Fixed deposits
Term deposit products and accounts: rates, lock-in, interest and early withdrawal.
A fixed deposit holds money for an agreed term in return for a higher rate. Products and accounts work like savings, with a lock-in that stops withdrawals until maturity.
Product fields
| Field | Required | What it means |
|---|---|---|
| Name, short name, description, currency, decimals | required | Product identity. |
| Default interest rate | required | Annual rate paid. |
| Interest calculation type, compounding period, posting period | required | As for savings — see Savings products. |
| Minimum balance for interest | required | Deposits below this earn nothing. |
| Opening balance | required | Minimum amount to open. |
| Lock-in period + type | required | The term — money cannot be withdrawn before it ends. |
| Category, auto create, overdraft | required | Usually voluntary, not auto-created, no overdraft. |
| Accounting rule + mappings | required | Fixed deposit control, interest, write-off, fee and penalty accounts. |
Open a fixed deposit
- Choose the member and product.
- Enter the amount (opening balance) and confirm the lock-in.
- Enter the submitted on date, save, then approve and activate.
Members see their fixed deposits and maturity dates in the mobile app.
Something unclear or out of date? Tell us and we'll fix it.