No |
Savings'
Product Type |
Full Descriptions |
1. |
LOAN LNKED SAVINGS |
All depositors are borrowers |
|
a. Compulsory Savings
|
- It is the minimum amount of saving, which conditions borrowers` access to loans, and can be seen as a collateral substitute imposing a positive inducement for repayment.
-
Compulsory saving is the minimum amount of saving, which conditions borrowers` access to loans, and can be seen as a collateral substitute imposing a positive inducement for repayment.
-
Its interest rate is 7% per annum and compounded monthly..
|
|
b. Voluntary Savings
|
- Deposited by all borrowers.
-
Minimum amount is 20 br.
-
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) |
-
This is a normal saving with attractive interest rate for any clients.
-
Possible to deposit and withdraw at any time at office and Agent doors.
-
Its interest rate is 8% per annum and compounded monthly.
|
|
b.
Youth and Child Savings |
-
Minimum amount to open an account is 20 Birr.
-
This type of saving started to support childeren or youths under 18 years old.
-
Its interest rate is 8% per annum and compounded monthly..
|
|
c.
Flexible Planned Time Deposit (FPTD) |
-
Its amount deposited periodically is at least the agreed amount. i.e. possible to deposit greater than the agreed amount.
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It is deposited periodically; daily, weekly, biweekly or monthly.
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Its interest rate is 8% per annum and compounded monthly.
|
|
d.
Time Deposit (TD) |
-
This is a term based saving that individuals or groups should save their money for
a predefined period time and earn an attractive interest up to 17% per annum and compounded monthly.
|
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e.
Tatafata |
-
This is an individual saving type that customers should save for a predefined purose.
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It is expected to be deposited periodivally; daily, weekly, or monthly for atleast six months.
-
Its interest rate is 8% per annum and compounded monthly.
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