Savings account is an interest bearing deposit that CBE renders for physical and legal persons (Individuals, organizations and associations) who can fulfill the Bank’s requirement and are legal.
The minimum balance to open a savings account should be Birr 25.00. However, Savings account may be opened and maintained with zero balance for one month.
Within one month, the account holder should credit at least a minimum of Birr 25.00 in his/her account. However, if the account is not credited in the specified period, it should be closed following the normal account closing procedure.
Savings account can be opened and/or operated by a legal agent in the name of principal, against producing a power of attorney, which shall be attested by the bank’s legal service department or area offices or branch managers, as the case may be.
Interest (5%) is calculated on the minimum balance of each month and paid
Clik here to read about the documents required to open a local currency accounts.
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