Wadiah Saving Account               

 

1. Product category : Deposit account
   1. Type:  Special saving account
   1. Purpose of the account

The purpose of this account is to enable individuals in the age group to save money of their labor

1. Features of Adagi Saving Account
2. It can only be opened by individuals  in the  ages of 14-17;
3. Self-employed/employed teens between the ages of 14-17 years can open and operate this account by providing letter of confirmation from the Zonal/Woreda administration and school administration or legally registered entity. The letter shall at least state the applicant’s  name, age, photograph and source of income whether he/she generates their own income;
4. It can be opened with zero balance given that there is a reasonable source of fund that can bring the balance to the minimum amount of Birr 100.00(one hundred birr) within fifteen days;
5. It provides higher interest rate than ordinary saving account (Normal interest plus 0.5%)
6. It shall be converted to normal/ordinary saving account when the account holder reaches to the age of 18;
7. The account holder can withdraw any amount at any time but as per NBE directive; and
8. A minimum amount of Birr 100.00 has to be maintained to qualify for interest calculation.
   1. Eligible entities
9. Individual whose age is greater than or equal to 14 and less than 18 years old  and generates  his/her own income ;and
10. Interdicted persons through tutor.
    1. Required Documents
       1. Letter of confirmation for the minor has own income from the Zonal/Woreda administration or school administration or legally registered entity.
       1. A birth certificate, a church certificate, a municipality certificate or a certificate from a hospital, etc. that gives the date of birth of the minor.

1. Benefit

                               To Ahadu: to attract new potential customers and enhance financial inclusion

                                 To the customer: the account holder will be eligible for loan services like startup loan and micro (digital) loans when they attain 18 years