How can I set Monthly or weekly frequency for my savings product?

Created by Wired Banking Africa, Modified on Fri, 09 Sep 2022 at 06:02 AM by Wired Banking Africa

Request: Please consider adding options for daily, weekly, and monthly savings frequency.

Responce: You might have just noticed the daily option in the screenshot attached ; however, you can utilize the daily to configure Daily, Weekly, Monthly, or Yearly.

On your duration kindly set as show below.. 

duration  1  means 1 day

duration  7  means 1week

duration  30 mean 1month

Following this, you are able to configure the system for  daily, weekly or monthly..

The frequency and duration and minimum interest amount are use in two occasions, 

1. Savings interest

2. Maintenance charge. .

For example: if you set 30 as your duration the system will check all customer whom have continually saved with your organization for this period without record of withdrawal.. 

it then give them interest for saved amount - Note: this is specifically for customer who saved without withdrawal.

Same apply to maintenance charge: once the system is done given interest it then immediately take maintenance fee across all customer on the savings product both customer that qualified for interest and disqualified.

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