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Special Saving Account for Elders

 

  1. Background

Elders/senior citizens have spent a lifetime working, creating life and chiseling paths in the roughest terrains for the ease of the generations that are to follow them. Because of these facts, elders need to be honored with various facilities and considerations that are tasked to make their lives better.

In order to acknowledge/honor their contributions and make their “golden years” better, Awash Bank has introduced Special Saving Account for Elders (SSAE), with a wide collections of attractive banking programs and facilities.

  1. Objectives
  • To adapt to the needs of golden age society and improve their satisfaction.
  • To encourage the elders to save for their golden age consumption before the retirement age reaches
  • To Discharge Bank’s part in social responsibility to take care of seniors by offering a good return for their life time hard earned savings and helping them manage their money through special services with pride and respect.
  1. Features of Special Saving Accounts for Elders (SSAE)
  • It is designed to empower elder citizens to independently carryout the day-to-day banking transactions with dignity and confidence.
  • SSAE allows to enjoy the freedom of continuing to save, while ensuring higher guaranteed returns and liquidity.
  • It is designed to make banking an enjoyable experience. It is an account that offers convenience and cost saving benefits to.
  • Superlative product which facilitates banking transactions with hosts of facilities catering to the needs of elders.
  • special benefits and value propositions carried by SSAEs include, but not limited to;

 

3.1.  Hassle Free Processing

These facilities help elders to carryout hassle free day-to-day banking transactions independently;

  • Simple to open and operate the account
  • Elders will be assisted by branch’s staff
  • Service on priority (without having to wait in queues) and special attention given them.
  • designated special Senior Citizen desks in branches with sufficient spaces,
  • Direct access to ROs and other frontline staff so that they will be provided the services they need without having without having to wait in queues.
  • Only minimal KYC documents that attest the client’s identity and age will be required.

3.2.  Better Customer Service

  • The Bank serves the elders with staff who are well trained to;
    • recognize the specific needs of elders, to listen to and respond appropriately;
    • Handle unusual requests and situations of vulnerability, especially relating to cognitive decline, scams and financial abuse.

3.3.  Superior Returns

3.4.  Priority Services

  • Elders will receive a priority service from all Awash Bank branches.
  • They will not have to wait in queues.
  • ROs/other branch marketing staff provide most age friendly way of banking for elders on priority.

3.5.  Easy Access

  • Elders can enjoy fast, convenient and 24 x 7 unlimited access points to their accounts from anywhere through Online Banking, Mobile and/or through ATMs.

3.6.  Special Discounts and Perks

3.7.  Joint Ownership

  • Elders are free to appoint his/her spouse or any other person as a joint account holder, regardless of the latter’s age.
  1. Eligibility Criteria to open and operate Special Saving Account for Elders
  • In the case of joint account, the primary accountholder has to be an “elder”.
  1. Better Interest Rates
  2. Operation of the SSAE
  • The account can be operated using ATM, POS, Internet, passbook, mobile, etc
  • Special passbook is offered for the Account holders
  1. Documents Required to Open the Account – KYC and Age Verification Document
  • Valid Kebele ID card showing the date of birth
  • Passport indicating the date of birth
  • Birth Certificate issued by an authorized body,
  • Pension book, etc.