Fixed-Time Deposite Accounts

A fixed-time deposit is types of deposit received for a certain period of time without movement and attract a higher interest rate than the prevailing/normal savings-interest rate.

  • The minimum period of accepting a fixed-time deposit shall be three months.
  • The rates of interest vary according to the duration of the deposit received that is, the longer the deposit remains in the possession of the bank, the higher the rate of the interest to be earned.
  • The minimum balance acceptable for a fixed-time deposit is birr 25,000.00 (twenty five thousand).

Eligible Entities

  • Individual trade operators (sole proprietorship),Private limited company (PLC);
  • Idirs, Associations, Clubs, Labor unions & Cooperative societies;
  • Financial institutions (Banks, micro-finance institutions, insurance companies, etc.)
  • Organizations legally incorporated in the form of partnership, share company, etc.
  • Federal and regional governments as well as city administrations;
  • Public schools & Institutions of higher learning, Religious organizations;
  • Joint ventures;
  • Any other legal entities that can produce a document or letter that validates their claims

Document Requirements

  • Valid identification card
  • Renewed trade license or renewed investment certificate, Tax Identification Number (TIN)
  • Memorandum and Article of association attested registered and sealed by the documents authentication and Registration office.

 

 

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