Demand Deposit Accounts

A demand deposit account (a current or checking account) is a non-interest-bearing account and is opened or operated only by customers who are literate

A demand deposit 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

The minimum amount of money required by the Abay bank to open a current account

  • For individuals or individual trade operators is Birr 250.00(Two hundred fifty), and
  • For Plc’s & others Birr 500.000 (Five hundred only)

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 and renewed ID card
  • A renewed trade license or renewed investment certificate
  • Tax Identification Number (TIN)
  • Valid and renewed ID 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.
  • A certificate of registration issued by the appropriate authority/for associations, clubs & cooperatives/