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.
Note:
Adjustments are used to apply interest. Interest is applied to a deposit SA using an adjustment (the adjustment type is also defined on the deposit class).
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