Update Savings Account to Pool Account

What is a Pool Account?

Pool accounts are designed for high-speed, high-volume transactions and, therefore, process transactions in under a second, regardless of the number of transactions. This allows for rapid and seamless transaction processing even at scale.

Key Considerations

1. Unlike Normal Savings Accounts, Pool Accounts do not require or support linked features such as nominal interest, interest calculations, tax, or charges. This makes them highly efficient for rapid transactions.
2. Pool Accounts are not suitable for backdated transactions and cannot be linked as savings accounts to loans or fixed deposits.
3. Additionally, if the Pool Account functionality is disabled, the account can again be linked to other products like loans and fixed deposits.

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Note

It is important to note that setting the activate parameter to false on an already activated Pool account would make the account return to a normal Savings account and therefore be linked to other products