#89 New types of accounts - FD, RD, Mutual Funds

1.0.2.0
open
nobody
Processed (37)
5
2014-03-16
2006-11-27
Anonymous
No

1. Fixed deposits
A fixed sum is deposited for a fixed no. of years with a fixed interest rate per annum. Upon completion of the period, the maturity amount is paid. May be withdrawn at any point of time. In that case, sum received may vary (might have to be input by the user)

Fields reqd:
Acc. No.
Time period
Date of purchase
Amount deposited
Interest rate - per month / annum
Maturity amount
Option to withdraw - date - amount received
Notes

2. Reccurring Deposits
A fixed sum is deposited in each interval - every month or so - for a fixed interval - say one year.... A fixed interest is received upon the sum paid. Upon maturity the net sum may be released.
I have used the recurring transaction n a savings account for this so far.

Fields reqd:
Acc. No.
Time period
Date of purchase
Interval - monthly / bimonthly...
Amount deposited
Interest rate - per month / annum
Maturity amount
Notes

3.Mutual Fund schemes
Not good at this at all. We purchase a fixed no. of units and the value of units go up or down. Perhaps someone else could explain this better....
It is a very common investnent option, though. Similar to stocks...

Discussion

  • Mad Kan
    Mad Kan
    2007-01-14

    • priority: 5 --> 1
    • status: open --> pending
     
  • Mad Kan
    Mad Kan
    2007-01-14

    • labels: --> Processed
    • status: pending --> open
     
  • guanlisheng
    guanlisheng
    2014-03-16

    • Group: --> 1.0.2.0
    • Priority: 1 --> 5