# Recurring Deposit Product Fields

### **Recurring Deposit Product Fields**

**Details Section**

| **Field name (attribute)** | Description                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | Example                        | Validations (if applicable)                             |
| -------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------ | ------------------------------------------------------- |
| Product name               | <p></p><p>The product name is a unique identifier for the recurring deposit product. The product name is used:</p><ul><li>In <strong>Product</strong> lists (depending on where the product list appears, it may contain a list of all recurring deposit products or a list of active recurring deposit products)</li><li>As the <strong>Recurring Deposit Account</strong> identifier in the <strong>Recurring Deposit Account Overview</strong> section on the client <strong>General</strong> tab</li><li>In the <strong>Name</strong> column in the list of recurring deposit products displayed when <strong>Recurring Deposit Products</strong> is clicked on the Products page<br></li></ul> | Monthly Interest fixed deposit | <p>Required field</p><p>Alphanumeric<br></p>            |
| Short name                 | <p></p><p>The short name is a unique identifier for the recurring deposit product. The short name is used:</p><ul><li>In the <strong>Short name</strong> column in the list of recurring deposit products displayed when <strong>Recurring Deposit Products</strong> is clicked on the Products page</li><li>The short names are mainly used in reporting</li></ul>                                                                                                                                                                                                                                                                                                                                 | MIS                            | <p>Required field</p><p>Alphanumeric<br></p>            |
| Description                | The description is used to provide additional information regarding the purpose and characteristics of the recurring deposit product.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | Monthly Interest fixed deposit | <p>Alphanumeric</p><p><em>Length restrictions?</em></p> |

**Terms Section**

| **Field name (attribute)**  | Description                                                                                                                                                                                                                                                                                        | Example               | Validations (if applicable)                  |
| --------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------- | -------------------------------------------- |
| Currency                    | The currency to be used for the recurring deposit product. Select the recurring deposit product's currency from the **Currency** list.                                                                                                                                                             |                       | Required field                               |
| Decimal places              | The number of decimal places to be used to track and report on recurring deposit accounts based on the recurring deposit product.                                                                                                                                                                  | 2                     | <p>Required field</p><p>Numeric</p>          |
| Multiples of                | Here, you can provide multiple of currency for example, if you provide "multiple of 10", then the currency values will be rounded off to 20, 30, 40,....130, 140, 150... etc If you provide "multiple of 100", the currency values will be rounded off to 100, 300, 400,.......1200,1300,..... etc | 0                     | <p>Required field</p><p>Numeric</p>          |
| Minimum Deposit Amount      | The minimum deposit amount required to open a recurring deposit account based on this recurring deposit product. If blank, there is no minimum deposit amount.                                                                                                                                     | 200                   | <p>Optional field</p><p>Numeric</p>          |
| Deposit Amount              | The default deposit amount expected when a recurring deposit account based on this recurring deposit product is opened.                                                                                                                                                                            | 500                   | <p>Required field</p><p>Numeric</p>          |
| Maximum Deposit Amount      | The maximum deposit amount allowed when a recurring deposit account based on this recurring deposit product is opened. If blank, there is no maximum deposit amount                                                                                                                                | 10000                 | <p>Optional field</p><p>Numeric</p>          |
| Interest compounding period | The period at which interest rate is compounded.                                                                                                                                                                                                                                                   | Monthly               | <p>Required field</p><p>Select from list</p> |
| Interest posting period     | The period at which interest rate is posted or credited to a recurring deposit account based on this recurring deposit product.                                                                                                                                                                    | Monthly               | <p>Required field</p><p>Select from list</p> |
| Interest calculated using   | The method used to calculate interest.                                                                                                                                                                                                                                                             | Average Daily Balance | <p>Required field</p><p>Select from list</p> |
| Days in years               | The setting for number of days in a year used to calculate interest.                                                                                                                                                                                                                               | 360                   | <p>Required field</p><p>Select from list</p> |

