Running savings, fixed deposit and recurring deposit accounts in Fineract: interest calculation and posting, deposit rate charts, overdrafts, holds, standing instructions and transfers.
Getting savings interest right: daily versus average daily balance, compounding period, posting periods including anniversary posting, days in year, minimum balance for interest, and reconciling posted interest with finance.
Building rate charts for fixed and recurring deposits: rate slabs by term and amount, chart validity periods, attaching charts to products and checking the rates applied to new accounts.
Handling early withdrawal of a term deposit: premature closure and premature amount calculation, penal interest settings on the product, transfer of proceeds to savings and the accounting entries involved.
Setting up recurring deposits for regular savers: deposit frequency, mandatory versus recommended deposit amounts, adjusting advances against future installments, missed deposits and maturity handling.
Offering overdraft on savings accounts: the overdraft flag and limit on the product, interest on overdrawn balances, how overdrafts interact with minimum balance rules and what finance needs from the ledger.
Freezing funds and accounts in Fineract: holding and releasing amounts, blocking an account or only its credits or debits, and the operational and legal scenarios such as court orders and disputed payments where each is used.
Enforcing savings rules: minimum opening balance, enforced minimum required balance, lock-in periods that block withdrawals, withdrawal fees on transfers and what account closure checks.
Automating recurring savings-to-savings and savings-to-loan transfers with standing instructions: setup, schedules, the history log, and handling failed instructions when funds are insufficient.
Moving money between accounts inside Fineract: savings-to-savings transfers, disbursing loans into savings, repaying loans from savings and refunds by transfer, with the accounting each creates.
Charging savings customers: withdrawal and annual fees, monthly charges, paying, waiving and inactivating charges, and the scheduled jobs that apply them.
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