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).