These are types of deposits accepted for unlimited period of time on which the Bank is required to pay interest as per the bank’s term and tariff which is set on top of NBE’s floor interest rate. The deposits in this account have no defined maturity and remain with the Bank as long as the depositor wishes. Individuals, organizations and associations can maintain saving account as long as they meet the requirement and are legal.
1. Accounts for Minors (for persons who have not reached the age of 18 years old)
2. Women Saving Account
2.1. Individual Customers
- Individual women
- Minor women (through parent or guardian)
- Incapacitated women (through guardian)
2.2. Corporate Customers
- Women trade operators
- Idirs, Clubs and other associations established by community
- Women organizations legally incorporated in the form of joint venture partnership and others owned by women shareholders only
- Women cooperatives; and
- Women unions
3. Child Trust Fund Account
- It is type of account to encourage parents and minors to save for future investment by the minors.
- It enables customers gain higher interest rate than ordinary saving accounts.
4.Youth Saving Account (For youth aged in between 18-24)
- Can be opened individually or jointly
- Can be opened with zero balance.
- But the customer has to agree to make deposit within a month since the opening withdrawal at any time..
- Any legal or Natural person can open saving account with an initial deposit amount not less than ETB 25.00 (Twenty Five Birr).
- In exceptional cases, however, a saving account may be opened and maintained with zero balance for a period only one month like for salary account, account for foreign remittance and etc.
- Within one month the account holder should credit at least a minimum of ETB 25.00 (Twenty Five Birr) in his/her account.
- If the account is not credited within the specific period of time, nonetheless, it should be closed in accordance with the provisions of the normal account-closing procedure.
- Bears impressive interest rate compounded every month on the minimum balance of the month.
Current Account/ Demand Deposits
Current accounts are meant to facilitate operational fund balances for individuals/institutions having relatively larger volume of transactions.
- Payments from current accounts are authorized by cheque.
- The bank is required to effect payment on demand without prior notice.
- The minimum initial deposit required to open a current/demand account for individual or individual trade operators is ETB 250.00 (Two Hundred Fifty Birr).
- Such account is liable to a charge by way of inactive fees for every six months if the balance is less than ETB 250.00 (Two Hundred Fifty Birr) for six months.
- Bears no interest rate.
Fixed Time Deposit
Fixed time deposits are money deposits accepted for a specific period at a specific rate of interest.
- Accrue higher interest rates.
- Higher deposit amounts with longer term of deposits.
- At maturity, the branch pays to the depositor the principal along with the agreed interest that has accrued upon receipt of the original certificate.
- If the depositor withdraws the money before maturity, she/he forfeits the interest.
- If the customer fails to appear on maturity, he interest plus the principal should be transferred to her/his accounts or shall be renewed for a further period depending on the instructions given by the customer at time of the agreement.
- The minimum balance acceptable for a fixed time deposit is ETB 100,000.00 (One Hundred Thousand Birr).
- The minimum period of accepting a fixed time deposit shall be six months. However, the Bank may negotiate periods less than six months.