2.4.1 Interest Details

This topic provides the systematic instructions to view the interest applicable for the account.

The Interest Details data segment displays the interest applicable for the account.

1. On acquiring the Application Enrichment task, the Interest Details data segment appears.

   The Interest Details screen displays.

   Figure 2-26 Interest Details

   
   

   
   Description of "Figure 2-26 Interest Details"

   
   
2. Specify the details in the relevant data fields.

   Note:

   The fields, which mentioned as Required, are mandatory.

   For more information on fields, refer to the field description table.

   Table 2-25 Interest Details - Field Description

   Field	Description
   Interest Product Name	Displays the interest product name attached to the host product linked with the business product.
   Payout Frequency	Displays the payout frequency of the interest product name attached to the host product linked with the business product.
   Interest Rate	Displays the interest rate applicable for the account.
   Margin (%)	Select the margin in percentage.
   Final Rate	Displays the final rate calculated based on the Interest Rate and the Margin specified.
   APY (in %)	Displays the annual percentage yield value in percentage. Below is the formula to calculate the APY, Annual Percentage Yield = (1 + Interest Rate ÷ The number of Compounding in a year) ^ (Number of compounding in a year) – 1 This is applicable for the Credit Interest
   APR	Display the annual percentage rate value. This is applicable for debit interest.

3. Click Next to navigate to the next data segment, after successfully capturing the data. The system will validate all mandatory data segments and data fields. If mandatory details are not provided, the system displays an error message for the user to take action. User will not be able to proceed to the next data segment, without capturing the mandatory data.