1.1 Interest and Charges

This topic provides the information about various maintenance’s used to calculate the Interest and charges in the system.

Interest is computed and applied on accounts having balances. Using the Interest component, the system then calculates and applies interest on such accounts. Setting-up the Interest component is a one-time activity.

Once the setup is completed, the system auto-computes the interest and it applies to all the balance type accounts. Interest is calculated using the interest rules defined by the user to suit the requirements of the bank.

For more information, refer to the Interest and Charges User Guide.