Dear Airsay, As I understand your product details here: Rate of interest = *15% per month* => 15*12 = 180% per year (*In mifos, we define it for per year*). Deposit Amount = *360,000.00* Monthly interest = *54,000.00 (This seems to be fixed monthly interest amount, In mifos it's on number of days). *
I have created fixed deposit product and account for you to configure:- https://demo.openmf.org/#/viewfixeddepositaccount/3692 https://demo.openmf.org/#/viewfixeddepositproduct/608 Please let me know if you have any questions. Thanks, Sangamesh.Nadagoudar On Thu, Dec 12, 2019 at 7:55 PM Ed Cable <edca...@mifos.org> wrote: > Hello Airsay, > > Welcome to the community! I'm cc'ing Sangamesh on this email. He should be > able to give some advice on your configuration. > > Best wishes, > > Ed > > On Thu, Dec 12, 2019, 05:32 Airsay Longcon <airsaylong...@gmail.com> > wrote: > >> Hello everyone. My name is Airsay from Nigeria. I’m the branch IT lead >> for a financial institution. We are looking to automate our processes and >> I’m almost certain that Mifos is a good fit. I am looking to get some help >> and advice setting up Mifos. >> So I am trying to create a fixed deposit savings product that reflects >> one of three fixed deposit products we have. And I'm not getting the >> expected results and would appreciate and advice or pointers. I describe >> the product in the following paragraph. >> We have a 6 months Fixed Deposit product for deposits between 360,000.00 >> and 4,999,000.00. For this product, the interest rate is 15% monthly. So >> for someone who deposits the minimum of 360,000.00 the monthly interest is >> 54,000.00. Interest is paid out monthly and at the end of the tenor the >> customer can either continue or terminate the account. How do I set up a >> Fixed Deposit Product to reflect this? >> >> Warm Regards >> Airsay >> >> >> >> _______________________________________________ >> Mifos-users mailing list >> Mifos-users@lists.sourceforge.net >> https://lists.sourceforge.net/lists/listinfo/mifos-users >> >
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