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,