Current / Demand Deposit
Demand Deposit / Current Account / Checking account
It is an account from which money can be withdrawn without notice, typically an active account catering for frequent deposits and withdrawals by Cheque.
Product Features
- Safe and bears no interest rate
- No limit on transaction amounts
- Free and limitless inter and intra-bank transfer of funds (only local)
- Free monthly account statement
- ATM, POS, Payment Card, Internet & Mobile Banking Facility (for sole proprietors)
- Initial Deposit of 500 ETB is required to set up the account
- Minimum deposit amount should not be zero balance for more than three months
- No maximum Deposit and withdrawal limit
Eligibility Requirements
For Sole Proprietors
- Valid and renewed ID card, passport, Driving License, Other government issue ID cards
- Tin registration certificate, Renewed trade license and commercial registration certificate
- Initial Deposit
For Artificial Persons [Partnership, Assn., PLCs, Share Companies, etc.]
- Renewed trade license, commercial registration and certificate of the company
- Tin registration certificate
- Authenticated Memorandum and Article of association
- The minutes of the meeting of the board of directors held to discuss the opening and operation of the account
- A letter of request to open and operate the account
- A valid and renewed ID card of the authorized person