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http://mifosforge.jira.com/browse/MIFOS-5294?page=com.atlassian.jira.plugin.system.issuetabpanels:comment-tabpanel&focusedCommentId=71562#comment-71562
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Binny Gopinath Sreevas commented on MIFOS-5294:
-----------------------------------------------
The description of this ticket seems incorrect.
The requirement is to have a savings account for a fixed period of time (like a
term-deposit in regular banks).
A member makes a deposit of 10,000 for six months at 8%. At the end of six
months, the member should receive interest of 400. So the maturity value of the
deposit is 10,400 at the end of six months. Even if the member actually closes
the account only after 8 months, the member receives only 10,400/-
Note: If the member makes any withdrawals from this account, then the rate is
reduced (for example to 6%) on the closing balance. This can be handled by
manually computing and applying an appropriate penalty to the savings account.
> Fixed Term Savings
> ------------------
>
> Key: MIFOS-5294
> URL: http://mifosforge.jira.com/browse/MIFOS-5294
> Project: mifos
> Issue Type: Story
> Reporter: George Iberia
> Labels: community, fina2
> Fix For: Mifos Backlog
>
>
> Sometimes loans are issued in other currencies other than KIP. "Mifos
> will handle only a single currency.
> However, the offline data collection sheet will handle a single currency
> conversion rate. The new transactions will get uploaded/downloaded to/from
> Mifos always in KIP at this conversion rate.
> The offline collection sheet will display converted values.
> Every loan product to have a custom field to capture the currency in which it
> is being given. It will default to KIP."
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