To access this window, click: Accounts Management - > Setup - > Financial Products - >Savings.
The following window will open up:
The well-known charges pane on the lower part of the Savings products window incorporates the charge type drop down list (as shown above) from which the charge types to be attached to a particular product being created can be selected.
Charge Type :
- Cash Deposit Fee - this is the fee that a customer will bear in the event that he/she deposits cash into their account.
- Cash Withdrawal Fee - this is the fee the customer bears when he/she places a cash withdrawal request from their account.
- Cash Withdrawal Fee(Account Closure) - this is the fee a customer bears when he/ she decides to withdraw cash from an account which is to be closed.
- Cash Withdrawal Fee(Below Minimum Balance) -this is the fee a customer bears when he/she places a cash withdrawal request on an amount greater than the minimum required balance stipulated for that account.
- Cash Withdrawal Fee(Payment Voucher) - this is the fee a customer bears when he/she places a cash withdrawal request from his/her savings account using a payment voucher.
- Cash Withdrawal Fee (Premature Interval) - this is the fee a customer bears when he/she places a cash withdrawal request on a premature cash withdrawal interval( say a number of days after which another withdrawal request can be made after initial withdrawal has been carried out, e.g 5 days after while the interval is 7 days)
- Cash Withdrawal Fee(Without Notice) - this is the fee a customer bears when he/she places a cash withdrawal request from his/ her savings account without putting a forward a withdrawal notice to his/her account.
- Cheque Book Fee - this is the fee a customer bears when he/ she wants to process a cheque book for his/ her savings account.
- Dynamic Fees - this is the fee a customer bears when he/ she decides to open a new savings product account.
- Payroll Processing Fee - this is the fee a customer bears when he/she wants his/her payroll processed.
- Standing Order Fee - this is the fee a customer bears when he/she wants a standing order executed on his/ her account for some reason.
- Statement Printing Fee - this is the fee a customer bears when he/she wants a statement of his/ her savings account printed.
The Exemptions button above contains the attachments, charges and/or parameters from which the particular product being created will be exempted from flags tab
Is default ? - Check this to make the product the default product.
Automate ledger fee calculation ? - Check this to automate the calculation of ledger fees(automatic debiting of ledger maintenance fees)
Throttle over-the-counter withdrawals? - Check this to suppress over-the-counter cash withdrawal affecting this product.
Conceal Bank-To-Mobile Listing ? - check this to omit the product from product listing for certain operations e.g balance inquiry when user dials m banking ussd code.
Is Locked ? - Check this to lock the product (make it non operational)
Suppress Authorization (Wdr. By Art -Check it to suppress Authorization
Permit multiple customer accounts -Check it to permit multiple customer accounts
Throttle M-Banking Withdrawals -check it to throttle M-Banking Withdrawals
Creating A Savings Product:
Click on the ADD NEW Button, to open the following screen:
On this Create screen, fill in the following fields:
Name - Enter the name of the Savings Product you want to create.
G/L Account - Click on the lookup icon to open the G/L Account Lookup dialog box:
Select the appropriate ledger account to be attached to the savings product.
Maximum Allowed Withdrawal - Enter the maximum amount that can be withdrawn by a customer at any given point.
Maximum Allowed Deposit - Input the maximum amount that can be deposited by a customer.
Operating Balance - Enter the minimum operating balance (balance that can attract interest earning for the customer)
Minimum Balance - Enter the Minimum balance that cannot be withdrawn by the customer unless he/she is closing down the account.
Withdrawal Notice Period (Days)- Enter the number of days that the notice will take.
Withdrawal Notice Amount- Enter the amount that a customer needs to give a notice before withdrawing.
Annual Percentage Yield-Enter the interest percentage to be earned annually.
Withdrawal Interval (Days)- Enter the interval days that a customer should withdraw (if applicable)
Recovery Priority - Enter the recovery priority to be enforced upon the product being created. i.e 1,2,3...
Bill reference number-Input the bill reference number of the product being created
NOTE : Failure to define the Maximum Allowed Withdrawal & Maximum Allowed Deposit figures will result in the need for authorization of every transaction carried out affecting a deposit or a withdrawal with particular reference to this product.
Check the following flags appropriately :
Is default ? - Check this to make the product the default product.
Automate ledger fee calculation ?- Check this to automate the calculation of ledger fees(automatic debiting of ledger maintenance fees)
Throttle over-the-counter withdrawals? - Check this to suppress over-the-counter cash withdrawal affecting this product.
Conceal Bank-To-Mobile Listing ? - check this to omit the product from product listing for certain operations e.g balance inquiry when user dials m banking ussd code.
Is Locked ? - Check this to lock the product (make it unusable)
Suppress Authorization(Wdr. By Art -Check it to suppress Authorization
Permit multiple customer accounts -Check it to permit multiple customer accounts
Throttle M-Banking Withdrawals -check it to throttle M-Banking Withdrawals
Click create to capture the product into the system.
On successful completion you will get a pop up message confirming that the operation was successful.
Editing A Savings Product :
NOTE : The edit feature is used to capture applicable charges for the product and exemptions as far as change of detail is concerned.
Click on the edit icon against it to open the following window:
3. On this Edit screen, modify the relevant fields:
Modify the relevant fields of the Savings Product accordingly.
On the Well - Known Charges tab:
Select the appropriate charge type to be attached to the product then check the appropriate charge just below:
Select the appropriate entity to bear the charge:
On the Exemptions tab: This is used to define conditions/rules for branches for cases where branches operate differently.
On the above window:
Branch - Click on the lookup icon to open the branch lookup dialog box. Select the appropriate branch.
Maximum Withdrawal - Enter the maximum amount from which the customer will be exempted from charges.
Operating Balance - Type in the appropriate amount .
Withdrawal Notice Amount - type in the amount from which the customer will be exempted from charges.
Withdrawal Notice Period - type in the number of days the customer will be exempted from.
Withdrawal Interval - set the number of days.
Annual Percentage Rate - set the annual percentage rate.
Click on the add button to add the exemption to the exemptions pane just below:
To capture more exemptions, repeat the above steps then add them to the exemptions pane.
Select an entry then click on the remove button to get rid of an erroneously captured entry.
Check the flag if the product is to be the default account for any new customer who signs up.
click update to commit the changes to the system.
On successful completion you will get a pop up message confirming that the operation was successful.
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