Wadiah Saving is an account that will be provided for the safekeeping of funds without any financial benefit whereby the depositors are guaranteed repayment of their funds.
The major features of this account are the following:
Opened foran unspecifiedperiod and operated by passbook which is created for this account.
Operated through withdrawal and deposit slips which arespecifically prepared for the operation
It can be opened by natural and legal persons (individual organizations or associations) who can fulfill the bank’s requirement in domestic currency;
A minimum balance of Birr 50 (fifty) is required to open aWadiahsavings account;
The branch has the right to open a savings account with a ‘zero balance’ which will stay for one month. If the customer does not deposit the minimum deposit requirement within one month, the branch will close the account following the account closing procedure;
It can be opened and/or operated by a legal agent in the name of the principal provided that she or he/it can produce a power of attorney, which shall be attested by the bank’s Legal Services, its area offices or Branch Managers;
Customers/Depositors are issued withor without passbooks based on their interest;
It can be opened by natural and legal persons (individuals, organizations, or associations) who can fulfill the bank’s requirement in domestic currency;
A minimum balance of Birr 50 (fifty) is required to open aWadiahsavings account;
The branch has the right to open a savings account with a ‘zero balance’ which will stay for one month. If the customer does not deposit the minimum deposit requirement within one month, the branch will close the account following the account closing procedure;
It can be opened and/or operated by a legal agent in the name of the principal provided that she or he/it can produce a power of attorney, which shall be attested by the bank’s Legal Services, its area offices or Branch Managers;
Customers/Depositors are issued withor without passbooks based on their interest;
