IRR calculation does not happen in the below mentioned cases:

• Collection
• Payment
• Acceptance
• Initial stage of a contract
• Advance by loan is marked for the contract
• Contract closure

IRR recalculation happens during the following events with new effective date:

• Value dated amendment of a contract maturity date
• Floating interest rate revision
• Partial prepayment to a principal amount for a contract
• New charge on a contract, payable by customer
• Amendment of the Interest to Date
• Amendment of the interest rate
• Partial prepayment to an interest amount

  Note:

  The above events pertain to bearing/arrears type of BC contracts

For discounted/true discounted type of BC contracts where the interest is collected in advance, IRR recalculation is done with a new effective date during the following events:

• A partial prepayment to a principal amount
• New charge on a contract, payable by your Customer

Additionally, IRR recalculation happens during the below mentioned events if charges are applicable on them:

• REFA – Refusal of Bill/draft acceptance
• REFP – Refusal of bill/ draft payment
• TAFT – Acceptance of payment fate transfer
• TACP – Bill/draft acceptance tracer
• TPAY – Principal payment follow-up tracer
• TPFT – Principal payment fate tracer
• AFAT – Advice of acceptance fate
• PFAT – Advice of payment fate
• PRNA – Protest of non-acceptance of draft
• PRNP – Protest of non payment of principal
• BACP – Acceptance of bill

  Note:

  IRR recalculation is undone during reversal of a partial prepayment.

IRR recalculation is not done during the following events:

• When a payment is overdue
• For a regular payment
• For a full prepayment
• Amendment of a bill amount