Select Page

Certificate of Deposit / Fixed Time Deposit

It is a typically higher interest-bearing deposit account that has a specified date of maturity, such as a certificate of deposit (CD). The funds in time deposit must be held for the fixed term to receive the agreed up on interest rate.

Product Features
  • Higher interest rate than most savings accounts (interest payment will be on monthly bases using simple interest rate)
  • Withdrawals are not allowed until maturity
  • Fixed deposit certificate issued, which depositor has to produce at the time of maturity
  • Only one time deposit
  • Minimum deposit amount is set to be at least Birr 1,000,000
  • No maximum deposit limit
  • Minimum Maturity is 6 month with no maximum maturity limit
  • Offers advance interest payment upon opening the account
Eligibility Requirements

For Retail

  • Present valid and renewed ID card and two recent photographs (3×4)
  • 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