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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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Components:
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Deposit Product |
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Created:
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05/Oct/12 12:54 AM
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Description:
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Please refer to use-case VIII from wiki.
Full withdrawal and pre-closure of deposit account:
Some deposit accounts allow for the customer to withdraw their money in full from the account earlier than the maturity date but the result of this is heavy penalization. This is known as pre-closure. On pre-closure the interest accrued to date is calculate from the closure date (length of time money was in deposit account), pre-closure interest rate and the original deposit amount.
Case I: Is Compounding Interest if selected
Fixed Deposit Amount + Interest Accrued for the service availed duration with pre-closure interest rate gets computed and the amount is available to withdraw.
Case II: Simple Interest without "Is Interest Withdrawal" option
Fixed Deposit Amount + Interest Accrued for the service availed duration with pre-closure interst rate gets computed and the amount is available to withdraw.
Case III: Simple Interest with "Is Interest Withdrawal" option
Fixed Deposit Amount + (Interest Accrued - Interest Withdrawn) gets computed with the pre-closure interest rate and the amount is available to withdraw.
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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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