1. Create a Savings product with the following datasets: Nominal interest rate: 12% Interest compounding period: Semi-Annual Interest posting period: Monthly Interest calculated using: Daily Balance
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Days in Year: 365 Days,
2. Submit a new savings application for an active client on 01 January 2013 and deposit 25000 on same date. 3. Approve and activate on same date. 4. In client savings account page click on Post interest button.
Expected Result: Since interest posting is on monthly interest should get calculated on last date of every month and should get posted on 01 st of every month. Also Interest compounding period: Semi-Annual on 30 June interest should get compounded and should get attached to the principal amount on 01 July posting, and next compounding should happen on 31 December 2013 and should get posted on 01 January 2014.
Actual Result: Interest compounding is happening monthly.
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