Gudunfa Savings Accounts

Gudunfa is a type of deposit where customers request for a special “Saving Box” in which they deposit money on a piecemeal basis at their business premises. The Gudunfa (Saving Box) is brought to the bank’s branch that served it at a certain time interval to be deposited to the customer’s account.

The following are criteria to open and use Gudunfa Saving Box.

Features

• A minimum of Birr 350 initial amount has to be deposited to the savings deposit account, which is equivalent to the cost of the box.
• The initial deposit amount deposited shall be debit restricted as long as the customer continues to use the box.
• Gudunfaa keys should be kept at the branch providing the service.
• Gudunfaa shall be opened by the branch manager or her/his delegate in the presence of the customer and the money in the box should be counted and deposited to their saving account.
• Customers can withdraw any amount from their saving account, but the initial deposit amount should not be altered.
• Request for Gudunfaa shall only be lodged at the branch where the customer’s account is maintained.

Benefits

• It enables customers to deposit their money right at their business premises and minimizes frequency of visiting branches.
• It can serve as a saving vault in a situation where the customers cannot come to branches.
• It encourages customers to gradually accumulate their meager daily income into the box.