As much as we would like to, we probably will not be able to answer every question we receive. However, we have compiled a list of many of the more commonly asked questions and answers.
What is a saving account?
- It is an interest bearing account
- The Account will be opened with null balance; however, account holders should deposit the required amount within a month to activate the account.
- There is no maximum balance required
- Interest is calculated on the minimum balance of each month
- Individuals organizations, Financial institutions, Associations and clubs etc. can open and use this account
- Suitable for Joint or sole accounts
what benefits does saving provide?
- It serves as a security for
- Old age
- Specific needs
- Security from fire and theft
- It facilitates future investment
what is fixed time deposit?
- It is an interest bearing account with agreed maturity date and interest rate fixed for the agreed period
- Pre-mature withdrawal is allowed subject to condition benefits
- Interest rate is guaranteed for the term of the deposit irrespective of market fluctuations
what is an atm? and how can i use it?
ATM is Automatic Teller Machine installed or approved by the bank by which a card holder can initiate or effect money withdrawals from or transfers balance between accounts. To use the ATM, you will need a Berhan Debit Card. Please inquire at your nearest branch.
- Insert your card into the ATM slot
- Choose the language you prefer (English or Amharic)
- Select the language by pressing the button next to “English” or “Amharic” on the screen
- Insert your personal identification number (PIN) as requested by the ATM by pressing the number keys
- Wait until your PIN is confirmed and press the button for the action you require
what is the current deposit interest rate?
As per NBE’s requirement, the minimum saving and time deposit rates at 5%, however depending on the type of account opened and the volume of deposit the Bank may pay higher interest rates.
what is a current/checking account?
- Is a transactional account held at the Bank that allows frequent withdrawals and deposits
- Available for all personal, business, government and non-government customers
how is interest on saving accounts calculated?
Interest is calculated at the end of every month based on the minimum amount in the account during the month. The prevailing interest rate set by the Bank is used.
what is the lending rate of banks?
The nominal interest rate set by the National Bank of Ethiopia is 8.5%, however, each bank is free to determine its lending rates above the nominal rate.
what is required to participate in the auction of treasury bills?
A minimum of ETB 5,000 is required to participate in the auction of Treasury Bills.
can i get foreign currency to pay for education, subscriptions, health, etc?
Yes, it is possible. All individuals who are eligible may get foreign currency for the above stated and other purposes.
How many financial institutes
i.e. banks, insurance companies & micro finance (mfis) organizations) are there in Ethiopia?
Adjust content as follows There are 16 private and 2 government owned banks, 17 private and one government owned insurance companies and 35 Microfinance institutions
what are the Ethiopian currency denominations?
The Ethiopian currency has 1, 5, 10, 50 and 100 birr notes and 5, 10, 25, 50 cents coins.
Can I exchange foreign currency to Birr?
Yes, please visit any of our branches. You may also refer to our Forex Service page for exchange rates.
Can i use foreign credit card with Berhan?
We are currently in the process of commencing the service.
Can i deposit foreign currency in my account?
There are various accounts you may open if you are an Ethiopian national living and working abroad or non-resident foreign nationals of Ethiopian origin. Please refer to our “Diaspora Banking” page for more information.
What should I do, if I find a counterfeit?
You should immediately report the case to the police.
Can I use credit card in Ethiopia? Which types of credit cards are used in the country?
Yes. But only few paces give credit cared services for customers. Since 2006, Domestic banks have also started to issue credit cards and one can use these credit cards. In Ethiopia, American Express, Master, Visa, Diners Club and Cart Blanche, and Euro cards are used.
Is it possible to transact in foreign currency?
Only certified hotels, duty free shops, immigration offices. Civil Aviation authority and airline ticket offices are entitled to accept payments in foreign currency.
Can I deposit a foreign currency in my account?
All Ethiopian nationals living and working abroad and non-resident foreign nationals of Ethiopian origin can open fixed (time deposit), current and non-reparable Birr account in commercial banks.