deposit account may not commence on the exact date given when 'submitting the application' for the deposit account. The date on when the 'deposit' transaction is received by the bank/mfi is the date typically from which the deposit account becomes 'active'.
When activating/commencing the deposit account, it should be possible to modify/set details of the account as needed:
Term/tenure: What is the length of the term/tenure (in months)
Deposit amount: How much money is being deposited for the term.
Nominal annual interest rate: What is the interest rate to be applied to deposit amount for the term expressed as a nominal annual rate.
Interest compounding frequency: Interest is usually compounded at periodic intervals like monthly, quarterly, annually
Commencement date: On what date does the term/tenure commence from: Deposit start date commence from the date of approval. Initial FD date which commence on adding the FD account gets override with the Approval date.
As a result of activation any or all the following 'derived' fields should be set
Maturity date: Recalculate the projected maturity date given the current commencement date and tenure length.
Accrued interest on maturity: Recalucate the the amount of projected interest accrued given the current deposit amount and tenure.
Maturity amount: Recalculate using new projected interest accrued
Account status: The status of the account should transition from 'PRE-ACTIVATION' to 'ACTIVE'.
Record of deposit transaction: When account is activated, a transaction recording transaction related information such as date, amount and type of transaction (DEPOSIT) should be recorded.
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Project:
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Mifos X
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Priority:
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![Minor]() Minor
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Reporter:
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hugotechnologies
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