Ideas for the Mambu Banking Engine

Tiered Interest Rates for Deposits based on tenure

What

Allow definition of tiered rates for deposit accounts based on tenure (length of time elapsed since first deposit).

Example: deposit account opened with tiered IR:

  • Days 1-30 - rate 1% 
  • Days 31-60 - rate 2% (i.e. rate changes from 1% to 2% from day 31)
  • Days 61-90 - rate 3% (i.e. rate changes from 2% to 3% from day 61)
  • Days 91+  rate 4% (i.e. rate changes from 3% to 4% from day 91)

Why

Tiered Interest Rate is an incentive to keep the funds on deposit accounts longer in exchange for a higher interest amount.

  • Jagoda Danielak
  • Apr 20 2017
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