Purpose

This guide is designed to help you get acquainted with the Interest and Charges maintenance's that are available in Oracle Banking Retail Accounts Cloud Service. It provides an overview of the product and also step-by-step instructions to create and maintain the various parameters required to maintain and calculate the interest and charges in the system. It also provides the answers to specific features and procedures that allows the module to function successfully.

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 an Interest component is a one-time activity. Once the setup is complete, the system auto-computes interest which is applied to all the balance type accounts. Interest is calculated using the interest rules defined by the user to suit the requirements of the bank.