Our Bank Offers the following Deposit Account types.
1. Savings Account
It Comprises four different acount types
A. Normal Savings Account
B. Special Savings Account
C. Provident Fund
D. Edir, Savings & Credit Association
They all share the following features.
Interest bearing account
-
Currently, interest is capitalized monthly.
-
Interest is computed on the minimum outstanding balance of each month. However, interest will not be paid on balances below Birr 5.
-
Customer should bring Passbook to withdraw money.
-
Customers are advised to bring Passbook during deposit so that account balances can be updated timely on their passbook but not mandatory.
-
To make withdrawal, the customer should appear in person, fills and signs withdrawal voucher.
-
Overdrawing is not allowed.
-
The customer can deposit by sending any person with customer’s account number.
-
The customer can inquire account statement of a specific date interval.
A. Normal Savings Account
-
Interest rate on normal saving account is 4% per annum.
-
Individuals can open joint account in a group.
-
The Bank also gives services to blind and illiterate.
-
Parents can open accounts on behalf of their children of age under 18 years.
Requirement
- Valid Identity Card acceptable to the Bank
-
Two passport-size photographs.
-
For Association, company, and co-cooperatives; Article and memorandum of Association and Certificate of legal personality.
Eligible Bodies
-
Cooperatives, associations and company
-
Individuals
B. Special Savings
The depositor deposits a predefined amount on a monthly basis over specified period of time. The purpose of such deposit is to maintain initial capital and lay the foundation to fulfill the precondition to acquire credit facility for the construction or purchasing of residential house, purchasing of consumer durable goods, covering education cost and investment purpose. In addition the product has the following features:
-
Bears marginal interest rate of 0.25% to 0.5% over the normal savings account depending on the duration of the deposit provided.
-
No withdrawal is made before the negotiated period otherwise the depositor forfeits the interest margin.
-
Parents can open accounts on behalf of their children of age under 18 years.
-
Customer must deposit a minimum of Birr 100 to open such account.
Requirement
-
Valid Identity Card acceptable to the Bank
-
Three passport-size photographs.
-
For Association, company, and co-operatives; Article and memorandum of Association and Certificate of legal personality all authenticated by Legal Department are required.
Eligible Bodies
Note: The Bank reserves the right to change the Deposit accounts nature without notice to a customer. |
|
C.Provident Fund
Provident fund is a type of deposit, which is allowed when companies request to open deposit account for their employee’s pension. Account is maintained in the name of each employee to whom provident fund savings account is opened. The same type of account can be also opened for associations.
- Interest rate is 4.5% per annum.
Requirement
- Certificate of Legal personality
- Article and memorandum of association
- Letter of authority (to operate the accounts)
- List of employees and their monthly contribution.
Eligible Bodies
company and associations
D.Edir, Savings & Credit Association
Interest rate is 4.5% per annum.
Requirement
- Certificate of Legal personality
- Article and memorandum of association
- Letter of authority (to operate the accounts)
Eligible Bodies
company and associations
2. Current/ Demand Deposit Account
Current account is an account that can be withdrawn by Cheques.
-
Currently minimum amount required for opening a current account is Birr 500.
-
Non-interest bearing account on credit balance.
-
If credit facility is authorized, overdrawing on current account is possible. Its category will be changed to overdraft account and interest is calculated on debit balance on daily basis.
Requirements
-
Valid Identity Card acceptable to the Bank
-
Three passport-size photographs.
-
For Association, company, and co-operatives; Article and memorandum of Association and Certificate of legal personality all authenticated by Legal Department are required
Eligible Bodies
- Cooperatives
- Associations
- Companies
- Individual traders
3. Time Deposit
Time deposit is maintained when an agreement is made between the Bank and customer where by customer is committed to deposit some amount of money for predefined period where as the bank is liable to apply an interest rate negotiated at the time of the contract on the deposited amount.
Requirement
- Valid Identity Card acceptable to the Bank
- For Association, company, and co-operatives; Article and memorandum of Association and Certificate of legal personality and letter of authorization for signatories.
Eligible Bodies
- Cooperatives, associations and company
- Individuals
|
