[Mifos-users] Transfer interest to linked savings account error

[Christopher Stewart]

Hi All,

I am in the process of creating fixed deposit products that transfer the monthly interest to a 0% interest savings account. I have already created a savings account type with 0 minimum balance and o balance required for interest calculation. Of course the interest is 0%.

But when I create a fixed deposit account and try to activate it with the "Transfer interest to linked savings account " ticked I am getting the following error " field is required Insufficient funds to complete the transaction. ". When I deposit a small some to the savings account and then try to activate the fixed deposit the activation works!

I am using version 16.x. Is this a known issue or am I doing something wrong?

Thanks in advance.

Rgds,

Chris

[Abiy Atsbha]

Hi Chris,

First, you have to create a new saving product with INTEREST RATE 0.00%. (assume name of this product is ABC-SAVINGS)

Second, attach the saving account you want to work with with the specific saving product ABC-SAVINGS when creating saving accounts

BUT, what is the scope of transferring / posting interest to a savings account if it is under a category of 0% interest rate product?  Since the saving product you are working with does not calculate interest (0%), I do not think you need to Tick the  "Transfer interest to linked savings account " as there is not any interest to be compounded and posted to the account.

Or can you provide what you want to do.

Abiy A.

Ethoitechs Innovative Solutions plc

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[Santosh Math]

Hi Christopher,

Yes , linked savings account with zero balance is not supporting . Raise the ticket here:

https://issues.apache.org/jira/browse/FINERACT-622

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Thanks & Regards

Santosh Math

QA Engineer

Conflux Technologies Pvt Ltd

| Office: +91-080-41208662 | 

Address: #304, 2nd Floor, 7th Main Road, HRBR Layout 1st Block, Bengaluru, Karnataka, 560043 INDIA

[Christopher Stewart]

Hi Abhiy,

Many thanks for the help. This is the scope.

Our fixed deposit products have the feature of providing monthly interest withdrawals for clients. Also we provide simple interest and not compounding interest. 

In a scenario like this the only way we saw was to create a savings (with 0% interest because we don't want to add interest to the fixed deposit interest yeilded) and have the interest taken out to the savings so that the interest would not be added to the capital and compounded.

We have interest compounding and posting both set as monthly.

Hope it is clear.

Rgds,

Chris

[Christopher Stewart]

Many thanks Santosh. Should I do anything to follow-up on the issue?

Chris