Diaspora Fixed Account

A Diaspora Fixed Time Deposit Account would be appropriate if you have a lump sum amount which you would wish to invest for a certain period of time at very competitive interest rates.

Features

  • It is an interest bearing account with agreed maturity date.
  • The minimum maturity period is three months.
  • Interest rate is set based on an agreement between a depositor and the bank.
  • It is opened with an initial deposit of USD 5,000 or its equivalent of other convertible foreign currencies.
  • A deposit certificate is issued in the name of the depositor.
  • Withdrawal is permitted at maturity.
  • Withdrawal of the fund prior to maturity will result in forfeiting the accrued interest there on.
  • The account can be closed upon request by the depositor with a prior notification of not less than 7 working days.
  • When you change your permanent residence to Ethiopia before the maturity date of the account, the account remains as Diaspora fixed time account. Upon maturity of the account, however, such deposit should be converted to resident Birr account.

 

 

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