Savings Account is an interest bearing (minimum 7%), deposit that CBE renders for physical and legal persons (Individuals, organizations and associations) who can fulfill the Bank’s requirement and are legal.
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.
These type of deposit is available for foreign residing nationalities of individual and companies or Ethiopians living abroad (who live more than one year abroad) and Ethiopians by origin but with different nationalities. The Accounts can be used for local payments. These accounts are non- interest bearing account (except fixed time Deposit and Diaspora Non-Repatriable) and source of deposits are foreign currencies that the bank exchange with. These products are available in selected branches of the Bank.
Fixed-Time Deposit Account is interest bearing account opened for a particular period (time) and with interest rate fixed by prior agreement made between CBE and the customer. The period of fixed time deposit is greater than or equal to 3 months. Withdrawal is not allowed before the maturity date. However, if the customer requests withdrawal before the maturity date, the withdrawn amount shall be entitled to the prevailing saving interest rate. Minimum initial deposit is Birr 10,000 or USD 5,000.00 or its equivalent in EURO or Pound Sterling.