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December 12, 2018

  • Savings account is an interest bearing deposit that CBE renders for physical and legal persons (Individuals, organizations and associations) who can fulfill the Bank’s requirement and are legal.

  • The minimum balance to open a savings account should be Birr 25.00. However, Savings account may be opened and maintained with zero balance for one month.

  • Within one month, the account holder should credit at least a minimum of Birr 25.00 in his/her account. However, if the account is not credited in the specified period, it should be closed following the normal account closing procedure.
 Feature
  • The minimum balance to open a savings account is birr 25.00. Savings account, however, may be opened and maintained with zero balance for one month.
  • Savings account opened and maintained with zero balance will be closed unless the minimum amount of birr 25.00 is deposited within the specified period.
  • Can be opened and/or operated by a legal agent in the name of principal, against producing a power of attorney.
  • No maximum balance limit
  • Individuals, organizations, financial institutions, associations, clubs,etc can open and use this account
  • Can be operated jointly(AND or AND/OR)
  • Can be opened for the benefit of

A.      Minors( under aged individuals)

B.      Interdicted persons

C.      Bankrupt firms in liquidation

 Benefit
  • Interest bearing(7%), compounded………… and calculated…… basis
    • Meets financial requirement for
    • Emergency
    • Old age
    • Specific needs
    • Future investment
  • Security from fire and theft
  • Card convenience(provides access to ATMs to withdraw, enquire about balance, etc))
  • Monitor and control funds through passbook
  • Interbranch network to withdraw fund
 Required Document
  1. Individual trader
    • One valid and renewed I.D. card
    • Two recent passport size photograph
    • Tax Identification Number (TIN)
  2. Private Limited Company
    • Renewed Trade License 
    • Memorandum and article of association
    • Letter of request to open and operate the account, signed by the authorized person
    • Valid and renewed I.D. card of the authorized person to operate the account
    • Tax Identification Number (TIN)
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