diff --git a/fineract-provider/src/main/java/org/apache/fineract/portfolio/savings/data/SavingsProductDataValidator.java b/fineract-provider/src/main/java/org/apache/fineract/portfolio/savings/data/SavingsProductDataValidator.java
index 4422fd086..b2baac673 100644
--- a/fineract-provider/src/main/java/org/apache/fineract/portfolio/savings/data/SavingsProductDataValidator.java
+++ b/fineract-provider/src/main/java/org/apache/fineract/portfolio/savings/data/SavingsProductDataValidator.java
@@ -137,9 +137,6 @@ public class SavingsProductDataValidator {
         final String shortName = this.fromApiJsonHelper.extractStringNamed(shortNameParamName, element);
         baseDataValidator.reset().parameter(shortNameParamName).value(shortName).notBlank().notExceedingLengthOf(4);
 
-        final String description = this.fromApiJsonHelper.extractStringNamed(descriptionParamName, element);
-        baseDataValidator.reset().parameter(descriptionParamName).value(description).notBlank().notExceedingLengthOf(500);
-
         final String currencyCode = this.fromApiJsonHelper.extractStringNamed(currencyCodeParamName, element);
         baseDataValidator.reset().parameter(currencyCodeParamName).value(currencyCode).notBlank();
 
@@ -175,6 +172,11 @@ public class SavingsProductDataValidator {
         baseDataValidator.reset().parameter(interestCalculationDaysInYearTypeParamName).value(interestCalculationDaysInYearType).notNull()
                 .isOneOfTheseValues(SavingsInterestCalculationDaysInYearType.integerValues());
 
+        if (this.fromApiJsonHelper.parameterExists(descriptionParamName, element)) {
+            final String description = this.fromApiJsonHelper.extractStringNamed(descriptionParamName, element);
+            baseDataValidator.reset().parameter(descriptionParamName).value(description).ignoreIfNull().notExceedingLengthOf(500);
+        }
+
         if (this.fromApiJsonHelper.parameterExists(minRequiredOpeningBalanceParamName, element)) {
             final BigDecimal minOpeningBalance = this.fromApiJsonHelper.extractBigDecimalWithLocaleNamed(
                     minRequiredOpeningBalanceParamName, element);
diff --git a/fineract-provider/src/main/java/org/apache/fineract/portfolio/savings/domain/SavingsProduct.java b/fineract-provider/src/main/java/org/apache/fineract/portfolio/savings/domain/SavingsProduct.java
index ba4b4f757..c96387720 100644
--- a/fineract-provider/src/main/java/org/apache/fineract/portfolio/savings/domain/SavingsProduct.java
+++ b/fineract-provider/src/main/java/org/apache/fineract/portfolio/savings/domain/SavingsProduct.java
@@ -107,7 +107,7 @@ public class SavingsProduct extends AbstractPersistableCustom<Long> {
     @Column(name = "short_name", nullable = false, unique = true)
     protected String shortName;
 
-    @Column(name = "description", length = 500, nullable = false)
+    @Column(name = "description", length = 500, nullable = true)
     protected String description;
 
     @Embedded
diff --git a/fineract-provider/src/main/java/org/apache/fineract/portfolio/savings/domain/SavingsProductAssembler.java b/fineract-provider/src/main/java/org/apache/fineract/portfolio/savings/domain/SavingsProductAssembler.java
index e52e6dc77..81844a615 100644
--- a/fineract-provider/src/main/java/org/apache/fineract/portfolio/savings/domain/SavingsProductAssembler.java
+++ b/fineract-provider/src/main/java/org/apache/fineract/portfolio/savings/domain/SavingsProductAssembler.java
@@ -89,7 +89,7 @@ public class SavingsProductAssembler {
 
         final String name = command.stringValueOfParameterNamed(nameParamName);
         final String shortName = command.stringValueOfParameterNamed(shortNameParamName);
-        final String description = command.stringValueOfParameterNamed(descriptionParamName);
+        final String description = command.stringValueOfParameterNamedAllowingNull(descriptionParamName);
 
         final String currencyCode = command.stringValueOfParameterNamed(currencyCodeParamName);
         final Integer digitsAfterDecimal = command.integerValueOfParameterNamed(digitsAfterDecimalParamName);
diff --git a/fineract-provider/src/main/resources/sql/migrations/core_db/V346__nullable_saving_product_description.sql b/fineract-provider/src/main/resources/sql/migrations/core_db/V346__nullable_saving_product_description.sql
new file mode 100644
index 000000000..dea3b4a8e
--- /dev/null
+++ b/fineract-provider/src/main/resources/sql/migrations/core_db/V346__nullable_saving_product_description.sql
@@ -0,0 +1,20 @@
+--
+-- Licensed to the Apache Software Foundation (ASF) under one
+-- or more contributor license agreements. See the NOTICE file
+-- distributed with this work for additional information
+-- regarding copyright ownership. The ASF licenses this file
+-- to you under the Apache License, Version 2.0 (the
+-- "License"); you may not use this file except in compliance
+-- with the License. You may obtain a copy of the License at
+--
+-- http://www.apache.org/licenses/LICENSE-2.0
+--
+-- Unless required by applicable law or agreed to in writing,
+-- software distributed under the License is distributed on an
+-- "AS IS" BASIS, WITHOUT WARRANTIES OR CONDITIONS OF ANY
+-- KIND, either express or implied. See the License for the
+-- specific language governing permissions and limitations
+-- under the License.
+--
+
+ALTER TABLE `m_savings_product` MODIFY `description` VARCHAR(500) NULL DEFAULT NULL;
\ No newline at end of file