diff --git a/src/app/products/saving-products/create-saving-product/create-saving-product.component.html b/src/app/products/saving-products/create-saving-product/create-saving-product.component.html
index 652832b25..cccfae064 100644
--- a/src/app/products/saving-products/create-saving-product/create-saving-product.component.html
+++ b/src/app/products/saving-products/create-saving-product/create-saving-product.component.html
@@ -74,10 +74,10 @@
         [accountingRuleData]="accountingRuleData"
         [isDormancyTrackingActive]="savingProductSettingsForm.get('isDormancyTrackingActive')"
         [savingProductFormValid]="savingProductFormValid"
+        [allowOverdraft]="savingProductSettingsForm.get('allowOverdraft')"
       >
       </mifosx-saving-product-accounting-step>
     </mat-step>
-
     <mat-step state="preview" *ngIf="savingProductFormValid" completed>
       <ng-template matStepLabel>{{ 'labels.inputs.PREVIEW' | translate }}</ng-template>
 
diff --git a/src/app/products/saving-products/edit-saving-product/edit-saving-product.component.html b/src/app/products/saving-products/edit-saving-product/edit-saving-product.component.html
index 36856ad95..479a8d965 100644
--- a/src/app/products/saving-products/edit-saving-product/edit-saving-product.component.html
+++ b/src/app/products/saving-products/edit-saving-product/edit-saving-product.component.html
@@ -76,6 +76,7 @@
         [accountingRuleData]="accountingRuleData"
         [isDormancyTrackingActive]="savingProductSettingsForm.get('isDormancyTrackingActive')"
         [savingProductFormValid]="savingProductFormValidAndNotPristine"
+        [allowOverdraft]="savingProductSettingsForm.get('allowOverdraft')"
       >
       </mifosx-saving-product-accounting-step>
     </mat-step>
diff --git a/src/app/products/saving-products/saving-product-stepper/saving-product-accounting-step/saving-product-accounting-step.component.html b/src/app/products/saving-products/saving-product-stepper/saving-product-accounting-step/saving-product-accounting-step.component.html
index 691e0f0b6..6fea08bca 100644
--- a/src/app/products/saving-products/saving-product-stepper/saving-product-accounting-step/saving-product-accounting-step.component.html
+++ b/src/app/products/saving-products/saving-product-stepper/saving-product-accounting-step/saving-product-accounting-step.component.html
@@ -54,10 +54,10 @@
 
       <mifosx-gl-account-selector
         class="flex-48"
-        *ngIf="isAccrualAccounting()"
+        *ngIf="isAccrualAccounting() && allowOverdraft.value"
         [inputFormControl]="savingProductAccountingForm.controls.interestReceivableAccountId"
         [glAccountList]="assetAccountData"
-        [required]="true"
+        [required]="false"
         [inputLabel]="'Interest Receivable'"
       >
       </mifosx-gl-account-selector>
diff --git a/src/app/products/saving-products/saving-product-stepper/saving-product-accounting-step/saving-product-accounting-step.component.ts b/src/app/products/saving-products/saving-product-stepper/saving-product-accounting-step/saving-product-accounting-step.component.ts
index 2fb2b268a..d74466481 100644
--- a/src/app/products/saving-products/saving-product-stepper/saving-product-accounting-step/saving-product-accounting-step.component.ts
+++ b/src/app/products/saving-products/saving-product-stepper/saving-product-accounting-step/saving-product-accounting-step.component.ts
@@ -70,6 +70,7 @@ export class SavingProductAccountingStepComponent implements OnInit {
   @Input() accountingRuleData: any;
   @Input() isDormancyTrackingActive: UntypedFormControl;
   @Input() savingProductFormValid: boolean;
+  @Input() allowOverdraft: UntypedFormControl;
 
   savingProductAccountingForm: UntypedFormGroup;
 
@@ -256,10 +257,16 @@ export class SavingProductAccountingStepComponent implements OnInit {
             'penaltiesReceivableAccountId',
             new UntypedFormControl('', Validators.required)
           );
-          this.savingProductAccountingForm.addControl(
-            'interestReceivableAccountId',
-            new UntypedFormControl('', Validators.required)
-          );
+          if (this.allowOverdraft.value) {
+            this.savingProductAccountingForm.addControl('interestReceivableAccountId', new UntypedFormControl(''));
+          }
+          this.allowOverdraft.valueChanges.subscribe((allowOverdraft: boolean) => {
+            if (allowOverdraft) {
+              this.savingProductAccountingForm.addControl('interestReceivableAccountId', new UntypedFormControl(''));
+            } else {
+              this.savingProductAccountingForm.removeControl('interestReceivableAccountId');
+            }
+          });
           this.savingProductAccountingForm.addControl(
             'interestPayableAccountId',
             new UntypedFormControl('', Validators.required)