08-08-2012, 01:19 PM
Interest Calculation System for Retail Bank
Abstract:
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.
Vision :
The vision of the project Interest Calculating for Retail Bank is to automate the task of interest calculating for daily, monthly in retail banks.
Scope :
The Scope of the project Interest Calculating for Retail Bank is as follows:
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.
Definition, Acronyms, Abbreviations :
Interest - rent on money
Retail Bank - bank is a financial institution that acts as a payment agent for customers, and borrows and lends money.
Overview :
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.
Existing System :
The existing interest calculating system for retail banks provides limited options for employees of the bank department but there is a limit to calculate complete interest calculation for number of accounts. In this system all the data is maintained mostly manual and in Excel sheets. The data security and data accessing is very slow.
Limitations in Existing System :
Maintaining the data in excel sheets and files is very hard to remember the file names in which the required data is feed. No easy access to the required queries. Data redundancy, inconsistency, lot of human work need to be done in order analyze the details present in the excel sheets. It leads to wastage of time.
Proposed System :
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.
Problem Definition:
To manage the Operations in Interest calculating panel and maintain the data of the process is a big deal.
Find out the daily transactions and calculate daily as well as monthly interest for particular account.
Maintain complete information of accounts reports and selected accounts reports.
Advantages over Existing System :
In the proposed system we have the following new implementations:
Users of the system: Employees of the bank. Here again any number of groups can be assumed. For example, profiles and applicants which have rights to view only the reports in HTML Format, groups having rights to enter/update/delete data, etc.
Modules:
Admin users :
Has full access to all the modules of this system. Responsible for the accounting of all cash collections and remittances. Prepares and submits also Daily Deposit Reports, petty cash replenishment, and Cashier’s Accountability Report.
Reports:
All frequently used reports at the click of a button
All reports can be previewed, printed, exported to Excel/Word etc., or can be faxed or emailed
Normal users :–
Has restricted access. i.e., Normal users have access to some of the modules only i.e. user can see the price list of all products and can purchase online.
User Interface:
Soothing Graphical User Interface with Context Sensitive Help
Totally Menu Driven, with Keyboard Shortcuts for frequently used forms
All reports for specified period selected using calendar