Mambu Banking Engine

Ideas aimed to improve the current experience provided by the Mambu Banking Engine.

Deposit interest rate change on product level should not recalculate interest accrued

Currently, when changing interest rate on deposit product, the change is propagated during EOD jobs to all accounts (according to APP-288) and interest accrued are recalculated based on the new interest rate.

To enable changing interest rate on all existing accounts for a given product without calculating interest that accrued until then

- to easily change interest rate for all accounts in one place, on product level (without affecting interest which accrued earlier)
- to store the history of interest rate changes on product level
- it is told to be quite basic functionality in other CBSs

  • Bartosz Kolodziej
  • Jul 24 2020
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  • Srinivasan Chandrashekar commented
    26 Jul 05:35pm

    Yes, any rate changes on deposit products should not impact the existing deposits unless the term deposits are linked to the base rates. The new rates should be applicable for only new deposits being opened post the rate change. This is the existing feature in several other core banking products and the industry practice.