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.