- Who can open FCY account?
- Embassies ,Diplomat
- Diplomatic mission staffs (with the exception of Ethiopian nationals)
- members of International Community
- international organizations and their organs
- Foreign Investors, NGO ,Non resident Ethiopian & Foreign Nationals of Ethiopian Origin
- Fixed time deposit account
- It is an interest bearing account with agreed maturity date.
- The minimum maturity period is three months.
- It is opened with an initial deposit of US Dollar 5,000 or its equivalent in any of the above stated currencies.
- Interest on such accounts shall be payable only if they are maintained at least for the minimum period.
- Interest income on such accounts is tax-free
- Current account
- It is operated by cheque book.
- It can be opened with an initial deposit of US Dollar 100 or its equivalent.
- The maximum amount to be deposited shall not exceed US Dollar 50,000 or its equivalent.
- Interest shall not be paid to a non-resident foreign currency current account.
- Non-repatriable Birr account
- Interest rate on such accounts shall be double of the minimum saving deposit rate set by the National Bank of Ethiopia.
- Money can neither be transferred from this account abroad nor from the local currency to any foreign currency.
- Currently 2x saving rate
Overdraft facility
- An overdraft account is a form of credit facility by which a customer is able to draw an amount up to the approved limit of the credit facility.
- The mode of operation is like a current account.
