Controls Interest Calculation

Interest is applied to a deposit SA when:

• A deposit SA is stopped. Refer to Refunding Deposits for a description of how a deposit SA can be stopped.
• The Apply Interest background process (DEPINTRF) determined that sufficient time has passed since interest was last calculated. The amount of time between interest calculations is defined on the deposit class.

  A deposit SA's deposit class controls the following interest calculation functions:

  • The frequency of interest calculation.
  • The algorithm used to calculate the amount of interest (note, the interest rate is defined using a bill factor plugged in on this algorithm).
  • The method used to refund the interest.