- 19 Dec 2024
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Managing Deposit Products
- Updated On 19 Dec 2024
- 4 Minutes To Read
- Print
- DarkLight
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Editing deposit products
If you need to make changes to a deposit product:
- On the main menu, go to Administration > Products > Deposits.
- Find the product you want to edit and, on the right-hand side of the row, select Actions > Edit.
- Make the changes you need. If the deposit product is already in use, some fields won't be editable.
- Save the Product.
Effects on deposit accounts
When you make any changes to a deposit product, all the deposit accounts created under that product will be automatically updated as soon as you save the product.
If changes are made to the Interest Rate, when saving the changes on the product, you will be asked to which accounts the new interest setting applies.
Example 1
You have a deposit product with an interest rate of 3% and you want to increase the interest rate to 3.5%. If you choose to apply the new interest settings to All Existing and New Accounts, the clients with deposit accounts under this product will have their currently accrued interest recalculated with the new interest rate of 3.5%. Already applied interest remains unaffected. The change will be visible on the account after next EOD cronjobs are completed.
If you change the interest rate interest on the product level in the middle of the period, Mambu will recalculate existing accruals from the date when the interest has been applied last time. If the interest has never been applied, Mambu will recalculate interest acrrued from the activation date. Therefore, we recommend you to change the interest rate on the same date as the interest application date or to use the /changeInterestRate
API endpoint for changing fixed rates on the account level instead. If you encounter any issues with this behaviour, please contact Mambu Support Team.
Example 2
You have a deposit product with an interest rate of 3% and interest paid into account every week. There is an account created under this product - either manually at creation or or when the /changeInterestRate
API endpoint was called - which currently has an interest rate of 3.5%.
You wish to change the product such that interest is paid into account every month. If you choose to apply to All Existing and New Accounts, all accounts under this product will receive the new interest settings, including the interest rate. Therefore, the account which has an interest rate of 3.5% will have have its interest rate updated to the product default of 3% according to Example 1 above and interest paid into the account every month. The change will be visible on the account after the next EOD cronjobs are completed. If you have any concerns or uncertainties related to this behaviour, please contact Mambu Support Team.
You may change any of the following interest-related fields:
- "How is the interest rate charged?"
- "When is the interest paid into the account?"
You will be prompted to choose whether to apply these changes to only new accounts or to existing ones as well. If you do choose to apply to existing accounts as well, take into consideration that if a default interest rate is set on the product, even if its value was not modified in the current product editing session, it will be applied to all existing accounts. This means that any already existing accounts that currently hold a different rate than the default one set on the product will have their interest reset to this value, backdated to the date when the interest was last applied.
Activating and deactivating deposit products
You can deactivate or activate deposit products from Administration > Products > Deposits:
- Deactivate: Find the product you want to deactivate and, on the right-hand side of the row, select Actions > Deactivate.
- Activate: Find the product you want to activate and, on the right-hand side of the row, select Actions > Activate.
If you have Accounting switched on, before activating your deposit products you need to link them with your General Ledger Accounts as described in Product Rules. By doing this you're making sure that the transactions associated to your deposit products will be automatically logged in Accounting as they occur.
When you deactivate a Deposit Product it will disappear from the list of products to offer to your clients, so you won't be able to create more accounts under that product.
In case you had active accounts using that product, they will remain active for the remaining term length.
Deleting deposit products
You can only delete products that have never had accounts associated to them. In case the product you're trying to delete has been or is being used, you'll get a warning message preventing you from deleting the product.
To delete a deposit product:
- On the main menu, go to Administration > Products > Deposits.
- Find the product you want to delete and, on the right-hand side of the row, select Actions > Delete.
- Confirm.