Cooperatives Saving Products

Saving Products
The bank has a wide-ranging deposit products for cooperative societies, and the major ones are;

Demand Deposit: is a non-interest bearing account operated by cheque. The minimum amount required by the bank to open a current account for cooperatives is ETB 1,000.

Saving Deposit: an interest bearing deposit account opened for cooperatives who can fulfill the Bank’s and legal requirements. An interest is compounded monthly and calculated on daily balances.

Fixed or Time Deposit: a deposit type which is received for a certain fixed period with negotiable interest rate which is normally higher than the prevailing savings interest rate based on the amount of deposit and time period.


The following documents are required to be fulfilled by cooperatives to open a local currency accounts (demand and savings accounts).

  • Certificate of registration issued by the appropriate organ, or the cooperative promotion agencies down the ladder. If a cooperative is under the process of formation, a letter of authority from the respective cooperative organizing body is required.
  • Approved and registered bylaw of a cooperative with each page bearing the official stamp of the registering body and a cooperative.
  • Minutes of resolution from the cooperative committee.
  • A letter of request by the chairperson to open and operate current account;
  • Valid and renewed ID of authorized person/s.
  • Support letter from the cooperative promotion agency which states details of the signatories.