Deposit

Saving Account Products

• Tsedey Muday (ፀደይ ሙዳይ) Saving Account

  The Muday Saving Account is a savings product designed to meet the needs of individuals looking to achieve both short-term and long-term financial goals through a secure and structured saving mechanism. The core feature of the product revolves around the use of a traditional Muday box, a physical saving tool that allows users to save money incrementally over time. This product taps into the culturally familiar concept of the “Muday”, providing a modernized financial service that resonates with traditional values of saving.

  
  

  Features of Tsedey Muday (ፀደይ ሙዳይ) Saving Account

  
  

  i. An initial/minimum deposit of Birr 100.00 is required.

  ii. A single deposit of Birr 2,000.00 also qualifies the customer for a box.

  iii. Once eligibility is met, Birr 2,000.00 will be frozen.

  iv. No withdrawals are allowed until the account balance reaches Birr 2,000.00. However, if the account holder chooses to withdraw before reaching this threshold, the account will be closed and the remaining balance will be transferred to an ordinary savings account.

  v. The account bears an attractive interest rate of 7.50% per annum.

  vi. Customers can access their accounts through mobile, internet, POS, or ATM channels.

  vii. Customers can withdraw any amount at any time, provided they maintain a minimum balance excluding the frozen fund.

  viii. Keys to the Muday box will be securely stored at the branch. The box will only be opened by the branch manager or an authorized delegate in the customer’s presence, with funds counted and deposited into the Muday saving account.

  ix. The Bank offers door-to-door collection services for customer convenience.

  x. The Muday box is uniquely designed to appeal to children and women product users.

  xi. In the event of account closure, customers must return the Muday box to the responsible branch.

  xii. If the box is damaged, the frozen deposit amount of Birr 2,000.00 will be forfeited as a penalty.

  
  

• Tsedey Muday (ፀደይ ሙዳይ) Saving Account

  The Muday Saving Account is a savings product designed to meet the needs of individuals looking to achieve both short-term and long-term financial goals through a secure and structured saving mechanism. The core feature of the product revolves around the use of a traditional Muday box, a physical saving tool that allows users to save money incrementally over time. This product taps into the culturally familiar concept of the “Muday”, providing a modernized financial service that resonates with traditional values of saving.

  
  

  Features of Tsedey Muday (ፀደይ ሙዳይ) Saving Account

  
  

  i. An initial/minimum deposit of Birr 100.00 is required;

  ii. A single deposit of Birr 2,000.00 also qualifies the customer for a box;

  iii. Once eligibility is met, Birr 2,000.00 will be frozen;

  iv. No withdrawals are allowed until the account balance reaches Birr 2,000.00. However, if the account holder chooses to withdraw before reaching this threshold, the account will be closed and the remaining balance will be transferred to an ordinary savings account;

  v. The account bears an attractive interest rate of 7.50% per annum;

  vi. Customers can access their accounts through mobile, internet, POS, or ATM channels;

  vii. Customers can withdraw any amount at any time, provided they maintain a minimum balance excluding the frozen fund;

  viii. Keys to the Muday box will be securely stored at the branch. The box will only be opened by the branch manager or an authorized delegate in the customer’s presence, with funds counted and deposited into the Muday saving account;

  ix. The Bank offers door-to-door collection services for customer convenience;

  x. The Muday box is uniquely designed to appeal to children and women product users;

  xi. In the event of account closure, customers must return the Muday box to the responsible branch;

  xii. If the box is damaged, the frozen deposit amount of Birr 2,000.00 will be forfeited as a penalty.

  
  

• Normal Saving Account

  Normal Saving account is an interest-bearing deposit product that the Bank maintains for natural and legal persons (organizations and associations) who can fulfill the Bank’s requirement.

  
  

  Features of Normal / Ordinary/ Saving Account

  
  

  i. It bears normal saving interest rate (7%) which is compounded monthly and the interest is calculated on the minimum balance of the month;

  ii. It can be opened individually, jointly and by corporate entities;

  iii. The minimum balance to open normal saving account that qualifies for interest computation shall not be less than Birr 100 (one hundred Birr). However, it can be opened and maintained with zero balance for one month and if the customer failed to deposit within a month, the system shall close the account automatically.

  iv. It can be operated by cash withdrawal slip, and linked with digital banking services such as ATM card, and Mobile and Internet banking as per customer request;

  v. Account holders can withdraw his/ her money at any time and any amount but as per NBE directive;

  vi. To maintain the account there must be minimum balance at any time;

  vii. It can be opened with or without passbook based on the customer preference.

