Check in Accounts
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Current account deposit is interchangeably named as Demand Deposit Account or Checking Account. Current account is demand deposit account. It is operated through checks. The Bank undertakes the obligation of paying all checks drawn against it by the customer till it has adequate fund in his account. The main purpose of current account is convenience of payment.
Accounts under this type can be opened by Individuals, Sole proprietary concerns, Partnership Firms, Companies, Clubs, Associations, Trusts, Gov’t, Cooperative Societies etc. this account is meant for Individuals/ Institutions having large number/ volume of transaction, mainly for meeting their day-to-day business and operational requirements.
– It is opened or operated only by customers who are literate
– No interest is provided on the balances
– For accounts of individuals, facility of withdrawal from ATM and Mobile banking facilities can be provided.
– The minimum initial deposit amount required to open a current account for individuals and individual trade operators is Birr 500.00( Five hundred) , and for Corporate bodies Birr 1,000.00( One thousand)
– Can be opened and/or operated by a legal agent in the name of the principal, through a power of attorney, which shall be confirmed by the Branch.