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Subject [GitHub] [fineract] avikganguly01 commented on pull request #769: FINERACT-893-fixed-deposit-rollover
Date Wed, 27 May 2020 03:57:47 GMT

avikganguly01 commented on pull request #769:

   Looks good to me. Functionality is addressed correctly based on maturity instruction requirements.

   > MFI has a max of 1 yr Deposit Term but a client would wish to fix for 2 yrs, so the
MFI accepts this offer and manages the 2 yrs period in shifts internally. So after the 1 yr
is done, the MFI would like the rollover to be managed automatically by the system since chances
that a new FD will be created exactly on the same date of maturity is small since an officer
can forget to check if this FD is matured or not yet a client would be counting when the two
years would end. So there needs to be a job scheduler to check maturity date for FD and also
rollover options so that it (system can take appropriate decisions (to reinvest of just close
and transfer interest and principal to linked savings).
   > To be discussed: Will the system use the same account number or new one will be created????
   System will create new FD account with new account no at the time of maturity.
   > A client would like to reinvest FD voluntarily since he sees no use for his money
for some time. He then has to decides what amount or portion to reinvest after the first maturity
is expired. Option can include rollover of principal only, rollover of principal and interest,
transfer of balance to another account (make linked account dynamic .ie ability to select
loan, shares or savings account and also a GL Account), etc
   Scope of this feature was to address maturity instructions. Voluntary reinvest feature
can be enhanced separately. Only savings account can be linked - not loan, share or GL account.
Principal, Interest & P&I are the options - partial amount support (flat/%?) wasn't
communicated earlier as well.
   > If the selected option involves rollover, a Rollover End Date should be entered i.e
the date when you want the rollover transaction to stop.
   This does seem to be a design flaw.  All of us missed this observation. Workaround can
be manually closing the FD to prevent rollover instructions triggering for a 2nd time.
   > If the option selected in After Maturity does not involve the roll over of interest
with the principal, the option of linked account is mandatory .ie account to which the transfer
will be made at maturity. 

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