Add support for Term Deposits
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Key: MIFOS-5274
URL: http://mifosforge.jira.com/browse/MIFOS-5274
Project: mifos
Issue Type: New Feature
Reporter: Ed Cable
Term deposits are a specific savings product that have a fixed term and a
maturity. Funds cannot be withdrawn until the end of this term which results in
a higher interest rate. They are also referred to as time deposits or
certificates of deposit.
For example you could have a term deposit account where a minimum balance of
$500 must be kept in account for a term of 6 months at which time it will pay
2% interest.
Term Deposit functionality could manually be configured in Mifos by defining a
new savings product and using start and end date to create a term. This would
correspond to the time period for interest calculation and frequency of
interest posting to the account. One would also set the minimum balance
required for interest calculation.
True term deposit support would allow for defining the term, maturity date, and
specified actions that must take place at maturity directly from the Mifos UI
with the corresponding business logic.
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