Berhan Bank Launch Different Types of Saving Accounts

  1. Children’s Savings Account

Major Features

  • The product is designed to encourage parents to save for children future needs.
  • The initial deposit amount for opening account is Birr 50.
  • The account bears a higher rate of interest above the ordinary saving.
  • The account is to be operated by Passbook.
  • The account is opened by parents/ guardians on behalf of a child,
  • If the child is under age of 7 the account can be opened in the name of the parent or guardian.
  • If the child is above the age of 7 the account can be opened in the child’s name.
  • The guardian must not be allowed to operate the minor’s account once the minor attains majority status or in the event of unfortunate the death of the minor.
  • Withdrawal is not encouraged from this account unless in the case of force majeure.
  • The bank will offer account opening gift for children under the age of seven.
  • Get a free Maleda Pack (vouchers, stickers and toys) when you open a Maleda Saving Account.

Required Documents

  • A proper letter of application submitted by the parent/ guardian on behalf of the minor.
  • If the guardian is appointed by court, a ruling by a court order appointing the lawful guardian for the minor should be presented.
  • A Valid and renewed ID card of the parent or guardian, birth certificate of the child.

 

  1. Student’s Savings Account

Major Features

  • The account is designed to encourage people having a plan to pursue higher or middle level studies.
  • The initial deposit amount for opening account is Birr 50.
  • The account bears a higher rate of interest above the ordinary saving.
  • The account will give an option to apply for student loan as a means of funding higher education up on saving 50% of the tuition fee.
  • Withdrawal can be made with or without passbook at branch or through mobile phone at agent locations or using ATM cards from designated cash dispensing ATMs.
  • Facilitates smooth money transfers form parents and relatives, through mobile banking.
  • Saving for consecutive one year with a minimum frequency of deposit, will make the customer eligible for lottery tickets, which will be issued annually.

Required Documents

  • A valid and renewed student ID card and acceptable ID cards.
  • One recent passport-size photographs (Optional),

 

  1. SME Saving Account

Major Features

  • The Account is designed to support Small and Medium Enterprise (SME) owner to save and expand their businesses.
  • The initial deposit amount for opening account is Birr 500.
  • The account bears a higher rate of interest above the ordinary saving.
  • The account is to be operated by Cheque book/ATM Card/Mobile Banking.
  • This is a saving account for individual or group of individuals involved in small and micro enterprise businesses.
  • The number of withdrawals should not exceed five times per month to earn the specified interest rate to the account. If the number of withdrawal exceeds five times per month the account earns the minimum saving interest rate for that month.
  • The Account can be an individual account or investment group account. Individuals or members in group can pool their funds together and get access to SME loans to grow their business.
  • The account will give an option to apply for business expansion loan for SME.
  • In order to apply for business expansion loan the SME individuals or group shall save for a minimum of one year.

Required Documents

  • For individual, a valid and renewed ID card; A renewed trade license; a recently taken passport-size photograph; Tax Identification Number (TIN) and ,Principal Registration Certificate.
  • For group SME; Renewed trade license; Memorandum of Association and an Article of Association ; a valid and renewed ID card of the person authorized to operate the account; and TIN.

 

  1. Women Saving Account

Major Features

  • This is a saving account for women, intended to inculcate a saving culture among women of all groups.
  • The initial deposit amount for opening account is Birr 500.
  • The account bears a higher rate of interest above the ordinary saving.
  • The account is to be operated by With/Without Passbook/ATM/Mobile Banking.
  • Withdrawal can be made with or without passbook at branch or through mobile phone at agent locations or using ATM cards from designated cash dispensing ATMs.
  • Shopping benefits via debit card (e.g. discounts at stores, flight ticket purchase, hotel booking).

Required Documents

  • A valid and renewed ID card; and
  • One recent passport-size photographs (Optional),

 

  1. Payroll Card Saving Account

Major Features

  • The account is designed to simplify payroll payment systems of businesses and organizations via a bank account.
  • The account can be opened without initial deposit amount for opening account.
  • The account bears a higher rate of interest above the ordinary saving.
  • The account is to be operated by ATM Card/Mobile Banking.
  • Salaried employees will have saving account in their respective names to receive payments.
  • Even though account of employees can be opened with zero balance; it should show a credit balance with one month period.
  • It is an interest bearing account with similar features as savings account.
  • It is operated with ATM card/Mobile Banking, issued without subscription fees.
  • The employer can also benefit from cash in pipeline (CIP) services provided by the bank.
  • This account is operated with ATM card issued without subscription fees.

Required Documents

  • Application Letter by the Employer showing list of employees to open a Payroll account.
  • A valid and renewed ID card; and
  • One recent passport-size photographs.( optional)

 

  1. Gift Saving Account

Major Features

  • This Account can be used to make a monetary donation in the  name of the donor  to religious organizations , charities or public action fund that  supports
  • The initial deposit amount for opening account is Birr 500.
  • The account bears a higher rate of interest above the ordinary saving.
  • The account is to be operated by Cheque/Passbook.
  • This account facilitates payments and fund transfers for the organization that’s important to Donor; Religious organizations Contribution, Charity Contribution, Social Commitments, Public Action Fund.
  • The account is designed to facilitate deposits of payments collected in the form of contributions, gifts and donations to be made for churches, charity organizations, and donation receiving organizations.
  • The depositor can apply for a special cash collection service like Monday service.

Required Documents

  • For religious organizations, they should have to produce a letter of authority from their respective Chairperson or President to open and operate the account;
  • For Charity Organizations
    • Authorization from the Charities and Societies Agency to operate in the country
      (for both foreign and local NGOs);
    • Authentication letter from the Ministry of Foreign Affairs (for foreign NGOs);
    • Constitution/Charter or any other document, which governs the specific NGO;
  • Valid IDs or passports of the persons who are appointed to operate the account;

 

  1. Berhan Family Saving Account

Major Features

  • The account is designed to encourage newly married couples to save for future family use.
  • The initial deposit amount for opening account is Birr 50.
  • The account bears a higher rate of interest above the ordinary saving.
  • The account is to be operated by With/Without Passbook.
  • It is a joint account to be opened by married couples.
  • The Bank rewards continuous savers every five years on the couple’s wedding anniversary.
  • Customers can apply for consumer loan up to 80% of their deposit.

Required Documents

  • A valid and renewed ID cards.
  • One recent passport-size photographs (Optional),
  • Valid marriage certificate.

 



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