MicroBanker SRTE: Saving Accounts

Functions and Features

• Fully integrated with Current Accounts, Share Accounts, Loans, Time Deposit, Customer and General Ledger modules.
• Automatic generation of journals for (i) Monthly or Quarterly interest transfer from Time Deposit to Savings account (ii) Automatic recoveries from Savings Accounts to repay a loan.
• No limit on the number of accounts per customer.
• No limit on the number of savings products per bank.
• Automatic update of General Ledger at end-of-day.
• Automatic update of General Ledger for interest accruals (interest expense) at the end-of-month.
• Controls for (i) Verification of available balance upon withdrawal (ii) Transactions on dormant account (iii) Maintenance of user defined minimum balance (iv) User defined minimum balance for purpose of interest earning (v) Minimum opening balance for new accounts.
• Products user definable with or without passbook.
• Products user definable with or without withdrawals allowed.
• Two types of Contract Savings products User selectable options for no-book deposits and no-book withdrawals.
• Automatic update of "un-posted" transactions in customer's passbook such as debit/credit memos, no-book deposits and withdrawals, interest credits and withholding tax debits.
• Statement of Account printing upon customer request.
• User defined period for dormancy with automatic transfer to dormant status and to dormant GL account.
• Full support for passbookless operations.
• Full support for ledgerless operations.
• Facility to place a Hold on (part of) the balance of an account for a specified period of time.
• Facility to define and control opening of "senior citizen" or "junior" accounts as a function of the age of the client.
• Dual account ownership allows full customer information of both customers for one account.

Interest Schemes

• Choice of straight daily balance, minimum monthly balance or minimum quarterly balance.
• Optional graduated daily balance, selectable by product. The graduated rate depends on the balance of the account; for this purpose, a maximum of five balance brackets may be specified.
• User selectable monthly, quarterly, bi-annual or annual interest capitalization.
• Withholding tax option with up to nine tax rates as function of the category of client. If applicable, withholding tax is automatically debited at the time of capitalization. Products and/or customers may be tax exempt.
• Choice of treatment of uncleared cheques as to whether interest is payable or not payable on such cheques.
• Separate, user defined, (i) compulsory minimum balance, (ii) minimum balance for purpose of interest computation.
• Choice of treatment of dormant accounts as to whether interest is payable or not.
• Choice of current period interest payable/not payable upon account closure.