Wadiah Demand Deposit/Current Account: –
Wadiah-Demand Deposit Account, also called Wadiah-Current Account or Wadiah-Checking Account, is a non-interest-bearing deposit account that is opened and operated by literate customers whose trading activity and cash movement justifies the need for such account. It is an account that is regarded as trusts or safekeeping and offers the depositors’ safety of their money against the bank’s guarantee to return their funds on demand.
Features
- A minimum amount of Birr 500.00 is required to open an account for individual customers and Birr 1000.00 is required for corporate customers.
- All formalities must be fulfilled before opening the Wadia-Current account.
- The bank undertakes to pay on demand any amounts outstanding in the current account in full.
- No checkbook would also be issued on the blocked Wadiah-current account or for under formation company before the attainment of legal personality or lifting of the blocking order by an authorized person.
- Withdrawals from the Wadiah-current account shall be made by cheque, which is issued by the bank to the Account holder.
- Demand deposit 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 department.
Benefits
- Account-holders’ deposits money into Wadiah-Current accounts for the purpose of safekeeping.
- Facilitate business transaction
- Coopbank shall be fully responsible for the deposited amount to be available on demand.