Question
We have products that have multi-tiered rates depending upon more than one variable. An example is a savings product. If the customer maintains a $100k balance for 30 days a different rate is offered. There are different rates offered for maintaining specified balances for 30 days, 60 days, 120 days and so on. In such a case, how is the BankingProductRateTierV3 structure updated? What are the appropriate values for unitOfMeasure, minimumValue, maximumValue and rateApplicationMethod? In this case the unitOfMeasure is a combination of DOLLAR and MONTH.
Answer
The schema has been designed to accommodate this level of complexity. Multi-tiered rates are common for Term Deposit and Mortgage accounts.
Examples exist for representing accounts of this type. ANZ and Westpac Term Deposit accounts may provide a useful example. See this data via the DSB hosted Banking Products Comparator tool.
Comments
1 comment
The depositRate and lendingRate objects (anonymous within the depositRates and lendingRates arrays) have a single rate with an array of tiers that qualify an account for that rate. For your example a 1% rate could have tiers=[{name='Amount', unitOfMeasure='DOLLAR', minimumValue=100000, maximumValue=null (i.e. no upper bound)}, {name='Period', unitOfMeasure='DAY', minimumValue=30, maximumValue=59 (or 60 due to exclusivity rule)}]. The 60+ and 120+ day rates would have the same 'DOLLAR' tier but with 60-119 (or 60-120) and 120-null (no upper bound) 'DAY' tiers respectively. The tier.name should be the same for all objects in the 'dimension' (with same unitOfMeasure) to enable grouping including as axes in a table - in your example an Amount vs. Period table (common for term deposits).
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