                                        

  
  

  
  

• Amba (አምባ) Saving Account

  Features of Amba Saving Account

  
  

  i. The account can be opened by Ethiopian senior citizens at the age of 50 and older;

  ii. Tsedey Bank Offers the product to retired military personnel, teachers, medical professionals or any other retired individuals with a legal document of retirement irrespective of the age limit, subject to the fulfilment of other specified conditions;

  iii. The Bank offer the product to those opening an account jointly, where either party shall be at least 50 years old or retired;

  iv. The Minimum initial amount shall be Birr 100 (one hundred only);

  v. Tsedey Bank offers progressive interest rate

  vi. The account can be accessed through Tsedey mobile banking and ATM cards;

  vii. The Bank cover a one-time 50% of the initial debit card issuance fee for each customer;

  viii. Senior Citizens with active saving account at Tsedey Bank can access a digital microloan. This loan is easily accessible and managed entirely through their mobile phone.

  ix. The account holder will be given priority service at all bank branches;

  x. Arrangements for cash delivery to the account holder’s residence if they are unable to visit the Bank;

  xi. A distinctive passbook will be designed.

  xii. The Bank will dedicate a one special day to celebrate Senior Citizens, accompanied by reward or recognition programs tailored to customer deposit levels.

  
  

• Tatariwoch Yehawala Saving Account (ታታሪዎች የሐዋላ ቁጠባ)

  Features of Tatariwoch Yehawala Saving Account

  
  

  i. A customer can open the account at any Tsedey Bank branch and also onboard its-self trough electronically via unite.et mobile application; 

  ii. Two or more depositors may jointly open a single account;

  iii. The account can be maintained in US Dollar, Pound Sterling, Euro, and other convertible currencies such as Canadian Dollar, Chinese Yuan, Saudi Riyal, Japanese Yen, Australian Dollar, and UAE Dirham;

  iv. Initial deposit for Tatariwoch Yehawala FCY is USD 100.00 or equivalent in acceptable FCY;

  v. Customers can choose between interest-bearing and non-interest-bearing accounts;

  vi. The account provides loan access and allows withdrawal of 10% of the FCY balance via debit card and acceptable for only FCY saving;

  vii. Customers can sell all or part of their account balance back to the branch;

  viii. The account can be used as cash collateral for local currency credit, in line with the bank’s credit policies;

  ix. Customers can close their accounts at any time.

  
  

• Tsedey Agar (ፀደይ አጋር) Saving Account

  Features of Tsedey Agar Saving Account

  
  

  i. Can be opened by a legally capable individuals, organizations companies, cooperatives Idirs, and any entities;

  ii. The Bank may design a special passbook or put a special sticker on the existing passbook;

  iii. The minimum initial amount shall be Birr 500.00 (Five Hunder) for individual and Birr 1,000.00 (One Thousand) for Business.

  iv. Offers an interest rate ranging from 7.5% to 10% per annum. However, to benefit from the higher interest tier, a minimum account balance of Birr 50, 0000 (Fifty Thousand) is required with the following range of deposit and incremental interest rate benefits;

  v. Account holder can withdraw his/ her money at any time and any amount as per NBE directive; Howerever, to qualify for the additional interest rates residing in each tier a monthly cumulative withdrawal must remain below 25% of the deposited amount within the same month;

  vi. Withdrawals exceeding 25% of the deposited amount within a month will result in the forfeit of the additional annual interest rate, and return to the regular saving interest rate for that particular month;

  vii. Up on request, account statements shall be given at any of our nearest branches for free of charges; and

  viii. The customer can set up an automatic transfer instruction from their regular account (s) into their investment saving account for free of charges.

  
  

• Birtu (ብርቱ) Young Adult Saving Account

  Features of Birtu Young Adult Saving Product

  
  

  i. Can be opened individually or jointly as long as all the members are in the specific age group;

  ii. The minimum initial deposit shall be Birr 100 (one hundred only) and has to be maintained to qualify for interest calculation;

  iii. Can be operated with or without a passbook and enjoy digital access through mobile banking, internet banking, and ATM withdrawals;

  iv. The account holder shall earn a 7.55% interest rate. However, to qualify for 7.55% interest rate, account holders (existing and new) must maintain a minimum balance of ETB 12,000 (Twelve Thousand Birr) throughout the month. Otherwise, they will earn the 7.125%;

  v. The account holder can deposit and withdraw funds at any Tsedey Bank branch;

  vi. Gain access to loans for larger expenses like financing education or starting a business;

  vii. The account holder may be eligible for discounted loan interest rates on certain loan products; (Loan approval and interest rates are subject to the Bank's creditworthiness assessment and prevailing market conditions);

  viii. Annual consultations with financial planning experts to discuss long-term financial goals;

  ix. Preferential treatment and speed-up processing for students requesting apprenticeships at Tsedey Bank;

  x. The account can be opened with zero balance as long as the customer agrees to deposit within the month;

  xi. Upon reaching 25, the account will automatically convert to an Ordinary Savings Account if the holder is male.

