Demand Deposit

Ordinary Demand Deposit Account

Ordinary Demand Deposit account is a non-interest-bearing checking account opened by a customer not in a delinquent list. The minimum amount required to open this account for individuals or individual traders is Birr 500 and for organizations/companies it is Birr 1,000.00.

Additional Features

  • It can be opened and/or operated by a legal agent in the name of the principal, against a power of attorney.
  • Bank statements can be issued on the account on a monthly basis.

Benefits

  • It easily facilitates business transactions.
  • It enables direct payments to beneficiaries’ accounts by issuing checks.
  • No restrictions on the number and amount of deposit and withdrawal unless restricted by pertinent bodies.

Special Demand Deposit

Special demand deposit is a checking account in which interest is calculated at a rate less than the minimum interest rate of saving account set by the NBE.

Additional Features

  • The account opening customer should not be in a delinquent list.
  • It can be opened and/or operated by a legal agent in the name of principal, against a power of attorney.
  • Bank statements can be issued on the account on a monthly basis.

Benefits

  • It is very liquid and interest bearing;
  • It facilitates effective business transactions.
  • No restrictions on the number and amount of deposit and withdrawal unless restricted by pertinent bodies.
  • It enables direct payments to beneficiaries’ accounts by issuing checks.