This account is virtually the same as current accounts and operated by Cheques. The majority of the IFB current accounts follow the principle of Qard Hassan that is a free loan to the bank, which is used for investment and other purposes. Guarantee to the principal amount and payment conveniences are the two basic benefits of the depositors.
Required documents to open an Account
- The minimum amount to open this account is Birr 1,000.00 (Birr one thousand) for companies, associations and enterprises, etc and Birr 500.00 (Birr five hundred) for individuals.
- Account operation shall be through the use of Cheque Books and formats prepared for this purpose.
- The Bank undertakes to pay on demand any amounts outstanding in the Demand Account in full.
- The Bank may request service charge, to be determined from time to time, in relation to the operation of this account, for instance for Cheque Book issuance.
- No overdraw is allowed on demand or Qard accounts.