Minor Deposit Account

Minor Saving Account

It is a type of savings account that is set up by an adult to be used by a minor. Allows saving sums of money until the age of 18 for a child’s future.

Features and Benefits

  • Minimum initial deposit amount: ETB 25;
  • The account works under al-wadiah yad dhamanah principle (not Amanha).
  • Depositors shall be expected to sign and confirm the sources of their deposits are from permissible business activities in the account opening form;
  • Minors of any age less than the age of 18 years can open Minor savings account with the help of their natural or legally appointed guardian
  • The Bank, at its absolute discretion, can provide gift (monetary or in-kind) to holders of such account as a token of appreciation taking into account, among others, the amount and period for which the deposit remains with the Bank;
  • The gift paid to this account holder shall not be fixed, consistent and is not part of the contract;
    The customer (parent or guardian) can use ATM, Pos, Mobile, Internet Banking service, and any other service similar to conventional Bank’s to operate this account.
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