► Demand Deposit
Demand Deposit Account (current or checking account) is a non-interest bearing account opened or operated by literate customers only, whereby, the operation is normally made by a cheque, which is issued by the Bank to the account holder. However, withdrawals may also be made from current accounts by preparing appropriate debit tickets on the strength of written instructions of the account holder, for collection of bank service charges, repayments of loans etc…
The main features of current account is that there is neither restriction on the amount of funds to be withdrawn at a time nor advance notice is required as long as there are sufficient funds in the account to cover the payment.
Generally, the main users of current account are companies and organizations, who usually have large cash transactions.
► Saving Deposit
Savings account is an interest bearing deposit. Individuals, organizations and associations can maintain saving accounts as long as they are legal and meet the procedural requirements set by the Bank.
Saving account is opened with the minimum initial deposit of only Birr 50.00. Passbook is issued to record deposits, withdrawals and interest earned on the deposit.
Deposit and withdrawal of savings account shall be made upon presentation of the passbook issued to the account holder at the time of opening. If withdrawal is to be made from the branch other than where the account is kept, the customer will get the service without charges.
► Fixed Time Deposit
Fixed time deposit is a deposit mobilized for a specific period of time. It attracts higher interest rate than the prevailing saving interest rate.
The minimum period of accepting fixed time deposit is six months. The interest rates applied vary depending on the amount and duration of the deposit, that is the bigger the amount deposited and the longer the time of maturity, the higher the interest rate applied.
If the customer withdraws the deposit before the mutually agreed maturity date, he/she shall forfeit the accrued interest payable to the depositor.
► Non –Resident Accounts:-
- Non-Resident Birr & Foreign Currency deposits, Read More (Link) These types of accounts are opened for eligible non-residents of Ethiopia to facilitate payments by the international community, foreign business community, individuals, international organizations and their employees.
The major types of non-resident accounts opened by Awash International Bank are:
- Non-Resident Foreign Currency a/c (NR-FCY a/c), Read More (Link) This type of account is kept in hard currency. Deposits can be made from transfer in hard currency, foreign cash notes, travelers’ checks and checks drawn on a non-resident account. Holders of this account could draw foreign currency to effect payment, to cover travel expenses and make transfers abroad etc.
- Non-Resident transferable Birr a/c (NR-T Birr a/c), Read More (Link) this account has the same features and use as NR-FCY a/c except it is denominated in Birr (local currency)
- Non-Resident Non-Transferable Birr a/c (NR-NT Birr a/c), Read More (Link) This account is intended to facilitate payments locally in Birr; Foreign exchange permit is required to make transfers abroad from this account.
- Non-Resident Accounts for Ethiopian Diaspora, Read More (Link) Ethiopians who live abroad and foreign nationals of Ethiopian origin are eligible to open this account. The account can be opened in person or through authenticated communication from their places of residence.