Introduction to Certificate of Interest Paid

In general, the customers would like to know the details of interest paid by them for the loans and overdrafts held with their banks and also the interest received for deposit products from the bank, for various purposes. This module enables the generation of the certificate of interest paid by the customer to the bank for loans and overdrafts and also the generation of certificate of interest received from the bank to the customers for the time and demand deposits for a period. The data output will be in an XML format.

The debit interest (for loans and overdrafts) certificate will be automatically generated for the product every fiscal year. Additionally, the debit interest and credit interest certificate can be generated on an ad-hoc basis when the customer requests so. The ad-hoc generation applies to the existing and closed products.