Saving Deposit (Wadia Yad-Dhamana)

Wadiah Saving account

It is a bank account usually operated by a passbook. Customers of this account keep their money for safety purpose and to facilitate fast cash transaction

Product Features and Benefits

  • Minimum initial deposit amount: ETB 25;
  • The Bank, at its absolute discretion, can provide gift (monetary or in-kind) to holders;
  • The gift paid to this account holder shall not be fixed, consistent and is not part of the contract;
  • The customer can use ATM, Pos, Mobile, Internet Banking service, and any other services similar to conventional Bank’s;
  • Depositors shall be expected to sign and confirm the sources of their deposits are from permissible business activities in the account opening form;
  • The Bank will use the fund at its own risk and the profit generated from the use of this fund belongs to the Bank;
  • The customers will withdraw their balances at any time without any form of restriction/ limitation as to the amount and timings of the withdrawal;
  • This account works under al-wadiah yad dhamanah principle (not Amanha). Thus, it is assumed that the customers allow the Bank to use their fund for whatever permissible business attested by Shari’ah;
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