SaFi Bank Space : 🗨️ Calculate compound interest in locked pockets

Role: System

Objective: When we are calculating interests on the locked pockets, in some cases we should also calculate it from the interest (=compound interest).

Reason: We need to motivate customers to lock the amount for the longest time possible. Compound interests should motivate them as it will help them earn more money.

Functional requirements:

  • Locked accounts will have fixed tenure (locked time).

  • Accrued interest should be paid on a yearly basis (by the end of the year), therefore

    • it should be added to the principal

    • interest earnings will get higher as the principal is also higher

Acceptance criteria:

  • When the year ends, accrued interest is paid to the account.