Creating a New Deposit Account

There are two ways of creating a new deposit account for a client. You can 1) start creating the account and add the recipient's name in the form, or if you're already in the client's profile, 2) you can choose to create a new deposit account for that specific client.

1) Go to Accounts > Create New Deposit Account > enter the recipient's name and account details > click on Create Account.

2) Open the client's profile > click on Create a New Deposit Account > enter the account's details > Click Create Account.

After the account is created it has to be approved before it's possible to start logging transactions. After the first deposit is made, the account will become active.

For Savings Plan and Fixed Deposits, the interest will start being accrued as soon as the account becomes active, even if the maturity period hasn't been activated yet.

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Overdraft accounts

To create a new overdraft account you need to follow the same steps as for any other deposit account and then add the specific terms for the overdraft.

Overdraft Interest Rate

This is the interest rate to be charged if the account goes negative. It will be calculated as it has been defined in the product's terms.

When the interest applied is negative, i.e. when the account's balance is below zero, you will be able to see a category for the amount of interest due.

When a deposit is made to an overdraft account, interest will be paid first.

Overdraft limit

This is the maximum amount a client will be able to withdraw from the overdraft account. The balance of the account can still go beyond this limit in case there's interest or fees added to it.

Expiry Date

After this date the account will be set to Arrears, in case it remains negative.

Add a custom field

Here you can choose to add any of the custom fields that you've created in Administration.

To add a new custom field, click on Add Custom Field > select which custom field you want to add > type the information or select the option that applies.

You can delete a custom field just by clicking on the icon next to it.

Relation between deposit accounts and products

When you create a new deopsit account you are creating an instance of a deposit product that has been previously added in the system. So, all the terms that have been defined for the product will define the terms and constraints of the new deposit account, with its default, minimum and maximum values.

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Create a new deposit account

Overdraft accounts

Add a custom field

Relation between deposit accounts and products

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