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 3/ 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.