Fixed Time Deposit
It is a type of deposit intended for depositors who want to save a specific amount of money for a certain period of time at a negotiated interest payment.
Sole Proprietorship, Private Limited Companies, Associations, International and governmental organizations, NGOs,Religious Organizations.
- The rate of interest is pre-specified by negotiation and varies depending on the amount and the agreed maturity period of time
- An instrument called Certificate of Deposit (CD) is issued to customers as an evidence for their deposits
- It is repayable after a pre-determined period of time
- If the depositor wants to withdraw the money before maturity date, he/she will forfeit the interest payment
Fixed time deposit request shall be
presented in formal written application
The minimum accepted deposit is
Birr 10,000 and the minimum maturity period is 90 days,