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.

Savings Products
Savings Products — live screen from the BridgeERP MFI Suite.

Workflow

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

Fields reference

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

FieldTypeRequiredDescription
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
TextYesProduct Name
Product Code
code
TextYesProduct Code
Product Type
product_type
Choice: Ordinary Savings, Fixed Deposit, Recurring Deposit, Current Account, Mandatory SavingsYesProduct Type
Currency
currency_id
Link → res.currencyYesCurrency
Company
company_id
Link → res.companyYesCompany
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

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