Ordinary Saving Account

It is an interest-bearing account which is compounded monthly and calculated on minimum balance of the month. The minimum balance to open this account is Birr 50.00. However, it can be opened and maintained with zero balance for a month, with the intention to establish relationship and to introduce potential customers to banking services. Within a month, the account holder should credit at least a minimum of Birr 25.00 in his/her account. However, if the account is not credited in the specified period, it should be closed following the normal account closing procedure.

Savings account can be opened and/or operated by a legal agent in the name of the principal, against producing a power of attorney, which shall be authenticated from the respective issuing body, or attested by the bank’s legal service process. If branch managers or customer service managers prove the genuineness of the document through proper KYC process, they may open an account and allow operation without authentication and with legal advice. The following are basic features and advantage of having this account.

Additional Features:

• It is an interest-bearing deposit account,
• The minimum balance to open this account is Birr 50.00,
• One can withdraw from his/her account by properly filling a withdrawal slip,
• Can be operated by a passbook and/or an ATM-Card,
• It can be opened and/or operated by a legal agent in the name of principal, against producing a power of attorney,
• No restrictions on the number and amount of deposit and withdrawal unless restricted by pertinent bodies.

Benefits

• It improves saving culture/habits of the society,
• It enables the depositor to earn income through interest,
• It helps the depositor to make fund transfer,
• Enables payment through ATM/POS cards, internet & mobile and etc.,
• It provides immediate cash as and when required.
• It gives record of all transactions for the customer.