A deposit product is a template that enables you set up the rules, parameters, and settings of the type of deposits you wish to offer to your customers. The parameters defined in a product will apply to all deposit accounts created under the specific deposit product. Therefore, you can categorize deposit accounts using a product.
For example, where a Student savings product is created with the Nominal Annual Interest of 2%. Every savings accounts created under the Student savings product will have their Nominal Annual interest automatically set to 2%. This makes the product an effective framework for defining your organization's deposit offerings.
The deposit products include Savings Products, and Fixed Deposit Products
To create a Deposit Product on Woodcore, navigate to Utilities in the navigation panel, and click on Products from the menu. This will launch the Products menu (as shown in the image below).
Although the features and properties set with creating a deposit product apply to all deposit accounts linked to the product. However, not entirely. Parameters, such as **Withdrawal** and **Overdraft limits**, can be modified when creating a new deposit account under a product.
Read about the deposit products and how they are configured in the next section.
Updated 10 months ago