Navigation: Admin >> Savings Products
Description: View savings products in your account. These will be available to all branches. You can edit/delete the products.
The following fields are present in the View Savings Products page.
You can add a new savings product by clicking this button.
Savings Product
Name of the savings product
Interest Rate Per Annum
The interest rate that will apply to the savings product. Since the interest rate is per annum, the rate is divided by the number of days in the year and then calculated daily on the savings balance. For example, if the interest is 10% and there are 365 days in a year, the daily interest rate would be 10/365.
The interest rate only applies if the daily balance is more than or equal to the Minimum Balance set below. Even though the interest rate is calculated daily, it will only be posted in the savings account based on the Interest Posting Frequency interval set below.
Interest Posting Frequency
The posting frequency of the interest amount in the savings product. The interest amount will only posted in the savings account based on this frequency. For example, if you select 3 months, the interest amount will be posted at end of every 3 months.
Minimum Balance
This is the minimum balance of the savings account. Interest will be only be calculated if the balance is more than or equal to the minimum balance.
Action
Edit - Edit the savings product.
Delete - Delete the savings product. You can only delete savings product that have not been assigned to any active savings account.