3.1.5.1 Interest Details

This topic provides the systematic instructions to calculate and display the interest amount in the Policy Transaction-TOPUP Detail screen.

1. Click the Enrich button in the Transaction Detail tab.
   If the investment amount has been deposited prior to the transaction date, the system will calculate and display the interest on the payment amount in the Policy Information tab. The interest will be calculated from the date of payment till the transaction date.
2. Click Calculate Interest button to process the Settlement Details screen.
   The system will calculate and display the interest amount in the Interest Amount field in the same screen.
3. On Interest Details section, specify the fields.
   For more information on fields, refer to the field description table.

   Table 3-6 Interest Details - Field Description

   Field	Description
   Interest Details	This section displays the following details.
   Interest Rate	Numeric; 30 Characters; Optional Enter the rate of interest that is to be used to calculate interest amount for the particular currency. Alternatively, you can maintain the interest rate in the Interest Rate Maintenance screen. If you do not maintain an interest rate, the system will take it as null.
   Interest Amount	Numeric; 30 Characters; Optional Specify the interest amount.
   Interest Amount in Transaction Currency	Display The system computes and displays the interest amount in terms of the transaction currency.
   Interest Calc. Days	Numeric; 30 Characters; Optional Specify the number of days for which interest calculation has to be done for a policy top-up based on the payment date and transaction date.
   Basis Days	Optional Select the interest basis days, based on which the interest will be calculated. The options available are: 360 days 365 days