Deposit Products
ECX Related Accounts
ECX Related Accounts
ECX related account is a special type of account opened in an electronically networked branch as Pay-in/Pay-Out account for the members of the Ethiopian Commodity Exchange to facilitate the trading of Commodity at ECX trading centers. The limited member pay-out and limited client pay-out can be operated from either an electronically networked branch or non-networked branch.
Account opening request shall be lodged by the ECX through an account
opening facilitation letter to the bank by clearly specifying; ECX Member type, ECX Bank account required, and a networked branch selected by the member for the account.
Additional Features
- The account is opened for a member who is not prohibited by the National Bank of Ethiopia from owning and operating bank accounts;
- The Member shall present power of attorney, giving the sole right of debiting the Pay-in account to the Exchange, prepared in four copies and shall be signed by the Principal authorized officials at the counter of the account opening branch, in front of two witnesses.
- The member also presents ECX Member certificate (ECX member ID).
Benefits
- It helps the members of the ECX to facilitate the trading of Commodity at ECX.
Saving Account
Saving Deposit
Regular Saving Account
It is an interest-bearing account generally opened with a minimum Birr 50. However, it can also be opened with a zero balance with the intention to establish a relationship and introduce banking services to potential unbanked customers. The account holder should credit at least a minimum of Birr 25 to her/his account within a month.
The following are the basic features and advantages of the account.
Additional Features:
- One can withdraw from her/his account by filing 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 the principal, against a power of attorney,
- No restrictions on the number and amount of deposit and withdrawal unless restricted by pertinent bodies.
- It can be linked to Coopay-Ebirr to manage the accounts via mobile and internet banking
Benefits
- It improves saving culture of the society,
- It enables earn income through interest,
- It helps the depositor to make fund transfers,
- Enables payment through ATM/POS cards, internet, mobile, etc.,
- It provides immediate cash as and when required.
Account opening form
