Domestic Banking

It performs overseeing the smooth operation of the branch network, handles operational queries and problems arising from branches, issues directives/memos to branches, supervises and supports branch performance, develops and ensures the proper delivery of the major banking services of the bank.

Major Services of the Banks

  • To mobilize deposits in the form of savings, demand and fixed time deposits
  • To grant loans and advances
  • To render international banking services
  • To open and maintain foreign currency accounts for Non-resident Ethiopian, foreigners and foreign organization entitled for such facilities
  • To provide international and local money transfer services and
  • To engage in foreign exchange transaction services.

Types of Deposit

Saving Deposit
These are passbook deposits accepted for an unlimited period of time on which the Bank is required to pay interest. The main aim of saving account is to enhance the society’s saving habits. Any person can open a saving account with an initial deposit amount that is not less than Birr 10.00 (ten) by filling the saving account application form provided; saving account may be opened in the name of a single person, jointly by two or more persons, legalized and registered associations and organizations of all descriptions.

Special Saving Deposits
This account is a saving account established for those who are interested to save with interest and also effect payment through cheques.

Demand Deposit (Current Account)
Demand deposit accounts are accounts maintained with a bank against which payments are authorized by cheques. The Bank is required to effect payment on demand and without prior notice.

Interest Free Saving Deposits
This account is to be opened for customers who do not want to earn interest in their deposit.

Fixed Time Deposits
These deposits are made for a fixed period of time against an agreed interest rate. A certificate of time deposit, which shows clearly the amount deposited, the due date, and the rate of interest are issued by the Bank as evidence thereof.

Documents required opening an Account For Individuals (Sole proprietorship)

  • Valid ID card  i.e. driver’s license, military ID, kebele ID card, passport, resident permit (for foreigners) and employing organization’s ID
  • The ID cards should be renewed
  • Two recent passport size photographs