Diaspora Deposit Account
Fixed time account
Fixed Time Account
It is an account which takes the form of a deposit certificate issued in the name of the depositor. The maturity period may vary based on the agreement made between the depositor and the bank. However, the minimum maturity period for such an account shall be three months. This account can be closed upon request by the depositor with prior notification of not less than seven working days.
Withdrawal of the fund before maturity is subjected to the interest penalty. If a fixed deposit is not closed on maturity, the bank in consultation with the depositor may renew its agreement.
The bank and the depositor will reach an agreement on the rate of interest on this account. Interest income on non-resident foreign currency fixed deposit account shall be free from income tax.
Features
- It is an interest-bearing account with an agreed maturity date,
- The amount needed to open the account shall at least be USD 100 or its equivalent of the eligible currency,
- The minimum maturity period is three months that could be opened with an initial deposit of USD 5,000
- Interest on such accounts shall be payable only if they are maintained at least for the minimum period.
Benefits
- Interest income on such accounts is tax-free.
Diaspora Investment Financing
Diaspora Investment Financing
Coopbank offers an investment credit facility to enhance the potential of Diasporas to develop larger, more productive businesses investing in meaningful programs in their home country that can create jobs and economic growth back home.
Features
- Term loans for financing projects such as manufacturing or purchase of capital assets,
- The bank can finance up to 80% of the feasible project promoted by the diaspora,
- 20% of the project shall be financed by the promoter from his/her own equity,
- The equity contribution made to the project shall be transferred via Coopbank.
Benefits
- It helps to expand an existing business,
- It helps to engage in new investment in different sectors such as services, manufacturing, hotel, construction, real estate, etc.
- The amount of the loan is determined by the projected cash flow and income of the borrower as well as the cost of the project,
- It has an attractive rate with a reasonable repayment plan,
- Fast processing and approval time.
Requirement
Documents required to borrow for projects include documents such as:
- Investment Loan application forms that are properly filled and signed by the applicant,
- A valid passport and/or identification card,
- Investment license,
- TIN,
- Landholding certificate/lease agreement,
- An approved construction plan,
- Memorandum and Article of Association (if any), and
- Project proposal.
Eligibility
- Non-resident Ethiopian nationals living and working outside Ethiopia,
- Non-resident foreign nationals of Ethiopian origin,
- Companies owned by the above-mentioned non-residents and located outside the Ethiopian territory for more than one year,
Ethiopian nationals living and working abroad who can produce authenticated documents.
Diaspora Current Account
DIASPORA ACCOUNT
Diaspora Banking Account allows Diaspora who resides and works outside the country to maintain and perform domestic and international transfers through their Coopbank accounts.
DIASPORA BANKING ACCOUNT
Diaspora Banking Account allows Diasporas who reside and work outside the country to maintain and perform domestic and international transfers through their Coopbank accounts.
Diaspora Current Account
This account takes the form of current deposits where withdrawals may be made at any time upon demand by writing a check and/or a prearranged procedure adopted by the bank. Interest shall not be paid to a non-resident foreign currency current account.
Features
- It’s available in local and foreign currency (GBP, USD, and EURO),
- This account has a personalized Cheque Books,
- Debit Cards can also be issued on request,
- Customers will be provided with E-mail alerts and statements,
- There is an option of Joint Signatory (e.g. with spouse, sibling or parent in Ethiopia),
- Coopbank also provides some sort of financial advisory services,
- There is the facilitation of third-party payments.
Benefits
- Free withdrawals fee for foreign currency transactions,
- Free transactions across all Coopbank branches,
- Enables to access all our E-channels,
- Access to credit facilities,
There will be a designated Personal Banker who supports customers in their banking needs with Coopbank.