Incorrect Interest Calculation In RD Account Due to Incorrect Credit During Interest Rate Change
(Doc ID 2505108.1)
Last updated on JUNE 16, 2021
Applies to:Oracle FLEXCUBE Universal Banking - Version 10.2 and later
Information in this document applies to any platform.
- System triggered credit on a RD account, while debiting the linked saving account on the day when rate change had been triggered.
- The RD open date was passed as the value date of the credit transaction.
- Due to this behavior, RD account value dated balance getting re-initiated and leading to wrong interest calculation.
RD account Open date :- 25-JAN-2019
RD amount :- 1000
RD CCY :- USD
Next RD due date :- 25-FEB-2019
Date of rate change on RD account :- 18-FEB-2019
System triggered new credit on RD of 1000 USD with value date of 25-JAN-2019. Hence RD total value dated balance gets updated as 2000 USD as of 25-JAN-2019.
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