  xii. For female holders, the account will manually convert to either an Ordinary Savings Account or a Women's Savings Account, based on their individual needs and preferences.

  
  

• Biruh (ብሩህ) Saving Account

  Features of Biruh Saving Account

  
  

  i.The minimum initial deposit shall be Birr 100 (one hundred only) and has to be maintained to qualify for interest calculation;

  ii.The account must be operated with a passbook;

  iii.The account prioritizes teaching responsible saving habits. For this reason, it offers little supervision of mobile banking and NO internet banking or ATM card access;

  iv.The account can only be withdrawn through any Tsedey Bank branch;

  v.Account holders can make unlimited withdrawals per month, up to 25% of their current balance;

  vi.The account holder shall earn an 8% interest rate; however, if the account holder makes more withdrawals than the set limit, the preferential interest rate will be forfeited for that specific month;

  vii.To qualify for the new, higher interest rates on their savings accounts, account holders (existing and new) must maintain a minimum balance of ETB 12,000 (Twelve Thousand Birr) throughout the month. Otherwise, they will earn 7% interest rate;

  viii.The account can be opened with zero balance as long as the customer agrees to deposit within the month;

  ix.Parents or guardians managing a Teen Youth savings account at Tsedey Bank can access a digital microloan specifically designed to cover the child's education expenses. This loan will be accessible and managed entirely through their mobile phones;

  x.When the account holder reaches 18 years of age, the account will be automatically converted to a Young Adult Savings Account.

  
  

• Finot (ፍኖት) Saving Account

  Features of Finot Saving Account 

  
  

  i.The minimum initial deposit shall be Birr 100 (Fifty only) and has to be maintained to qualify for interest calculation.

  ii. The account must be operated with a passbook and handled by the parents or guardians;

  iii. Withdrawals can only be made through any Tsedey Bank branch.

  iv. Account holders can make unlimited withdrawals per month, up to 25% of their current balance.

  v. Exceeding the withdrawal limit will result in forfeiting the preferential interest rate for that month.

  vi.The account earns a competitive interest rate of 7.66%. However, to qualify for the new, higher interest rates on their savings accounts, account holders (existing and new) must maintain a minimum balance of ETB 12,000 (Twelve Thousand Birr) throughout the month. Otherwise, they will earn an interest rate of 7%.

  vii.The account prioritizes teaching responsible saving habits. For this reason, it offers little supervision of mobile banking and NO internet banking or ATM card access.

  viii.To create a sense of ownership and engagement, the account will provide free SMS notifications for every deposit and withdrawal.

  ix.The bank will send personalized e-cards with birthday wishes on their special day.

  x. Tsedey Bank organizes free financial literacy workshops for parents or guardians to participate.

  xi.The account should be opened in the name of the minor, followed by the name of the signatory (signatories); the relationship to the minor is specified as either “Parent” or “Guardian”.

  xii.Parents or guardians managing a children savings account at Tsedey Bank can access a digital microloan specifically designed to cover the child's education expenses. This loan will be accessible and managed entirely through their mobile phones.

  xiii.When the account holder reaches 15 years of age, the account will be automatically converted to a Teen Youth Savings Account.

  
  

• Hewan (ሔዋን) Saving Account

  Features of Hewan Saving Account

  
  

  i. The minimum initial deposit shall be Birr 100 (one hundred only) and has to be maintained to qualify for interest calculation;

  ii. Can be opened individually, jointly and by associations formed by women like Idir or cooperatives

  iii. The account can be operated with or without a passbook and enjoy digital access through mobile banking, internet banking, and ATM withdrawals as appropriate;

  iv. This account offers a Progressive Interest Rate based on account balance;

  v. To qualify for the new, higher interest rates on their savings accounts, account holders (existing and new) must maintain a minimum balance of ETB 12,000 (Twelve Thousand) throughout the month. Otherwise, they will earn an interest rate of 7.125%;