Revised CATS Procedure Dec.20161

COMMERCIAL BANK OF ETHIOPIA December 1, 2016
c) Parents can save for their young children's future tuition expenses right
from the birth of their children;
d) It provides higher interest rate than ordinary saving account as indicated
in the bank’s term and tariff;
e) It may grant Scholarship fund for account holders who are eligible to take
part in a special scholarship program. Winners can also use the
scholarship fund as Seed money for Initial capital to start a small-scale
business instead of pursuing higher education; and
f) Withdrawal from the Education Savings Account is allowed anytime.
However, in order to be eligible for the scholarship or seed money award
for a particular year, the customer shall deposit the minimum amount set
by her/his preference for 12 months of the calendar year and no
withdrawal in this period.
3.2.1.2 Features of demand deposit Accounts
All demand deposit accounts shall be operated by literate and able to
sign written signature i.e. Thumbprint shall not be accepted to operate
the demand deposit accounts.
I. Ordinary Demand Deposit
a) It is a non-interest bearing bank account usually operated by cheque;
b) It can also be operated by using cheques, card, Mobile and Internet
banking;
c) it can be opened with a minimum balance of 1000 and 2000 for individual
and business customers respectively;
d) Penalty is charged if the minimum account balance is below birr 500 and
has no movement for more than six months; and
e) No restrictions on the number and amount of deposits and withdrawal as
long as the account have sufficient balance;
II.
Special-Demand Deposit Account
a) It is operated by passbook that is designed for the purpose;
b) It is Non-interest bearing account;
CATS Procedure | 30