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.