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Issue Type:
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![Epic]() Epic
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Affects Versions:
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1.0 RC2 |
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Assignee:
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keithwoodlock
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Components:
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Accounting, Deposit Product, Multi-Tenant |
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Created:
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17/Dec/12 12:59 PM
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Description:
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In the last user meet-up of 6th December 2012, an interesting question was asked on interest withdrawal. Ed asked when a client withdraws interest much earlier at normal rate then after some few months before the FD matures the client decides to liquidate his deposit which he is supposed to be given interest at a much lower rate, what will happen to the interest already withdrawn?
I did abit of research on how local banks in Kenya are currently doing it and found two ways as below:
1. One can only withdraw interest that has already been earned, like if one has deposited for 2 months he can only access interest accrued for the 2 months only which he is actually entitled at the normal rate. When the client come to liquidate the deposit prematurely, the bank is at liberty to penalize that client and can penalize by half of the original interest so the client access only the balance after the penalty.
2. On rolling over a deposit; whether paying interest only or doing partial rollover, the system pops up a new window which has a provision to input a new interest rate that interest has to be calculated on and recalculates the whole interest element on the new lower rate provided. This helps the bank pay the interest at the lower rate supposed to be paid when one liquidates his deposit prematurely.
Both the 2 cases above do not have a provision to define 2 rates on product set-up as what we saw in Mifos X demo, perhaps we could go with penalizing the client if decides to liquidates the deposit before maturity.
More suggestions and comments are welcomed.
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Environment:
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All
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Project:
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Mifos X
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Labels:
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MifosX,
Hugo
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Priority:
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![Critical]() Critical
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Reporter:
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Zayyad (Intrasoft Technologies)
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