Cooperatives Savings Products
Savings Products
The bank has 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.
Requirements
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. If a cooperative is under the process of formation, a letter of authority from the respective organizing body is required.
- Approved and registered rules and regulations of a cooperative with each page bearing official stamp of the registering body and a cooperative.
- Minutes of members’ resolution at the last general assembly. In case it’s under the process of formation, a letter of intent signed by all members.
- A letter of request by the chairperson to open and operate current account;
- Valid and renewed ID of authorized person/s.
- Support letter from concerned government organ
- Article and memorandum of associations.