Demand Deposit
Ordinary Demand Deposit Account
An 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 deposits and withdrawals unless restricted by pertinent bodies.
Special Demand Deposit
A Special Demand Deposit is a checking account in which interest is calculated at a rate less than the minimum interest rate of a savings 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 the 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 deposits and withdrawals unless restricted by pertinent bodies,
- It enables direct payments to beneficiaries’ accounts by issuing checks.