Introduction
Creating a savings product allows you to offer customized saving options to users, tailored by tenure, funding method, interest, and type. The platform supports three product types: fixed deposit, recurring deposit, and regular savings each with its own configuration needs. Understanding how to set these up ensures the right saving behavior and experience for your users.
Steps
To create any savings product, navigate to the Savings Products section and click Create New Product. This opens the product setup form.
Fill in the basic product details like name, description, interest rate, tenor, and funding method. These define the general structure of the product.
Under Savings Type, select the appropriate type from the dropdown:
Fixed Deposit: For one-time, lump sum savings that are locked for a defined period.
Recurring Deposit: For users who save a fixed amount on a schedule (e.g., weekly or monthly).
Regular Savings: For flexible, ongoing savings without a fixed amount or lock-in.
Complete the Product Offerings section. At least one offering is required. These are the different options of savings your users can select under a savings product. The offerings should be within the bounds of the savings product.
If setting up a Fixed Deposit, tick "This savings product is fixed" to lock the funds for the duration. You may also tick "This savings product is lock on create" if the product should be locked from the moment it's created.
Once all required fields are filled, click Save to publish the product.