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Interest Calculation system for a retail bank.
Posted Date: 19 Mar 2008 Resource Type: Articles/Knowledge Sharing Category: General
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Posted By: Aparanjitha Member Level: Gold
Rating:  Points: 4
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Title of the project
Development of an Interest Calculation system for a retail bank.
Abstract of the project
Consider a retail bank which collects money from customers and in return gives them an interest at pre determined rate. Our objective is to automate this process of interest calculation.
The system developed should calculate interest daily for each account having balance more than zero at the correct interest rate. This interest calculated will be cumulatively stored in a table which will be updated every day. Remember that the balance on which interest is calculated daily will change because the customer may deposit or withdraw money.
Every month the cumulative interest calculated will be credited to the customer. After this point of time the cumulative interest stored should be set to zero because the customer has benefited for the period specified.
Before interest is credited to the customer’s account tax should be debited from the interest according to prevalent government laws.
Keywords
Interest Calculation system.
Generic Technology keywords
Client Server and Batch Processing Technology
Specific Technology keywords
VB, Java, Unix, Oracle, Crystal Reports.
Project type keywords
Analysis,
Design,
Implementation,
Testing (Software Engineering)
Functional components of the project
1)Data Entry screens to capture interest rates for different categories of accounts. If interest rate is annual then daily interest calculated should be divided by 365.
2)Calculate daily interest and store cumulative interest in a table.
3)Add the cumulative interest at the end of the month to the customer’s account balance.
4)Deduct tax when interest is paid out to the customer.
5)Generate reports indicating interest earned on a periodic basis.
6)Data entry screens to maintain interest rate structure.
Steps to start-off the project
Client Server and Batch Processing Technology
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