How to create interest rate schedules for bank accounts


Banks will credit interest to account holders every quarterly/half-yearly/annually against all current, savings accounts based on calculation by average of closing balances maintained for that period

Say: Account balance for jan'17 period all the 30 days = 10,000 USD
    Balance maintained by account holder for feb'17 period all 28 days = 15,000 USD
  Balance maintained by account holder for mar'17 period 15 days = 16,000 USD
 Balance maintained by account holder for mar'17 period 16 days = 20,000 USD

Assume bank offers 4% per annum based on average daily balances maintained in holders account,

calculation = Daily balances maintained in holders account / number of days

Avg balance as per above data figures 14,222.22  USD. Apply interest rate @ 4% PA = 568.88 USD

Business organizations has to update interest amount credited by banks under their respective accounts in oracle system. How this can be achieved?

Yes there are options where we can create interest rate schedules in oracle cash management application.

Step 1: Create schedule. Enter schedule name, currency, calculation basis and rounding method

Step 2: Enter balance ranges

Step 3: Enter interest rates for each slab of balance ranges
Step 5: Assign bank accounts to which interest rates to be applicable for



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