Editing Savings Scheme Agreements 

Use

On the Savings Scheme Agreement tab page,you enter the amounts and time data for the savings scheme agreement, depicted using the account. The system can then monitor the incoming payments and trigger the actions at the end of term.

Prerequisites

In the Account Management Customizing settings (Product Management ® Product Definition ® Account Products ® Create Account Product) you have set the account product on which the contract is based in such a way, that the attribute for the savings scheme agreement is active.

Procedure

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      1.      In the Installment Agreement group box, define the installment amount that has to be regularly deposited in the account. If a one-off special payment is required, also define the amount of the special payment and the date on which the amount has to be deposited in the account.

      2.      In the Time Data group box, define the duration of the entire savings scheme agreement and the savings phase and inactivity phase.
The system calculates the date for the start of the savings scheme agreement according to the settings made in the Account Management Customizing settings (Account Products ® Create Account Product  ® Used Attributes  ® Savings Scheme Agreement  ® Product Specifications  ® Determine Start of Savings Scheme Agreement)for the account product.
You can find more details there in the documentation for data element BCA_DTE_CN_IBSS_DET_SOT (determination of the start of the savings scheme agreement).

                        a.     Enter the duration of the savings phase and inactivity phase (in days, months or years). From these details the system calculates the end of the savings phase and the savings scheme agreement and also the date the last installment is due.

                        b.     Enter a date for the start of the installment agreement. From this date and the time period details (step 3) the system calculates the date of the first installment and changes the start of the installment from the date of the first due installment payment.

      3.      In the Time Periods for Installment Payment group box, define the frequency (time periods) at which the installment payments are to be made.
The default value for the Starting Date field was defined in the account product Customizing settings and can be changed. For more information, see the documentation for this field.

In the Phase group box you will only find display fields that are not ready for input. For more information, see the documentation for these fields.