Savings accounts can be opened in the name of a Single Person with or without a Co-Account Holder, a Group or a Business/Institution. There is a maximum of 100,000 individual accounts per branch, 100,000 group accounts and 100,000 business accounts.
In case of groups you have to decide whether you want to track at group level only or whether you want the details of each group member. You can set this up for each product separately, so that for one product you just need to enter the total deposited by the group, while for another you have to enter all the deposits and withdrawals for the group members.
You can also link savings balances to loans, so that they function as a guarantee. You can specify which savings product needs to have at least xx% of the loan amount in order to either allow a loan application or a disbursement. You can even setup several savings products that serve as loan guarantee. And you also have a feature to allow automatic repayments of arrears from the guaranteed savings product.
All savings transactions can be posted automatically into the General ledger. However, LOAN PERFORMER has a facility to (de-)activate the automatic booking of deposits and withdrawals. MFI's that take savings themselves would want the entry of deposits and withdrawals to be activated. MFI's that handle loans only, but still want to track their clients' savings with a local Bank (Village Banking methodology), don't want the entries to lead to GL bookings and they can de-activate this feature.
Minimum opening balances or balances to be maintained, can be set for each type of account. Dormant accounts are accounts without transactions in a certain period. The duration of the period can be set as a variable.
Interest can be calculated according to 1) Running balances 2) Monthly Minimum balances 3) Average Period Balances 4) End-of-Period Balances 5) End-of-Period Balances 6) Running Balances Compounded. The calculated interest can be added automatically to the accounts. Accounts with balances below a certain user definable minimum balances don't get interest. Interest can be calculated for a certain number of months (max. 12).
Apart from withdrawals, deposit and interest, the savings module also allows to add Rewards or Charges to accounts. These can be rewards for excellent loan repayment behavior or annual ledger charges. The options are made flexible to allow for a certain range of accounts. A corresponding bookkeeping account has to be chosen to make the booking to the General Ledger.
Cheque deposits are supported (with clearing and bouncing). It is also possible to enter a single cheque that updates several savings accounts. Bank accounts have to be entered as serving savings, loans or P&L accounts or they can also be mixed. There is no limit on the number of bank accounts.
LOAN PERFORMER can print receipts for deposit and withdrawal slips. A special printer can be assigned for this task. Different formats are available for deposits and withdrawals.
LOAN PERFORMER can import savings transactions from external files (from DBF, XLS or TXT file formats). Also the importation of savings transactions from group members is supported.
It is also possible to make transfers from one account to another. Even between an individual clients and a group member or vice versa. Or from one savings product to another.
The branch manager can set a maximum withdrawal amount that the cashier or savings officer may handle and the manager's password may be required to allow transactions above these amounts.
Some of the Savings Reports produced by the module are
- A Savings Till-Sheet for a certain day for either Cash and/or Cheque transactions, can be printed for all or only one single cashier or savings officer
- Saver's statements (parameters: account number, from date ../../.... to ../../....)
- Batch balances (each batch has 100 accounts, this makes it easy to compare computerised data with manual ledger cards)
- Savings balances (parameters: date, ind/group/business, dormant/active/all)
- Flux of savings transactions (start of the period balance, deposits, withdrawals, end of the period balance)
- Compulsory Savings report
- A report on automatic repayments from the loan guarantee account to the loan account (for loans in arrears)
- Break down of balances according to 5 user-defined categories of balance
- A report on Modified Savings Transactions and another on Closed Savings Accounts
- Personal Ledger balances (of Shares, Savings and Loans together)