Revised CATS Procedure Dec.20161

COMMERCIAL BANK OF ETHIOPIA December 1, 2016
i. an account maintained by members in behalf of their client;
ii. The member/account holder has exclusive right on the account
3.2.1.3 Features of Fixed Time deposits
a) It is opened for a particular fixed period (time) by depositing particular
amount of money;
b) The period of fixed deposit is greater than or equal to 3 months ;
c) Under normal circumstance withdrawal is not allowed prior to the
maturity date. However if customer request any withdrawal before the
maturity date , the withdrawn amount shall be entitled the normal saving
interest rate and any remaining amount shall be entitled the fixed deposit
interest rate.
d) If the customer requests for a principal and interest rollover, it can be
rolled over to the next agreed period;
e) Minimum initial deposit is birr 10,000.00 or USD 5,000.00 or its
equivalent in EURO or Pound Sterling.
3.2.1.4 Other distinguishing features deposit products
I. Muday Bank Service
a) Muday Bank service is offered by the bank to accumulate and save money
in designated box and deposited in to the respective customer account.
b) Muday Bank service shall be provided by the bank with dual control.
c) Muday Bank service is mainly designed for petty traders, semi-skilled
workers, small holding farmers, shoe polishers and other similar
individuals.
II.
Accounts for Minors
a) It is a saving account opened for individuals below the age of 18;
b) The account shall be opened and operated by parents or legally appointed
tutor;
CATS Procedure | 32