Support Center

Creating a Deposit Account

Last Updated: Apr 15, 2016 04:57PM CEST

Regular Deposit Accounts

Deposit Accounts with Overdraft Limits




Regular Deposit Accounts

There are two ways of creating a new deposit account for a client. You can 1) start creating the account and add the recipient's name in the form, or if you're already in the client's profile, 2) you can choose to create a new deposit account for that specific client.

1) Click on Create button on the top menu bar.


2) Open the client's profile > click on New Account > New Deposit Account > enter the account's details > Click Create Account. 


After the account is created it has to be approved before it's possible to start logging transactions. After the first deposit is made, the account will become active. 


For Savings Plan and Fixed Deposits, the interest will start being accrued as soon as the account becomes active, even if the maturity period hasn't been activated yet.


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Deposit Accounts with Overdraft Limits

To create a new deposit account with an overdraft limit you need to follow the same steps as for any other deposit account and then add the specific terms for the overdraft.

Overdraft limit
This is the maximum amount a client will be able to withdraw from the overdraft account. The Overdraft limit defined for a given account cannot be lower than the limit specified in the Product setup constraints. The balance of the account can still go beyond this limit in case there's interest or fees added to it.

Maximum Withdrawal Amount
Maximum amount that can be withdrawn in one transaction. Please note this is a limit per one withdrawal transaction as opposed to the overall overdraft limit which is defined in the Overdraft limit section. 

Overdraft Interest Rate
This option refers to Overdraft Products using Fixed Interest Rate. This is the interest rate that will be charged if the account has a negative balance.

Overdraft Interest Spread
This option refers to Overdraft Products using Index Interest Rate. This spread will be added to the Index Rate and the total will define the Overdraft Interest Rate that will be charged if the account has a negative balance. The interest spread can be customized at each account level within the limits defined in the product setup. Additionally, interest spread can still be changed when the account is active, by adjusting the overdraft conditions.

When a deposit is made to an overdraft account, interest will be paid first.


Expiry Date
After this date no more Withdrawals will be possible and the account will be set to Arrears in case it remains negative.

         Although the account is set to “In Arrears” state, the balance is not added and managed under the Risk report. 

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