In this section, you will find information about creating new term . The deposit products are term deposit investment options for your customers.
The following image shows a deposit product lifecycle:
Prior to setting up a new deposit product, you can create a deposit class code. The class codes allow defining separate general ledger accounts for different deposit products and differentiating customer groups.
For example, you can create a separate class code for corporate and private deposit products.
To create a new deposit class code:
Deposits > Settings > Class codes.
Click the Add new class code button.
Enter the Deposit class code name and Description > Save.
Once a new class code is created, you can see it on the Deposit class code page.
Deposits > Products.
Click Add new product button and enter the information for the following sections:
In this section, you must define an interest calculation method and interest period range.
Day count convention*
List
Select the interest calculation method. The method is the basis for calculating the interest earned on the deposit.
The possible values are:
30/360 - To get the monthly interest rate, divide the annual interest rate by 360 and multiply it by 30. (By assuming that there are 360 days in a year with 30 days in each month.)
30/365 - To get the monthly interest rate, divide the interest rate by 365 and multiply by 30. (By assuming that there are 365 days in a year with 30 days in each month.)
ACT/360 - To get the monthly interest rate, divide the interest rate by 360 and multiply it by the actual number of days in a month. (By assuming that there are 360 days in a year.)
ACT/365 - To get the monthly interest rate, divide the interest rate by 365 and multiply it by the actual number of days in a month.
See the table below for the difference in the interest earned for the day count conventions.
Period selector*
List
Select the interest condition applied to the single period or repeating period range.
The possible values are:
Fixed period - This means that the interest conditions are applied for a fixed period of time. For example, 6 months or 5 years.
Periods in range - This means that you can define a range of period and set the interest conditions for the particular range. For example, the range of 1 to 6 months has an interest rate of 0.25%. If the customer chooses to create a contract for 5 months, this condition is applied to the deposit contract.
Below you will see a screenshot of the interest main settings section:
The following table shows the total amount earned for a year:
Deposit A
1000
30/360
3%
30.00
Deposit B
1000
30/365
3%
29.59
Deposit C
1000
ACT/360
3%
30.42
Deposit D
1000
ACT/365
3%
30.00
You can find the list of existing deposit products on the Deposit products page:
Deposits > Products.
Search for the deposit product in question.
Click the Product name to view the deposit product details.
The actions that you can take on any deposit product depend on its status:
The product fields are read-only.
The following actions are allowed:
Clone,
Activate.
You can modify most of the deposit product settings, including the interest main settings and interest conditions.
The following actions are allowed:
Clone,
Activate,
Delete.
You can modify only these parameters:
Description,
Offer valid days,
Days wait for deposit funding,
Automatic prolongation enabled,
Days wait for signing,
Add new Interest conditions / Modify the end date for the existing interest conditions.
The following actions are allowed:
Clone,
Deactivate,
Update.
By default, the new deposit products are created in the DRAFT status. To create new deposit applications, offers and contract, you must activate the deposit product:
Deposits > Products.
Find the product in question.
Click the Product name to access the deposit details.
Click the Activate button.
There are two ways of how you can close a deposit product:
Deposits > Products > find the product and click the copy icon .
Deposits > Products > find the product > click the Product name to open the product information > click the Clone product button.
Deposits > Products > find the deposit product in question.
Click on the Product name to open the product page.
Click the Deactivate button on the top-right corner.
Click Yes to confirm the deactivation.
Deposits > Products > find the deposit product in question.
Click on the Product name to open the product page.
Click the Delete button on the top-right corner.
On the New deposit product page, enter the following information in the General information section:
Product code*
Text
Enter a unique code for product identification.
It must be a unique value and can contain uppercase letters, numbers, and the special characters “-” (dash), “_” (underscore), and “.” (full-stop). Spaces are not allowed.
Description*
Text
Enter a description highlighting the key features of the product.
Product group*
List
Select the group to which the product belongs.
By default, the value is Fixed deposit group. Currently, there is only a default value available.
Deposit class
List
Select the deposit class. See more about .
Organisation
Text
Enter the name of the organisation to which the product belongs.
Country*
List
Select a country from the drop-down list where the product is offered.
Currency*
List
Select a currency from the drop-down list that the product is offered in.
Contract number prefix*
Text
Enter a contract number prefix.
It must be a unique value and can contain uppercase letters, numbers, and the special characters “-” (dash), “_” (underscore), “/” (slash), and “.” (full-stop). Spaces are not allowed.
Offer valid days*
Number
Enter the number of days the offer is valid for.
The value cannot be negative or zero.
Days wait for deposit funding*
Number
Enter the number of days to wait for the deposit to be received. Note: The value cannot be negative or zero.
Apply withholding tax*
By default, the value is No. Currently, this is the only default value available.
Premature termination type*
List
Select the interest payout method in case of premature termination of the deposit contract.
The possible values are:
With total interest - the deposit contract is terminated without any of the interest it has accrued during the term period.
Without interest - the deposit contract is terminated with all of the interest it has accrued thus far during the term period.
Automatic prolongation enabled*
List
Select if the deposit product has an automatic prolongation enabled. The possible values are:
Yes
No
Contract signing required
List
Select whether the customer needs to sign the contract.
The possible values are:
Yes
No
Days wait for signing
Number
Enter the number of days to wait for signing the contract.
The value cannot be negative or zero.
Contract document generation required
List
Select whether the contract document needs to be generated.
The possible values are:
Yes
No
Below you will see the screenshot of the general information section:
With interest conditions, you define the interest rate applied for deposits with different periods and amounts. To add more interest conditions, click Add new.
Min deposit amount*
Number
Enter the minimum deposit amount.
This value must be less than the Max deposit amount.
Max deposit amount (last value excl.)*
Number
Enter the maximum deposit amount.
This value must be greater than the Min deposit amount. The last value is excluded from the range.
Deposit period type*
List
Select the period for the deposit product.
The possible values are:
Month
Year
Period*
Number
Enter the period for which the deposit is active. For example, 6 months or 3 years, depending on the value selected for the Deposit period type field.
Note: This field is displayed only if the Period selector field is selected as Fixed Period.
Min period*
Number
Enter the minimum period value. This must be less than the Max period.
Max period (last value excl.)*
Number
Enter the maximum period value. This must be greater than the Min period. The last value is excluded from the range.
Default interest rate*
Number
Enter the value of the interest rate applicable for the deposit product.
Min interest rate
Number
Enter the value of the minimum interest rate.
Max interest rate
Number
Enter the value of the maximum interest rate.
Interest payment frequency*
List
Select the interest payment frequency. The possible values:
At the end of the period,
At the end of the month.
Start date*
Date
Select the start date from the calendar. This cannot be a past date.
End date (last value excl.)
Date
Select the end date from the calendar. This cannot be a past date.
Below you will see the screenshot of the interest conditions section:
