Creating a Deposit Account
- Updated on 04 Jan 2019
- 2 minutes to read
Regular Deposit Accounts
There are two ways of creating a new deposit account for a client. You can 1) start creating the account and add the recipient's name in the form, or if you're already in the client's profile, 2) you can choose to create a new deposit account for that specific client.
1. Click on Create button on the top menu bar
2. Open the client's profile > click on New Account > New Deposit Account > enter the account's details > Click Create Account
Deposit Accounts with Overdraft Limits
To create a new deposit account with an overdraft limit you need to follow the same steps as for any other deposit account and then add the specific terms for the overdraft.
This is the maximum amount a client will be able to withdraw from the overdraft account. The Overdraft limit defined for a given account cannot be lower than the limit specified in the Product setup constraints. The balance of the account can still go beyond this limit in case there's interest or fees added to it.
Maximum Withdrawal Amount
Maximum amount that can be withdrawn in one transaction. Please note this is a limit per one withdrawal transaction as opposed to the overall overdraft limit which is defined in the Overdraft limit section.
Overdraft Interest Rate
This option refers to Overdraft Products using Fixed Interest Rate. This is the interest rate that will be charged if the account has a negative balance.
Overdraft Interest Spread
This option refers to Overdraft Products using Index Interest Rate. This spread will be added to the Index Rate and the total will define the Overdraft Interest Rate that will be charged if the account has a negative balance. The interest spread can be customized at each account level within the limits defined in the product setup. Additionally, interest spread can still be changed when the account is active, by adjusting the overdraft conditions.
After this date no more Withdrawals will be possible and the account will be set to Arrears in case it remains negative.