Revised CATS Procedure Dec.20161

COMMERCIAL BANK OF ETHIOPIA December 1, 2016
in the bank’s term and tariff;
c) It shall be converted to normal/ordinary saving account, when the
account holder reaches the age of 25 and;
d) It can be operated by cash withdrawal slip, debit card, mobile and
internet banking;
IV.
Teen youth saving account
a) It can only be opened by individuals in the ages of 14-18;
b) Self-employed/employed teens between the ages of 14-18 years can open
and operate this account by providing Letter of confirmation from the
zonal/Woreda administration and school administration. The letter shall
at least state the applicant’s name, age and source of income (whether
he/she generates their own income);
c) The parent(s) or the tutor of the teen youth can open the account for
unemployed teen or teen without own source of income. The account
should be opened in the name of the teen youth, followed by the name of
the signatory (signatories)—the relationship to the youth specified as
either “parent(s)” or “Tutor”.
d) It can be opened with zero balance given that there is a reasonable source
of fund that bring the balance to the minimum amount of birr 25 within a
month;
e) It provides higher interest rate than ordinary saving account;
f) It shall be converted to normal/ordinary saving account, when the
account holder reaches the age of 18 and;
V. Education Savings Account
a) It is designed for saving money for Higher Education (up to
undergraduate programs);
b) It can be opened for oneself or for a minor by the parent(s)/tutors of the
minor;
CATS Procedure | 29