Add a time deposit product

You can add time deposit products from Pismo Control Center. A time deposit account is an interest-bearing account that has a preset date of maturity. Your customer must leave their money in the account for an agreed-upon length of time, or term. If they want to access their money, they must wait until the end of the term or risk having a penalty for early withdrawal. Time deposit accounts, such as certificates of deposit (CDs) generally pay a higher interest rate than regular savings accounts, however your customer can’t access their money until the end of the term.

For a time deposit product, you must provide a maturity date. This date must respect the maximum and minimum term, if the deposit product has set them.

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You must contact your Pismo representative for assistance with setting up interest-bearing accounts.

The interest plan that you want to use must already exist on the platform. For more information, refer to Interest plans.

To add a time deposit product:

1. From the main menu, select Configurations > Deposit products.
2. On the Deposit products screen, select Create.
3. On the Select your deposit product type screen, choose Time deposit and select Next.
4. On the Create your time deposit product screen, enter a descriptive name for the product in the Name field.
5. In the Interest plan menu, select the interest plan that you want to use.
6. Select a term type:
   • Flexible
   • Fixed
7. Select the maturity instructions:
   • For the principal amount: Pay or Rollover.
   • For the earned interest amount: Pay or Rollover.
8. (Optional) In the Fee model field, enter the name of the Fee model that you want to use to define the method used to calculate fees, such as a fixed value or a percentage. For more information, refer to Fee models.
9. (Optional) For a flexible term, enter the minimum and maximum number of days that deposited funds will remain in the account.
10. (Optional) In the Cool off period field, enter the number of days after the initial investment amount can be withdrawn without penalty. The value must be greater than or equal to the funding duration (which you set in the next step).
11. (Optional) In the Funding duration field, enter the number of days during which funds can be credited to the account before the account is blocked. If no value is set, credit operations are always allowed.
12. Select Next.
13. On the Attach processing codes screen, enter the processing codes (by name or by ID) to be used in the following cases:
    • Interest processing code—used for calculating interest accrual
    • Maturity processing code—applied when the product has reached its maturity date (for redemption).
    • Detach processing code—applied when a detach happens without reaching the maturity date (for early redemption).
    • (Optional) Withholding tax processing code—defines how the Pismo platform treats withholding tax for this product.
14. Select Next.
15. On the Review screen, verify that the information you provided is correct, then select Finish.

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Activate the deposit product

A deposit product is created with the initial status Created, but can't be used until it is activated. To activate a deposit product:

1. On the Deposit products screen, select the deposit product.
2. On the details screen, select the Created button and choose Active. (This button could also be labeled Inactive.)
3. In the Update status dialog, enter a reason for the change and then select Yes.