Can I debit a joint account separately?
- Joint accounts shall be maintained in the name of two or three individuals to jointly operate the account;
- Joint accounts can be "And Account" and "And/or Account".
- The nature of "And Account' is that all the parties should be present at the counter of the bank to give payment instruction and withdraw money whereas "And/or" account type allows individual account holders to withdraw money and give payment instructions separately.
Can I open a saving account with zero balance?
The minimum balance to open a domestic saving account is ETB 50.00. However, if you assure the bank that you will deposit at least the minimum amount within a month, it can be opened and maintained with zero balance for a month.
What are the requirements to open domestic deposit accounts?
Individual
- Two photographs for saving account with valid and renewed I.D. card;
Individual Trader (Sole Proprietorship)
- Valid and renewed I.D. card;
- Renewed trade license:
- One recent passport size photograph;
- Tax Identification Number (TIN).
Private Limited Companies (PLC) and Share Companies
- Renewed trade license in the name of the company;
- Memorandum and article of association attested, registered and sealed by Documents Authentication and Registration Office;
- Letter requesting to open and operate the account, which shall be the authorized person/s stated in the memorandum and article of associations and that bears the company's official stamp. Or with the minutes of resolution signed and stamped regarding delegation of authorized person/s who operate/s the account if not stated in the memorandum and article of associations;
- Valid and renewed I.D. card of the authorized person/s to operate the account;
- Tax Identification Number (TIN).
Legitimate Partnership
- Renewed trade license and investment certificate in the name of the partnership:
- Partnership agreement attested, registered and sealed by Documents Authentication and Registration Office.
- Letter of requesting to open and operate the account, which shall be signed and sealed by the official stamp of the partnership, if any;
- Valid and renewed I.D. card of the authorized person/s to operate the account
Share Companies
- Renewed trade license in the name of the share company;
- Memorandum and article of associations attested, registered and sealed by Documents Authentication and Registration Office;
- Minutes of the board of directors with regard to the opening person/s and operator/s of the account;
- Letter requesting to open and operate the account, which shall be signed by the board chairman and bears the company's seal;
- Valid and renewed I.D. cards of the authorized person/s to operate the account:
- Tax Identification Number (TIN).
Public Schools
- Letter of authority from the respective City Administration Education bureau, Regional/Zonal/Wereda education bureau, or from sub-city education bureau (for Addis Ababa city);
- Valid and renewed the ID card of the authorized person/s to operate the account.
Higher Education (Government Owned) Colleges and Universities
- Letter of authority from the ministry of education or from their respective colleges/universities; OR
- From regional education bureau as appropriate; OR
- On the strength of the institution's letter of request, if the institution was established by proclamation and announced on 'Negarit Gazeta';
- Valid and renewed I.D. Card of the authorized person to operate the account.
Public Enterprises
- Public enterprises shall produce the -Negarit Gazetta" for its establishment.
- Letter of appointment of the General Manager by the Board of management.
- Letter of request to open and operate the account by the general manager or his/her delegate/s:
- Valid and renewed I D card of authorized signatories.
Cooperative Societies
- Certificate of registration issued by the appropriate organ However, if they are under the process of formation a letter of authority from the respective organizing body:
- Approved and registered rules and regulations of the cooperative with each page bearing official stamp of the registering body and the cooperatives.
- Minutes of members' resolution at the last general assembly In case. they are under the process of formation a letter of intent signed by all members;
- A letter of request by the chairperson to open and operate current account;
- Valid and renewed I.D. card of authorized person/s.
- Support letter from concerned government organ:
- Article and memorandum of associations.
Trade Unions
- Certificate of registration from the pertinent ministry or regional bureau of labor and social affairs;
- Approved and registered rules and regulations of the trade union. Each page of these rules and regulations shall bear the official stamp of the registering body and trade union;
- Resolution of the general assembly appointing the executive committee of the trade union bearing the official stamp of the trade union and registering body;
- Minutes of the executive committee;
- Letter of request by the chairperson to open and operate the account
- Valid and renewed ID cards of the authorized signatories
Associations and Clubs
Associations and clubs could be professional and non-professional such as Teachers Medical Doctors, Women, Youth Associations, Idirs, etc Associations and clubs shall produce
- Certificate of registration obtained from their respective organizing body:
- Rules and regulations of the associations, which bear the official stamp of the organizing authority and the association of club itself:
- Minutes of members' resolution at the last general assembly appointing the executive committee duly sealed by the organizing authority:
- Minute of the executive committee and request letter by the chairperson to open and operate the account:
- Letter of request by the chairperson to open and operate the account:
- Valid and renewed I.D. Card of the authorized signatories.
What types of ID are acceptable for opening domestic deposit accounts?
- ID cards from Kebele, school or employment
- Valid passport
- Driving licence
- TIN card
- Farmer’s association ID card or Land ownership booklet
- Pension ID
Who is eligible for opening domestic deposit accounts?
The followings are eligible to maintain a local currency account:
- Individuals — either for themselves or for the earmarked type of account;
- Individual traders (sole proprietorship);
- Private Limited Companies (PLCs);
- Cooperatives, Unions, Associations, 'Idirs', 'Iqubs'. SMEs and clubs;
- Financial Institutions (Banks, Micro Finance Institutions, Insurance companies, etc.);
- Organizations legally incorporated in the form of partnership, share company etc;
- Federal, regional state governments and their parietals and city administrations:
- Public and private learning institutions;
- International/foreign organizations;
- Nongovernmental organizations (NGO'S) - local or foreign;
- Public enterprises;
- Religious organizations;
- Joint ventures;
- Any other legal entity that can produce a legal document or letter from the concerned authorities can be eligible to open an account.