Fixed Time Deposit

Fixed time deposit is a type of deposit which is accepted for a certain fixed period of time with negotiable interest rate. The rates of interest vary according to the duration of the deposit received and calculated only for the duration of the certificate of deposit.

Additional Features:

• The minimum balance acceptable for fixed a time deposit is Birr 500,000 (Five Hundred Thousand).
• Certificate of deposit (CD) shall be issued to the depositor.
• Withdrawal is not generally allowed before the maturity date. However, with convincing proposals, customers can enjoy their accrued interest even if they withdraw before the maturity date.
• Can be renewed for a further period.
• No interest will accrue after expiry.

Benefits of fixed time deposit

• It encourages saving habits for a longer period of time.
• Earns higher interest rate.
• On maturity the amount can be used for planned expenditure.