something in amharic Normal Saving Account

Saving account is an interest bearing deposit that the Bank renders for Natural and legal persons (Individuals, organizations and associations) who can fulfill the Bank’s requirement. Normal saving accounts bear interest and the interest earned is credited to the saving account every month. Normal saving account can be opened with an initial deposit of Birr 25.00. However, it may be opened with zero balance for one month only. something in amharic

something in amharic Amana (Non-Interest bearing) saving Account

Non-interest bearing saving account is an account that is opened to fulfill the requests of those customers who don’t want interest payment for their deposits. It is similar with normal saving account but the bank shall not consider interest for the depositor for what so ever amount and period. something in amharic

something in amharic Maleda /Child Trust Account

Maleda/ Child Trust Account/ is high interest yielding saving account opened by parents/ guardians on behalf of their children for their future use when they turn 18 or older. something in amharic

something in amharic Nigat (Women) Saving Account

This is a special saving account targeting women with attractive interest rate to enhance their saving habits and economic benefits.
Women who engaged on a business and an association of women at least with 75% of women members are eligible to open such type of account. something in amharic

something in amharic Goh (Prosperity) Saving Account

It is a save for credit scheme that targets individual employees where they can save a certain amount of money to get loan for purchase of new/used vehicle and house. something in amharic

something in amharic Non-Resident Non-Transferrable Account

It is saving account used only for local payments by eligible entities to open foreign currency accounts. something in amharic

something in amharic Tutorship/Minor

Minor account is an account opened for under aged children (minors) by the parents/guardians or by the court order without any prevailing assumptions. something in amharic

something in amharic Pension Account

Pension account is a type of account wherein an employer is paying monthly retirement sum for pension entitled employees using this account. The pool of funds is then transferred from the account of Ethiopian Federal Democratic Republic Private Organization Employer agency to the pension entitled employee’s account after the Agency instructs the Bank to credit. something in amharic

something in amharic Interdicted person

Account for interdicted person is an account operated by the guardian on behalf of an interdicted person who temporarily or permanently lost his/her capability of exercising legal right as ordered by the court. In addition, a person who partially or permanently lost his mental capacity to operate the account shall be consider as insane Person and his/her account then shall be operate by tutor. The tutor shall be assigned by the court. something in amharic

something in amharic Staff Account

Staff Account is an account opened by Staff members of Wegagen. Staff account shall be treated like other individual accounts something in amharic

something in amharic Demand Deposit Account

Demand/current / checking/ deposit account is a non-interest bearing account and opened or operated by literate customers. In some instances, the Bank may offer interest to demand deposit with the fulfillment of the Bank predesigned criteria. something in amharic

something in amharic Special Demand Deposit

Special demand deposit account is an interest bearing demand deposit account that is opened to satisfy the requests of those customers’ who maintains a substantial amount of deposit.
This account mainly opened for corporate institutions / individual by the approval of by the Management. something in amharic

something in amharic NOW Account (withdrawal at Notice or Negotiable Order of Withdrawal)/Mixed Account

NOW Account is particularly tailored for institutions and business persons as well as large individual depositors who have less frequent withdrawals but entitles them with interest on the minimum balance for a given period.
It is high interest yielding account with privilege of cheque issuance like current accounts. something in amharic

something in amharic Linked (Zero Balance) Account

Mixed (Zero Balance) Account is an account that maintains a disbursing current account at “zero balance” and transfer funds for payment from a saving account in which any deposit of the account holder is maintained bearing saving interest rate.
It is tailored to attract large depositors by providing benefits of both current and saving accounts. (Interest calculated and paid at minimum monthly balance as per the term and tariff of the bank and use of cheque). something in amharic

something in amharic School Account

It is an account targeting mainly private schools and colleges with mixed nature of both checking and saving accounts. something in amharic

something in amharic Business Women /Entrepreneurs/ Account

This account is intended for women engaged in businesses with mixed nature of both checking and saving accounts. something in amharic

something in amharic Small & Medium Business Enterprise (SME) Account

This account is intended for small and Medium Enterprises, Associations, Trade Unions with mixed nature of both checking and saving accounts. something in amharic

something in amharic Fixed Time Deposit for Local Currency

Fixed time deposit account is intended for those depositors who want to surrender the fund for a certain period of time at a negotiated interest payment from banks. It pays higher interest than saving account but imposes conditions on the amount, withdrawal and interest payment.
Interest rate and maturity period of the deposit is set before opening by negotiation and varies depending on the amount and agreed maturity period. something in amharic

something in amharic Fixed Time Deposit for Foreign Currency account

Non-Resident Ethiopian and Non-Resident foreign nationals of Ethiopian Origin can open Non-Resident fixed time deposit account in foreign currency but the minimum maturity period for such account shall be six months.
The minimum amount required in an initial deposit to open a fixed deposit foreign currency account shall be USD 5,000.00 or its equivalent in any of the eligible foreign currencies.
Interest rate for such type of account shall determine in accordance with the international financial market rate (LIBOR Rate). something in amharic

N.B: LIBOR Rate: stands for London interbank offered rate. The interest rate at which banks offer for funds (wholesale money) to one another in the international interbank market. something in amharic

something in amharic Normal Saving Account

Any legally capable person can open an account.
The minimum balance to open a savings account shall be Birr 25.00. However, Savings account may be opened and maintained with zero balance for one month and if the customer failed to deposit within a month, the system shall close the account automatically.
Savings account can be opened and/or operated by a legal agent in the name of principal, against producing a power of attorney, which shall be attested by the bank’s legal service Directorate. The customer shall fill the account opening application form with full details i.e. resident address, profession, identification papers, etc.
Saving account opening process shall maintain maker and checker principles as stated in previous section of this procedure.
To open saving account, identification card issued by concerned organs, two passport size photos in hard copy or soft copy, and a specimen signature shall be captured on the account opening format from the customer by validating its legitimacy and undertaking proper KYC.
All account opening documents shall be kept and arranged in chronological order of the branch customer information (CIF) for each account type in a secured place with the Branch Auditor. In the absence of branch auditor those documents shall kept with the branch manager. something in amharic

something in amharic Visually Impaired Customers’ Accounts

Visually impaired customers are customers who lost their visual capacity. As a result, they cannot open and operate account by themselves. When such customer wants banking service, the following procedure shall be followed. something in amharic

something in amharic Saving Accounts for Illiterate

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something in amharic Accounts for Minor

To open a Minor Account, the following procedures shall be followed: something in amharic

1. The parent(s) or the guardian should fulfill the savings account opening formalities.
2. . The account should be in the name of the minor followed by the name of the signatory (signatories) with the addition of the words [parent (s) or guardian].
3. It should be opened and operated by the minor’s parent or by the legally appointed guardian as the case may be
4. Detail information of the minor’s parent or by the legally appointed guardian shall be properly filled on the system.
5. If one of the parents becomes incapable to exercise or loses their power of guardianship for various reasons, while the parents are operating the account jointly, the one who is vested with sole guardianship authority shall operate the account alone by producing a document, which ascertains the sole guardianship authorit
6. The Account should be opened in such a way that the Bank would be able to make payment:
   • To the minor when the minor attains maturity and produces a document to this effect.
   • To the surviving parent when one of the parents dies while the minor is still a minor
   • To his/her guardian appointed by the court when the parents die while the minor is a minor.