Fixed Time Deposit
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
