Savings Products

Savings Products defines the deposit schemes the institution offers - ordinary, junior, group, target and term products - and their rules: interest method and rate, minimum balance, dormancy period, allowed transactions and linked fees. Every account is opened against one of these products. Each is a mfi.savings.product record.

Workflow

Open Savings > Configuration > Savings Products.
Create or open a product and name it.
Set the interest method, rate or rate tiers, and posting frequency.
Configure minimum balance, dormancy period and transaction rules.
Attach the relevant fee templates.
Save and activate so accounts can be opened against it.

Fields reference

Every field on this screen, drawn from the live data model.

Field	Type	Required	Description
Annual Interest Rate (%) `interest_rate`	Decimal	—	Annual nominal interest rate
Minimum Balance Required `min_balance`	Money	—	Below this triggers minimum balance fee
Maximum Balance `max_balance`	Money	—	0 = unlimited
Lock-in Period (Days) `lock_in_period`	Number	—	Days after opening where withdrawals are restricted
Max Daily Withdrawal `max_daily_withdrawal`	Money	—	0 = unlimited
Max Monthly Withdrawal `max_monthly_withdrawal`	Money	—	0 = unlimited
Max Withdrawals/Month `max_withdrawals_per_month`	Number	—	0 = unlimited
Dormancy After (Days) `dormancy_days`	Number	—	Inactivity days before account flagged dormant
Min Tenure (Months) `fd_min_tenure`	Number	—	For Fixed Deposits
Mandatory Savings (% of Loan) `mandatory_pct_of_loan`	Decimal	—	Percentage of loan amount required as savings before disbursement
Product Name `name`	Text	Yes	Product Name
Product Code `code`	Text	Yes	Product Code
Product Type `product_type`	Choice: Ordinary Savings, Fixed Deposit, Recurring Deposit, Current Account, Mandatory Savings	Yes	Product Type
Currency `currency_id`	Link → res.currency	Yes	Currency
Company `company_id`	Link → res.company	Yes	Company
Has Message `has_message`	Yes/No	—	Has Message
Sequence `sequence`	Number	—	Sequence
Active `active`	Yes/No	—	Active
Color Index `color`	Number	—	Color Index
Description `description`	Rich text	—	Description
Interest Calculation Method `interest_calculation`	Choice: Daily Balance, Average Daily Balance, Minimum Monthly Balance, End of Day Balance	—	Interest Calculation Method
Interest Compounding `interest_compounding`	Choice: Daily, Monthly, Quarterly, Semi-Annual, Annual, No Compounding	—	Interest Compounding
Interest Posting Frequency `interest_posting`	Choice: Monthly, Quarterly, Semi-Annual, Annual, At Maturity	—	Interest Posting Frequency
Days in Year `days_in_year`	Choice: 360 Days, 365 Days, Actual Days	—	Days in Year
Minimum Opening Balance `min_opening_balance`	Money	—	Minimum Opening Balance
Allow Overdraft `allow_overdraft`	Yes/No	—	Allow Overdraft
Overdraft Limit `overdraft_limit`	Money	—	Overdraft Limit
Dormancy Fee `dormancy_fee`	Money	—	Dormancy Fee
Dormancy Fee Frequency `dormancy_fee_frequency`	Choice: Monthly, Quarterly, Annual	—	Dormancy Fee Frequency
Max Tenure (Months) `fd_max_tenure`	Number	—	Max Tenure (Months)
Pre-Mature Penalty (%) `fd_premature_penalty_pct`	Decimal	—	Pre-Mature Penalty (%)
Auto Rollover `fd_auto_rollover`	Yes/No	—	Auto Rollover
Rollover Type `fd_rollover_type`	Choice: Principal Only, Principal + Interest	—	Rollover Type
Mandatory Installment `rd_mandatory_amount`	Money	—	Mandatory Installment
RD Frequency `rd_frequency`	Choice: Weekly, Monthly	—	RD Frequency
RD Min Tenure (Months) `rd_min_tenure`	Number	—	RD Min Tenure (Months)
RD Max Tenure (Months) `rd_max_tenure`	Number	—	RD Max Tenure (Months)
Missed Installment Penalty (%) `rd_missed_penalty`	Decimal	—	Missed Installment Penalty (%)
Deduct at Disbursement `mandatory_deduct_at_disbursement`	Yes/No	—	Deduct at Disbursement
Fees `fee_ids`	List	—	Fees
Interest Rate Tiers `tier_ids`	List	—	Interest Rate Tiers
Accounts `account_count`	Number	—	Accounts
Total Deposits `total_deposits`	Money	—	Total Deposits
Deposit Liability Account `deposit_liability_account_id`	Link → account.account	—	Deposit Liability Account
Interest Expense Account `interest_expense_account_id`	Link → account.account	—	Interest Expense Account

Notes & rules

Definitions on mfi.savings.product underpinning every account.
Set interest, minimum balance, dormancy and transaction rules here.
Links to fee templates and interest rate tiers.

Technical model: mfi.savings.product · Record: Savings Product