**Setting Section**

| **Field name (attribute)**                                                | Description                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | Example                                                           | Validations (if applicable)                                                                                       |
| ------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | ----------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------- |
| Recurring Deposit Type                                                    | The **Recurring Deposit Type** value identifies whether the recurring deposit is Mandatory or Voluntary.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | Voluntary                                                         | <p>Required field</p><p>Select from list</p>                                                                      |
| Deposit Every                                                             | The **Deposit Every** field define when the recurring deposits will be made.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | 2 weeks                                                           | <p>Required fields</p><p>Numeric and select from list</p>                                                         |
| Locking period frequency                                                  | A period of time during which a recurring deposit account based on this recurring deposit product will be locked-in after it is opened. During the lock-in period, the client will be unable to access any funds deposited in the account. If lock-in period is set, the pre-mature closure of the account is not possible.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | 3 months                                                          | <p>Optional</p><p>Number and select from list</p>                                                                 |
| Minimum Deposit Term                                                      | The minimum length of time the funds must remain in the recurring deposit account to earn the full interest income.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | 6 months                                                          | <p>Required?</p><p>Number and select from list</p>                                                                |
| And thereafter, in Multiples of                                           | After the minimum deposit term has passed, additional deposit duration may be specified. Each of these additional deposit duration must be complete for the recurring deposit account to earn the full interest income.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | 1 month                                                           | <p>Optional</p><p>Number and select from list</p>                                                                 |
| Maximum Deposit Term                                                      | The maximum length of time funds may be deposited in a recurring deposit account based on this recurring deposit product. If the client doesn't want to withdraw or transfer funds to any savings account, he can again extend it for another term.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |                                                                   |                                                                                                                   |
| <p>For Pre-mature Closure:</p><p>Apply penal interest (less)</p><p>On</p> | <p>Complete this section to define an interest penalty for pre-mature closure as expressed as a percentage to deduct from the interest rate applicable to either:</p><ul><li>the interest applicable for the period up to the premature withdrawal</li><li>the interest applicable for the whole term</li></ul><p>The interest rates applicable for various time frames are defined in the Interest Rate Chart(s) for the recurring deposit product.</p><p>Example:</p><p>The recurring deposit product has a 6 month term. For the first 90 days, the interest rate is 4.5%, and for 91-180 days, the interest rate is 5% (based on the Interest Rate Chart in effect). The settings for Pre-mature closure are 1% penal interest and <strong>Till Premature Withdrawal</strong>. A client with a recurring deposit account based on the recurring deposit product, withdraws funds after 60 days. The interest that the client will be paid on withdrawing funds is 3.5% (4.5%-1%). If the settings had been 1% penal interest and <strong>Whole Term</strong> the client would be paid 4% (5%-1%) on withdrawing funds.</p> | <p>Check box checked</p><p>1%</p><p>Till Premature Withdrawal</p> | <p>Options</p><p>Check for True; uncheck for False (no interest penalty)</p><p>Numeric</p><p>Select from list</p> |

**Interest Rate Chart**

**For info on amount range interest rate chart, please refer - Interest rate chart with amount range**

The interest rate chart provides the information required to calculate the interest payable on a recurring deposit account based on the recurring deposit product. When a recurring deposit product is defined you must set up one and only one interest rate chart. Additional interest rate charts can be set up after the recurring deposit product has been created.

When a recurring deposit product is initially created, the Interest Rate Chart table will be empty. Click **+Add** to create the first and any additional rows required.

**Example**

| **Field name (attribute)** | Description                                                                                                                                                | Example           | Validations (if applicable)                         |
| -------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------- | ----------------- | --------------------------------------------------- |
| Valid From Date            | The Valid From Date is the date from which the Interest Rate Chart will be in effect.                                                                      | 01 January 2012   | <p>Required field</p><p>Select from date picker</p> |
| End Date                   | The End Date is the date after which the Interest Rate Chart will not be in effect. Leave this field blank if the Interest Rate Chart end date is unknown. | blank             | <p>Optional field</p><p>Select from date picker</p> |
| Period Type                | The period type may be expressed in Days, Weeks, Months, or Years                                                                                          | Days              | <p>Required for each row</p><p>Select from list</p> |
| Period From / To           | The range expressed as from / to, in the period type measure. When multiple rows are present the periods cannot overlap.                                   | 1 - 90   91 - 180 | <p>Required for each row</p><p>Numeric</p>          |
| Interest                   | The interest rate that is to apply for the specified period.                                                                                               | 5                 | <p>Required for each row</p><p>Numeric—percent</p>  |
| Description                |                                                                                                                                                            |                   |                                                     |

**Charges Section**

| **Field name (attribute)** | Description                                                                                                                                                                | Example | Validations (if applicable) |
| -------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------- | --------------------------- |
| Charges                    | Select a charge from the **Charges** list and click **Add**. If more charges apply to the recurring deposit product, select additional charges and click **Add** for each. |         |                             |

**Accounting Section**

| **Field name (attribute)** | Description                                                                                                                 | Example | Validations (if applicable) |
| -------------------------- | --------------------------------------------------------------------------------------------------------------------------- | ------- | --------------------------- |
| Accounting                 | <p>Select one from:</p><ul><li>None</li><li>Cash</li></ul><p>If Cash is selected, see Accounting Saving Product Fields.</p> |         |                             |
