Domestic Deposit Product

Saving Account

Features and Benefits

  • 7 % Interest bearing compounded monthly
  • Opened individually or jointly
  • Can be opened with zero balance
  • Operated by passbook, debit card, mobile banking and internet banking

Eligible Entities

  • All natural and legal persons
  • Minors through parents or guardian
  • Interdicted persons through legal guardians

Demand Account

Features and Benefits

  • Non-interest bearing account
  • Can be operated using cheque , card, mobile and internet banking
  • Opening minimum balance of Birr 1,000.00
  • Facilitate business transaction
  • No restrictions on the number withdrawals

Eligible Entities

  • All natural and legal persons

Fixed Time Deposit

Features and Benefits

  • Opened for fixed agreed period
  • A certificate of deposit issued for the customer
  • Attractive interest rate

Eligible entities

  • All natural and legal persons
  • Minors through parents or guardian
  • Interdicted persons through legal guardians

Foreign Currency Deposit

 Features and Benefit

  • Interest bearing maintained in USD,Euroor GBP
  • Minimum initial deposit 50 USD
  • Withdrawal allowed in Birr
  • Used for purposes of travel, medical and education fee
  • Account can be credited
    • foreign currency cash note
    • FCY transferred through bank system
    • International remittance service provider transfer
    • Cheque to be drawn from NR FCY accounts
    • Higher interest rate
    • Opened individually or jointly

Eligible Criteria

  • Resident of Ethiopia
  • Non Resident Ethiopian
  • Non Resident Foreign Nationals of Ethiopian Origin
Features and Benefit 
  • Can be opened through
  • In person
  • Ethiopian Embassy
  • correspondent banks
  • remittance service providers
  • Individual and/or entity can open
  • Two or more eligible joint depositor can open jointly
  • Account can be credited through
    • Banking system by the account holder
    • His/her spouse,
    • His/her employer
    • Business entity owned by the account holder
  • Cash deposit up to USD 3000 or equivalent acceptable currency

Features and Benefit             

  • Interest bearing foreign currency saving account
  • To be maintained in Birr for local payments
  • Minimum to open the balance is USD 100 or its equivalent  
  • Attractive interest rate compounded monthly

Eligible Criteria

  • Non Resident Ethiopian
  • Non Resident Foreign Nationals of Ethiopian Origin

Features and Benefit

  • Current account withdrawal by cheque
  • Minimum initial deposit is USD 100 or its equivalent

Eligible Criteria

  • Non Resident Ethiopian and Non Resident Foreign Nationals of Ethiopian Origin

Features and Benefit

  • The form of fixed or time deposit
  • Deposit certificate, issued in  the name of depositor
  • The minimum initial deposit is USD 5000 or other equivalent currency
  • Maturity period and interest rate shall be agreed
  • Minimum maturity period is three months

Eligible Criteria

  • Non Resident Ethiopian and Non Resident Foreign Nationals of Ethiopian Origin

Features and Benefit

  • Account opened with authorization from NBE
  • Can transferred (repatriate) without obtaining exchange control permit
  • The accounts credited by
    • Transfer from abroad
    • Payments from residents of Ethiopia
    • Payment from Other NR accounts
  • These accounts can be debited
    • cash withdrawal in birr
    • transfer to other local currency account or NR account
    • sale of foreign currency
    • Cheques drawn in favor of any person resident outside Ethiopia.

Eligible

  • Foreign Embassies, Legations, Consulate, (Except Honorary consulates)
  • United Nation and Africa Union Organizations
  • Non-Residents of Ethiopia
  • Residents of Ethiopia who qualify for the remittance of funds abroad ( g. NGOs)
  • Official members of Diplomatic Corps holding Diplomatic Passports

Features and Benefit   

  • A duplicate of NR foreign currency account except maintained in local currency (Birr)

Eligible Criteria

  • Foreign Embassies, Legations, Consulate, (Except Honorary consulates)
  • United Nation and Africa Union Organizations
  • Non-Residents of Ethiopia
  • Residents of Ethiopia’s who qualify for the remittance of funds from abroad( like NGOs)
  • Letter of Authorization from NBE

Features and Benefit 

  • Designed for Staff members of Diplomatic mission and UN organizations
  • Credited with
    • foreign transfer from abroad
    • from other NRT Birr or NR fcy account
    • payment from residents of Ethiopia with authorization of Exchange control
  • Account shall be debited to effect various payments in local currency

Eligible Criteria

  • Foreign Employees of Embassies, consulates, Legations, ECA, AU, UN who are not holders of Diplomatic Passport or its Equivalent
  • Incentivize for exporter of goods, services and recipients of inward remittance.

Features of the Product

  • Recipients shall retain 20% of their earning in foreign currency.

Eligible

  • Exporter of goods/Service
  • Recipients of inward remittance
  • Merchants and/ or Entities licensed by NBE who receive foreign currency electronic payment.

Account Opening

Natural person saving Account Opening

  • Valid and renewed ID cards
  • Two Recent photographs

Foreigners residing in Ethiopia (Ethiopian Origin)

  • Work/resident permit
  •  Passport
  • Two Recent photographs

Foreigners residing in Ethiopia

  • Work permit and Employment ID
  • Diplomatic Passports
  • Two Recent photographs