It is an amount of cash deposited for a specific period of time. It is interchangeably named as Certificate of Deposit Account, Term Deposit Account. Time Liabilities or Fixed Time Deposit. It is an interest bearing deposit account, whereby interest is paid for fund deposited for fixed agreed period. Term deposit may be accepted for Month, Years or their combination, as per request of customer.
- The minimum period of accepting a fixed-time deposit shall be three months
- The minimum amount acceptable for a fixed-time deposit is Birr 500,000 ( Five hundred thousand)
- The deposit are repayable to the customer on expiry of the period for which the deposit is made along with the interest accrued
- The longer the deposit remains in the possession of the Bank, the higher the rate of the interest to be earned