Deposit Products
Get started with the Deposit products
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).
![Woodcore Deposit Product](https://files.readme.io/d77678f-6D0463E9-DA67-4611-BEA1-0D528FBA1DB7.jpeg)
Woodcore's Deposit Product
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 over 1 year ago