Saving Deposit Account
A saving account is an interest-bearing deposit which can be opened with a minimum acceptable balance of Birr 25.00. It can also be opened with a zero balance; however it should have a minimum deposit balance of Birr 25.00 within a month.
Demand/ Current Account
A demand deposit account (current or chequing account) is a non-interest bearing account. To open this account, the minimum amount of money required for individuals or individual trade operators is Birr 250.00/ Two Hundred Fifty Birr, while for PLCs & others, it is Birr 500.00/ Five Hundred Birr. The account is operated by cheque.
Fixed – Time Deposit Account
It’s a deposit received for a certain period of time, it provides an attractive and higher interest rate. The minimum balance for a fixed-time deposit is Birr 100,000.00/ One Hundred Thousand Birr/.
Special Saving Account (SSA) or Negotiable Order of Withdrawal (NOW) Account
The minimum initial deposit for NOW account is Birr 1,000.00/ One Thousand Birr. An account having less than Birr 50,000.00/ Fifty Thousand Birr shall not bear any interest. To be eligible for interest, the frequency of withdrawals should be limited to three times per month. No passbook is required to operate SSA/ NOW account; instead a checkbook will be issued.
Provident Fund Account
This account is opened for administration of provident funds accounts.
Foreign – Currency Accounts
A foreign-currency account is an account in which the source of fund is overseas and can be maintained in hard currency or in Birr. Major types of foreign currency accounts are:
- Non-Resident Non-transferable,
- Non-Resident Transferable,
- Non-Resident Transferable Foreign-Currency,
- Diaspora Accounts.
Local Money Transfer Services
Both incoming and outgoing local money transfer services are rendered in all of Abay Bank’s branches.