How to create a savings program
You can create one or several savings programs and enable your clients to invest certain amounts in the programs and earn interest from holding the funds over a fixed time period that is set for each program.
Create a savings program as follows:
Navigate to Savings > Presets.
Click +Create in the upper-right page corner.
On the Create a savings preset page, fill in the following fields:
The Strategy option is set to Fixed.
Currently, only the
Fixedstrategy can be applied, indicating that a fixed interest rate can be used in your savings program.In the Currency dropdown, select a currency for the savings program. To participate in the program, your clients must have wallets denominated in the program currency.
In the Name field, enter a unique name for the savings program. The program name is displayed to clients in the B2Core UI.
In the Description field, enter a program description. The program description is displayed to clients in the B2Core UI.
Set the Status option to Active or Inactive.
If Active, the card showing details of the savings program is displayed in the B2Core UI, and clients can subscribe to the program.
If Inactive, the card of the savings program isn’t displayed in the B2Core UI.
In the Admission fee field, enter a fee amount that a client must pay when subscribing to the savings program. The admission fee is deducted from the same client wallet as the investment amount that the client must contribute to the program when subscribing to it.
The admission fee can be specified as an integer or decimal value.
If you don’t want to charge the admission fee, enter 0 (zero).
In the Plan length (days) field, select a period, in days, during which the amount invested in the savings program must be held.
The plan length can be specified with an interval of 30 days, such as 30, 60, 90, and so on.
At the end of the plan length, the investment amount that a client contributed to the program is refunded to the client wallet.
In Payment period (days) field, select a period, in days, indicating how often interest is calculated and paid to a client wallet.
The payment period can be specified with an interval of 30 days, such as 30, 60, 90, and so on, and must be less than or equal to the plan length.
In the Investment amount field, enter an amount that a client must contribute to the savings program when subscribing to it. The investment amount is deducted from a client wallet denominated in the program currency. If a client has more than one wallet denominated in the program currency, the client can select a wallet from which the investment amount should be deducted.
The investment amount can be specified as an integer or decimal value.
In Interest rate (percent) field, enter a percentage of the investment amount, which is used to calculate interest earned at the end of each payment period.
The interest rate can be specified as an integer or decimal value.
For details on how interest is calculated, refer to Example.
In the Cancellation penalty field, enter a penalty amount charged to a client if the client wants to withdraw the funds invested in the savings program before the end of the plan length.
The cancellation penalty can be specified as an integer or decimal value and must be less than the investment amount.
If you don’t want to charge the cancellation penalty, enter 0 (zero).
Click Save to create the savings program.
The preset of the created savings program is displayed on the Savings Preset page.
If the preset is assigned the Active status, the card of the created savings program is displayed to clients in the B2Core UI, and clients can subscribe to the program.
Example
This example illustrates how interest is calculated for a client subscribed to a savings program with the Fixed strategy.
Suppose that the savings program is configured with the following settings:
the Investment amount is 1,500 USD
the Interest rate (percent) is 3%
the Plan length (days) is 270 days
the Payment period (days) is 30 days
The amount of the first interest payment, which is earned for the first 30-day period since the date when the client subscribed to the program, is calculated as follows:
1,500 * 3 / 100 = 45 USD
The earned interest of 45 USD isn’t taken into account when calculating interests for subsequent periods. This means that the same interest, which is equal to 45 USD in this example, is earned every 30 days till the end of the plan length.
Detailed information about interest payments to the clients subscribed to savings programs can be found in payment plans that are listed on the Savings > Plans page.