A saving account is an interest-bearing deposit, which can be opened with a minimum acceptable balance of Birr 25.00.
A demand deposit account (current or chequing account) is a non-interest bearing account; the minimum amount of money required for individuals or individual trade operators is Birr 250.00, while for PLCs & others Birr 500.00. The account is operated by cheque.
It’s a deposit received for a certain period of time, it provides an attractive and higher interest rate. The minimum balance for a fixed-time deposit is Birr 25,000.00.
The minimum initial deposit for NOW account is Birr 1,000.00/ One Thousand Birr. An account having less than Birr 50,000.00/ Fifty Thousand Birr shall not bear any interest. To be eligible for interest, the frequency of withdrawals should be limited to 3/ three times per month. No passbook is required to operate SSA/ NOW account; instead a checkbook will be issued.
This account is opened for administration of provident funds accounts.
This account maintains a disbursing account at “ZERO” by transferring funds from a saving account.
A foreign-currency account is an account in which the source of fund is overseas and can be maintained in hard currency or in Birr. Major types of foreign currency accounts,
Abay Bank Inaugurated 172th & 173th Branches!
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