This topic provides information about various maintenance’s used to calculate the Interest and charges in the system.

Interest is computed and applied on accounts having balances. The system uses the Interest component to calculate the interest accrued on such accounts. Setting up the Interest component is a one-time activity.

The system auto-computes the interest it applies to all the balance type accounts. Interest is calculated using the interest rules defined by the user to suit the requirements of the bank.

For more information, refer to the Interest and Charges User Guide.