salient features
A truly real-time online system; The system applies the financial as well as the non-financial transactions instantaneously
The system has been designed in modular fashion with each module performing specific set of functions through its own set of programs but at the same time duly integrated and interacting with other modules
e-nhance is a parameter driven system. Parameterization allows tailoring of the system to suit the user’s needs without system/program modifications
e-nhance provides value-dating facility enabling to affect an account either at a future date or at a past date
e-nhance can calculate interest on the basis of Base Rate, which is an option that can be defined at the system level for debit and credit interests
Two types of interest rates are allowed in the e-nhance application, both are at the Account Type Level and at the Individual Account Level
- Oridnary / Normal Interest Rate:
Rates will be applicable on the entire balance except in the case of credit interest users, these users are allowed to enter a Base Amount, below which interest will not be accrued
- Tiered:
There are two types of tiered interest rates, each of them have ten slabs provided
- Tiered Split Balance:
- Tiered Whole Balance:
Mainly applicable in the case of debit interest
Mainly applicable in the case of credit interest
Interest accrual is carried out daily; the accrual figures are reflected in the profit & loss account on a daily basis
In case of movement accounts, the interest posting frequency is extremely flexible allowing the customer to post the interest on a monthly, quarterly, semi-annual or annual basis. The customer can choose any day of the month or a quarter, a half year or a year for interest posting purposes
The customer can nominate another account in to which interest will be posted for both debit & credit interest
Foreign currency revaluation is carried out everyday in order to present accurate profitability on a daily basis
A completely transparent & parameter driven withholding tax deduction process facilitates in the deduction of the withholding tax amount from the customer's account and making the tax payment to the Government authorities
A minimum threshold amount can be specified from which withholding tax may be deducted
In applications where interest is earned in advance, such as LBD, the apportioning is carried out on a daily basis and reflected in the profit & loss account and statement