finPOWER Connect Deposit Accounts Module
The finPOWER Connect Deposit Accounts Module provides functionality to operate both On Call and Term Deposits/ Investments.
The Deposit Accounts module tracks all aspects of a Deposit, including calculating and charging interest, deducting Withholding Tax and meeting various statutory requirements with taxation authorities.
Interest may be charged at various intervals, either at a fixed rate, or when using Rate Tables a floating rate (plus or minus a premium).
Maturity instructions are recorded for each Deposit and automatically actioned on the maturity date. Options include Payout All, Reinvest All, Reinvest Principal or Reinvest a set amount and can include Transferring to another Account.