Create a depository interest rate

Depository interest rates are used to calculate interest on depository accounts. They can be created at the top level or the entity level.

You assign an interest rate for each depository account. Learn about setting up depository accounts, including assigning interest rates.

Interest on depository accounts is posted during the monthly interest and statement generation process.

1. Go to Depository Management > Setup and select Add (circle) next to Depository interest rates.
   Alternatively, select Create on the Depository Interest Rates page (Depository Management > Setup > Depository interest rates).
2. In the Name field, enter a unique name for the depository interest rate.
3. In the Depository interest rate schedule section, enter information in the first row in the table:
   • Start date: Enter the effective start date for the depository interest rate.

     The start date can be backdated or future dated, but it can't be in a closed period or in a period for which interest and statements have been generated.

     To use a depository interest rate for a depository account, the depository interest rate's start date must be on or before the depository account's opening date.
   • Interest rate (%): Enter the depository interest rate as a percentage with up to 4 decimal places.
   • Notes: You can enter comments or notes.
   • Attachment: You can attach a file related to the depository interest rate.
4. Select Save.