No |
Savings'
Product Type |
Full Descriptions |
1. |
LOAN LNKED SAVINGS |
All depositors are borrowers |
|
a. Compulsory Savings
|
- Collected before loan disbursement from all borrowers.
-
10% for 1st cycle but 15% for 2nd
and above cycle except for individual loan.
-
Impossible to withdraw until all the group
members close their loan fully.
-
Its interest rate is 7% per annum and compounded
monthly.
|
|
b. Voluntary Savings
|
- Collected from all borrowers
-
Minimum amount is 20 br. and has no maximum
limitation.
-
Its interest rate is 7% per annum and compounded
monthly.
-
Possible to withdraw or adjust to loan
repayment/closing.
|
2. |
NON
LOAN LINKED SAVINGS |
Everybody can have it (borrowers and non borrowers) |
|
a.
Passbook Saving Account (PSA) |
-
Minimum amount to open an account is 20 Birr.
-
Possible to deposit and withdraw at any time (at
official working time).
-
Its interest rate is 7% per annum and compounded
monthly.
|
|
b.
Planned Time Deposit (PTD) |
-
Minimum amount to open an account is 20 Birr.
-
Its amount deposited periodically is the same
amount for the agreed term.
-
It is deposited periodically; daily, weekly,
biweekly or monthly.
-
Deposited for minimum of six months and maximum
of 5 years; in multiple of six months.
-
Its interest rate is 7% per annum and compounded
monthly.
|
|
c.
Flexible Planned Time Deposit (FPTD) |
-
Minimum amount to open an account is 20 Birr.
-
Its amount deposited periodically is at least the
agreed amount. I.e. possible to deposit greater than
the agreed amount.
-
It is deposited periodically; daily, weekly,
biweekly or monthly.
-
Deposited for minimum of six months and maximum
of 5 years; in multiple of six months.
-
Its interest rate is 7% per annum and compounded
monthly.
|
|
d.
Time Deposit (TD) |
-
Minimum amount to open an account is 1,000 Birr.
-
It is one time deposit.
-
Deposited for minimum of six months and maximum
of 3 years; in multiple of six months.
-
Its interest rate is 7% per annum and compounded
monthly for six months. But, 8% for more than 6
months.
|