Thanks for you pointer on making changes to Fineract interest rate table @bharath.
We made the change at the database level in our test environment, however the business outcome was not what we were hoping for. The outcome saw the interest rate changed with effect of the date of activation of the account, not the date of the change to the interest rate, thus resulting in backdating of interest posting.
Our business requirement is for the interest rate on the product to change periodically, with all clients in the product impacted by an interest rate change, from a future start date or from the date of the change in Fineract, with any prior period interest postings and any earned but not posted interest calculations not impacted.
Are you aware of another way to achieve this outcome without a change to the source code?
One option we were going to test this week, was use of the Recurring Deposit Product, which appears to have greater functionality for interest rate changes when compared to a Savings Account.
I would appreciate your advice.