Controls Interest Calculation

Interest is applied to a deposit contract when:

• A deposit contract is stopped. Refer to Refunding Deposits for a description of how a deposit contract can be stopped.
• The Apply Interest background process (referred to by the batch control ID 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 contract'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.