Local Deposit

In the long-standing Ethiopian culture people set up different Iddir associations to assist each other in times of death. But recently some Iddirs have begun to assist each other in times of life as well.
When this assistance in life is supported by banking service, it would benefit the Iddir and its members more. Tsehay Bank has an Iddir saving product which enriches Iddirs which have accounts at Tsehay Bank.

Features of Iddir Account
➧ The Bank may provide supplies branded items like umbrellas, agendas and identity cards yearly.
➧ The account may be opened with the Iddir`s name or with the officials` names annotated with the Iddir`s name.
➧ Iddirs encourage their members to open accounts with Tsehay Bank.
➧ Tsehay Bank provides financial advice when necessary.
➧ The Iddir account is a saving account with a relatively higher interest rate than the normal interest rate based on the Iddir`s deposit.
➧ Contributions of Iddir members can be collected from their accounts at the Bank with automatic instruction (standing instruction)
➧ Members can also deposit in cash to their Iddir account or they can deposit in electronic payment systems.
➧ When necessary, the bank may provide financial advice to the Iddir.

Salary Account is a saving account at Tsehay Bank which mainly benefits the employees with various packages.

Features
➧ Employer shall have current or saving account at Tsehay Bank.
➧ Initial deposit is optional for running this account. However, the minimum initial balance (Birr 25) shall be deposited with in a month.
➧ Employers who want to use salary account shall at least have three employees.
➧ Free ATM card is offered for the account holder.
➧ The account holder can deposit and withdraw money through electronic means.
➧ Based on the agreement reached with their employer, employees may be granted overdraft rights with the limit of their salary.

Tsehay Bank encourages customers to have a saving account for wedding as wedding is a special day in the lives of the spouses. Customers who open this saving account can save money before their marriage to cover wedding costs.

Features
➧ The account is intended to save money for wedding expenses.
➧ The bank offers a higher interest rate based on deposit amount.
➧ Transaction processing fees such as standing order charges will be waived.

Holiday saving account is one of the saving products offered by Tsehay Bank. It is designed for people who want to save money for their holiday expenses.

Features
➧ It is intended for saving money to cover holiday expenses.
➧ In comparison to ordinary saving account, it has higher interest rate for depositors which increases based on the deposited amount.

Vacation needs preparation ahead and needs to save up for it. Tsehay Bank understands customer`s desire to enjoy their vacation and offers a saving account for that purpose.

Features
➧ It is intended for saving money to cover vacation expenses.
➧ It has higher interest rate than ordinary saving account which increases based on the deposited amount.

Equb Saving Account of Tsehay Bank is an adaptation of the traditional money saving experience-Equb into a banking system. As it is known, thousands, if not millions, of associations are organized in Ethiopia in such a way, to mobilize money and spend it in turns after a draw at the beginning of it.

Tsehay Bank has introduced a new Equb saving product that enables easy collection of Equb members’ funds, including digital platforms, with attractive benefit packages. The product includes both conventional and interest-free banking (IFB) options”.

Conventional Products
The Bank`s conventional Equb account is branded into three based on the amount of resource mobilized. They are large, medium and small.

Large-Sized Equb Account /ፍሬ/
Large-sized Ekub Account is an Account in which a resource more than one million birr is mobilized.

Features
➧ It targets associations that mobilize more than one million birr.
➧ Members can be engaged in business activities or they can be people who are paid relatively higher salary.
➧ The account can be opened in Equb savings account without cheque, with interest bearing check or regular saving account.
➧ The initial deposit balance is Birr 5,000.00.
➧ The total amount collected at one time is above Birr 1,000,000.00.
➧ The Equb leaders shall open the group`s Equb account individually or jointly and a pool of money collected shall be maintained.
➧ The minimum number of members of the Equb shall be five.
➧ All members of the Equb shall open accounts at Tsehay Bank.

➧ Equb leaders which are not more than three may benefit from the Bank`s general consumer loan services based on criterion
➧ The Bank may provide cash pickup service all the week including Sundays.

Medium-Sized Ekub /ምዕራፍ/
Medium-sized Ekub is an Ekub product in which an average one million birr is mobilized. Based on the capacities of its members, it can mobilize more than the mentioned amount.

Features
➧ Medium-sized Equb products primarily target Equb associations that raise funds and whose members are employees of governmental and non-governmental organizations as well as merchants engaged in small business activities.
➧ It can collect from Birr 100,001 up to Birr 1,000,000.
➧ The account can be opened in Ekub savings account.
➧ The account shall be opened six months before any loan requests.
➧ The initial deposit balance is Birr 2,500.00.
➧ The minimum number of Ekub Members shall be five and they shall open accounts with Tsehay Bank.
➧ Tsehay Bank may provide cash pickup service.

Small-sized Equb /መሠረት/
Small-sized Equb at Tsehay Bank, which can mobilize up to Birr 100,000.00, is intended to address retailors with lower income and lower-level salaried employees.

Features
➧ The initial deposit balance is Birr 500.00.
➧ The account type is Equb saving account without cheque and has a preferential interest rate.
➧ When members make their Equb contributions through digital banking options, the deposit notification shall specify the member`s names to the leader.
➧ The Equb leaders shall open the group`s Equb account individually or jointly; and a pool of money collected shall be maintained.
➧ All Equb members shall open accounts with Tsehay Bank.
➧ The Bank may provide on-site cash collection services.
➧ The account type Equb saving account without cheque and has preferential interest rate.

Requirements for Opening Equb Saving Account at Tsehay Bank
➧ Renewed Personal Identification
➧ Recent photographs
➧ Other requirements by the Bank`s KYC.

Asrat Bekurat is a saving account in which you spend an amount of your salary or what you get for your church or any other religious activity. Everybody who has a salary account at Tsehay Bank can directly transfer ten percent of his salary or income as a deposit to his Asrat Bekurat account.

Features
➧ It is a saving account intended for religious commitment.
➧ Any person with legal identification can open an Asrat Bekurat account.
➧ There is no transaction fee for Asrat Bekurat saving account.
➧ You can deposit or withdraw money any time you want, with reference to The National Bank directive.
➧ It is possible to use mobile and internet banking as well as debit and credit cards.
➧ The interest rate for Asrat Bekurat is like that of ordinary saving account.
Come a to Tsehay bank and have a blessing with your Asrat Bekurat saving account!

This product from Tsehay Bank allows cooperatives and other groups to save money and get higher interest rates until they use the funds for various purposes and /or investments.

Features

➧ It is an account, which can have the nature of saving, current and/or demand.

➧ If the account is a saving account, it will have an interest.

➧ It offers a higher interest rate than an ordinary saving account which increases based on deposited amount.

➧ Based on its credit procedure, Tsehay Bank may facilitate financing schemes for eligible associations.