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January 21, 2020

  • Demand Deposit Account (current or checking account) is a non-interest bearing account and is opened or operated by literate customers only.

  • Demand deposit 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 department or area offices or branch managers, as the case may be.

  • The minimum amount required by the bank to open a current account for individuals or individual trader is birr 500 and for others birr 1000.
  • Facilitates Business Transactions
  • Efficient method of paying bills
  • Safe method of Transmitting payments
  • Reduces the risk of losing money and theft
  • Eligibility Card Banking Services
  • Minimum balance to open this account is birr 500.00 for an individual and birr 1000.00 for organization
  • Can be opened and/or operated by a legal agent in the name of principal against producing a power of attorny
  • Can be operated jointly(AND or AND/OR)
 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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