Saving Account
Farmers’ Savings Account
Farmers’ Savings Account
Farmers’ Savings Account is a savings account uniquely designed for farmers – engaged in agriculture, pastoralists and fishing with attractive interest rates. The product is designed to specifically encourage the unbanked and underbanked farmers to save and transform their living via banking practices.
With a literacy rate of only 51.7%, the country’s farming communities are prone to; frequent drought, lack of training and equipment, poor access to markets, and a low level of saving habits. The extravagant nature of spending during harvest seasons is mainly the driving factor of the low saving culture of the country.
Through enhanced banking practices farmers can improve their livelihood by developing their saving culture, access to finance and basic technical support, obtain advisory services, purchase of new agricultural techniques and inputs, secure better seeds, fertilizer, and chemicals.
The product will have the following requirements and features;
- The initial deposit is ETB 25.
- All requirements for opening accounts shall be applicable, such as two passport-sized photographs, renewed ID cards including Farmers’ Association ID cards, land ownership certificates, Pension ID cards, or others.
- Better and attractive interest rates will be paid for this account higher than that of the regular savings account.
- Capacity building and financial literacy trainings will be given, especially for well-performing savers.
- Reward on a lottery method is arranged for beneficiaries of this account. Accordingly, various prizes related to and relevant to the agriculture sector will be offered by the bank.
Benefits of the Product for Farmers
- It will assist the farmers to cover their operational expenses, expansion of their operation, or taking advantage of new opportunities available to them.
- It also enables the farmers to build a better future and investment.
- It will improve the farmer’s access to banking services and modern agricultural inputs and techniques.
- Apart from saving contributions to farm inputs, it enables the farmers to send their children to schools.
Special Demand Deposit
Special Demand Deposit
Special demand deposit is a checking account in which interest is calculated at a rate less than the minimum interest rate of saving account set by the NBE.
Additional Features
- The account opening customer should not be in the delinquent list.
- No restrictions on the number and amount of deposits & withdrawals.
- It can be opened and/or operated by a legal agent in the name of principal, against producing a power of attorney.
- Bank statement issued on monthly basis.
Benefits
- It is very liquid and interest bearing
- It facilitates/enables to carry out effective business transactions.
- Holders of this account can withdraw from their own account without any restrictions.
- It enables you to make a direct payment to your creditors by issuing checks.
- Enables you to make multi-locational fund transfers.
Fixed Time Deposit
Fixed Time Deposit
Fixed time deposit is a type of deposit which is accepted for a certain fixed period of time with negotiable interest rate. The rates of interest vary according to the duration of the deposit received and calculated only for the duration of the certificate of deposit.
Additional Features:
- The minimum balance acceptable for fixed a time deposit is Birr 500,000 (Five Hundred Thousand).
- Certificate of deposit (CD) shall be issued to the depositor.
- Withdrawal is not generally allowed before the maturity date. However, with convincing proposals, customers can enjoy their accrued interest even if they withdraw before the maturity date.
- Can be renewed for a further period.
- No interest will accrue after expiry.
Benefits of fixed time deposit
- It encourages saving habits for a longer period of time.
- Earns higher interest rate.
- On maturity the amount can be used for planned expenditure.
Ordinary Demand Deposit Account
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.
Demand Deposit Account
Demand Deposit Account (Current or Checking Account)
Demand Deposit account (current or checking) is a non-interest-bearing account that offers the greatest liquidity. It can be opened and operated by individual and businesses as well as a legal agent in the name of the principal, against producing a power of attorney.
This product consists of Ordinary Demand Deposit Account, Interest-Bearing Demand Deposit Account, and ECX related accounts.
Gudunfa Savings Accounts
Gudunfa Savings Accounts
Gudunfa is a type of deposit where customers request for a special “Saving Box” in which they deposit money on a piecemeal basis at their business premises. The Gudunfa (Saving Box) is brought to the bank’s branch that served it at a certain time interval to be deposited to the customer’s account.
The following are criteria to open and use Gudunfa Saving Box.
Features
- A minimum of Birr 350 initial amount has to be deposited to the savings deposit account, which is equivalent to the cost of the box.
- The initial deposit amount deposited shall be debit restricted as long as the customer continues to use the box.
- Gudunfaa keys should be kept at the branch providing the service.
- Gudunfaa shall be opened by the branch manager or her/his delegate in the presence of the customer and the money in the box should be counted and deposited to their saving account.
- Customers can withdraw any amount from their saving account, but the initial deposit amount should not be altered.
- Request for Gudunfaa shall only be lodged at the branch where the customer’s account is maintained.
Benefits
- It enables customers to deposit their money right at their business premises and minimizes frequency of visiting branches.
- It can serve as a saving vault in a situation where the customers cannot come to branches.
- It encourages customers to gradually accumulate their meager daily income into the box.
Gamme-Junior Account
Gamme-Junior Account
Gamme-Junior Account of Coopbank is a savings account designed for children aged 0-14 years.
It is opened in the child’s name, but usually operated by parents and/or guardians until the child is old enough to manage the account by herself/himself. It can also be opened and operated by the children themselves independent of parents/guardians if it is proved that they have an income of their own.
Transactions are supervised/managed by parents/guardians/tutor, and withdrawal requests are handled as agreed by parents. If the parent/guardian who had opened the account becomes incapable of exercising or loses her/his power of guardianship for various reasons, another guardian appointed by the law shall operate the account by producing a legal document, which ascertains her/his guardianship authority.
Birr 100 will be credited to their account by the bank as an incentive when their average six months deposit level reaches Birr 30,000.00 (Thirty Thousand Birr) and above. Birth certificate or any evidentiary document issued by a pertinent government organ shall be presented during account opening.
Additional Features
- No minimum deposit amount required to open this account.
- No debit card is issued on this account.
- Better interest rates than the regular saving rate.
- Children that have proved to have income of their own and who opened the account by themselves can have access to their deposit account any time they need.
Benefits
- It provides seed money for children in their later age,
- Higher interest rates and other benefits attached to this product.
- Enables parents to teach saving culture to their children at early age.
- Encourages building up for future planning.
Special Saving Account
Special Saving Account
Special savings account is an interest-bearing account which is opened by individual customers and can be operated with cheques. It has similarity with other category of active saving accounts with the exception that individuals use cheques to operate this account.
Additional Features
- Opened or operated by literate customers only.
- Not opened for organizations and companies.
- The customer should not be in a delinquent list.
Benefits
- It is an account opened for prominent customers of the bank.
- No passbook is required for such accounts.
Youth Saving Account
Youth Saving Account
Youth account is an account designed exclusively for the youth of today, to make their tomorrow better by properly managing their attitude, lifestyle, preferences and behavior. It is an account for male and female youth segment in the age group of 15-29 years. Youth Saving Account has no minimum deposit requirements to open account. It is accompanied by debit card, and it has no transaction fee & free account maintenance. Better interest rate than the normal saving rate has been applied on this account.
Additional Features
- It is an account for male and female youth in the age group 15-29 years.
- Zero minimum deposit requirements.
- It is accompanied by debit card.
- It has no transaction fee and free account maintenance.
Benefits
- It improves the saving culture/habits of self-employed teen-youth,
- It gives financial independence for the youth,
- It builds up future planning,
- It bears a higher interest rate compared to an ordinary savings account.
Ordinary Saving Account
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.