Normal Saving Account

A saving account is an interest-bearing deposit with the Abay Bank by physical and legal persons (individuals, organizations and associations) who can fulfill the Bank’s requirements in this regard and are legal entities.

  • The acceptable minimum balance to open a savings account is Birr 25.00 (twenty five).
  • A savings account can be opened and/or operated by a legal agent in the name of the principal, so long as she or he can produce a power of attorney.

Eligible Entities

  • Individuals, Idirs, Associations, clubs, Cooperative societies, Labor unions;
  • Financial institutions (Banks, micro-finance institutions, insurance companies, etc.)
  • Organizations legally incorporated in the form of partnership, share company, etc.
  • Federal, Regional governments & 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

FOR INDIVIDUAL
  • Valid and renewed ID card
  • Driving license
  • Valid passport
  • Two passport size photographs
FOR COMPANIES
  • Valid and renewed ID card & Two passport size photographs of signatories;
  • 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
  • A certificate of registration issued by the appropriate authority or for associations, clubs & cooperatives

 

 

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