Hello everyone, So I am evaluating the suitability of Mifos for use in our financial institution.
We have only one Financial Product, a Fixed Deposit product for which Interest is by Amount Grouping. The product is enumerated below 100,000 to 4,999,999.99: Interest is 15% of balance monthly (180% annually l) 5,000,000 to 49,999,999.99; Interest is 10% monthly (120% annually) 50,000,000 and above: Interest is 5% monthly (60% annually) Yes, we pay more interest for lower amounts than higher ones. Account holders on a monthly basis withdraw their interest monthly l immediately they are due. So if an account is opened on December 6 2019, a interest is calculated and posted every 6th of the Month. This means that daily we calculate, post and transfer to linked savings account, interest, as different Fixed Deposit accounts are due daily. This last point is very critical! So I have created an Interest Rate Chart that attempts to reflect the above. But I am getting incorrect figures for value of the account at Maturity. For an account with 360,000.00 balance we expect the value at maturity to be 684,000.00. But when I set Interest Rate to 180 in the Interest Chart, I get Value at maturity to be around 790,000,000 or more (can't remember the specific value right now). The same over estimation happens across the other groups. So my question are as follows 1) How do I set Interest Rate so it Correctly calculates value at maturity. 2) Out of the box, Can Mifos post interest every 30/31 days rather than at the end of the month? 3) If 2) above is No, can Mifos be modified at code level to perform interest calculations and posting for all accounts that have hit the 30/31 day threshold? I have worked extensively with Francis from Sierra Leone and he has been very helpful in improving my understanding of Mifos. Thumbs up Francis for all the calls and chats. I am hoping that others with a different experience on Mifos can advise on how best to approach this Warm Regards Ese Sent from my iPhone _______________________________________________ Mifos-users mailing list Mifos-users@lists.sourceforge.net https://lists.sourceforge.net/lists/listinfo/mifos-users
