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Deposits

         

         

Savings Account

  • Saving accounts is an interest bearing or non interest bearing deposit that LIB renders for physical and legal persons (Individuals, Organizations and Associations) who can fulfill the Bank’s requirement and are legal.
• The minimum balance to open saving accounts should be Birr 25.00 However; saving accounts may be opened and maintained with zero balance for one month.
• Within one month, the account holder should credit at least a minimum of Birr 25.00 in his/her account. However, if the account is not credited in the specified period, it should be closed following the normal account closing procedure.
•Saving accounts can be opened and/or operated by a legal agent in the name of principal, against producing a power of attorney, which shall be attested by the branch itself if the power of attorney.

Special Saving Account


• Special saving Account stands for saving accounts operated with cheque.
• Any one is eligible to open a special saving account i.e. trade license is not necessary requirement to open the account (document requirement is similar to saving account) provided that the branch manager is convinced of the customers integrity.  
• The account can be opened by companies, individual partnerships, sole proprietors, clubs, etc... Check books are issued to make payments.
• Special saving account should be opened with an initial amount of Birr 10,000.00. However; Special Saving accounts may be opened and maintained with zero balance for one month.
• If the balance falls below Birr 10,000.00 which is the minimum amount to open and maintain the special saving account and also if withdrawals are made more than four times per month, the account will be treated like the normal current account forfeiting interest benefit in its entirety for the particular month.

Demand Deposit Account


• Demand Deposit Account (current or checking account) is a non-interest bearing account and is opened or operated by literate customers only. The account holder effect withdrawal using Cheque.  


• Demand deposit account can be opened and/or operated by a legal agent in the name of principal, against producing a power of attorney.
    
• The minimum amount required by the bank to open a current account is Birr 200.00

Certificate of Deposit Account (CDT)


• Certificate of Deposit is a type of deposit which is received for a certain period of time without movement and attracts higher interest rate than the prevailing saving interest rate.

• The minimum period of accepting Certificate of Deposit shall be three months. The rates of interest vary according to the duration of the deposit received i.e. the longer the deposit remains in the bank the higher is the interest rate earned. However, the exact rate will be determined by the negotiation conducted between the customer and the bank.

Foreign Exchange Rate

 Code
USD
GBP
EURO
Buying
22.7247
28.4013
24.5063
Selling
23.1792
28.9693
24.9964