Fixed deposit products
Term, deposit amount, interest settings, and a tiered interest chart.
Open Products → Fixed deposits. New and Edit use the same wizard. Open a product for a sectioned workspace (general, terms, settings, interest chart, charges, and accounting when the rule is not None). Terms show the length and unit together — for example 3 months, not a bare 3.
Term, deposit amount range, interest settings, lock-in, optional
premature-closure penalty, tax withholding, optional savings charges, and
one interest chart with one or more consecutive rate tiers. Chart from /
until dates belong to the rate schedule, not to the product — fixed
deposits have no product start or close date.
Amounts show the currency code. Required fields are marked with an asterisk (*).
When an officer opens a fixed deposit, the docked sidebar starts from this product. Required is the product, dates, deposit amount, and term; Optional can still change interest, lock-in, linked savings, maturity instructions, tax, and charges for that one account. Maturity instruction is stored on the account, not the product — if it is left unset, the officer chooses it when closing.
Wizard steps
- Details — name, short name, description.
- Currency — code, decimal places, multiples.
- Terms — default deposit amount, optional min/max amount, minimum and maximum term (each term is the length and unit together, for example 3 months), optional term multiples, optional nominal annual rate (the chart supplies the rate when present), interest compounding, posting, and calculation. Compounding cannot be longer than posting — daily compounding with monthly posting is the usual pair. Anniversary posting types follow the same pairing rule.
- Settings — optional lock-in, premature-closure penalty (rate and whether it applies to the whole term or till premature withdrawal), and withhold tax with a tax group.
- Interest chart — chart from/until dates, plus one or more rate tiers. A single tier gives a flat rate for the whole term; add more to pay a different rate for different period ranges (e.g. 4% for 3–6 months, 5% for 7–12 months). Tiers must be consecutive and must not overlap — leave the last tier's "to period" blank to make it open-ended. Optionally group tiers by deposit amount instead of period, or combine both (amount bands inside each period). The first band starts at 0 or 1; when the primary range changes, the other range must restart at 0 or 1 and the previous other-range must be open-ended.
- Charges — optional savings charges in this currency that start on every new account.
- Accounting — None, cash, or accrual periodic. Cash and accrual both need a reference, control, transfers-suspense, interest, fee-income, and penalty-income GL account; accrual also needs fees-receivable, penalties-receivable, and interest-payable accounts. Fixed and recurring deposits don't support overdraft, so unlike savings products there's no overdraft-related GL account here.
- Mappings — optional payment-channel and charge-to-income GL mappings when accounting is not None.
- Review — confirm every section, then create or save.
See Recurring deposits for the product that also supports mandatory deposits and withdrawals.
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