Wadiah Saving account
It is a bank account which is usually operated by a passbook. Customers of this account keep their money for safety purpose and to facilitate fast cash transaction. Wadi’ah saving Deposit has trust agreement where the Bank accepts deposit from its customers looking for safe custody of their funds & degree of convenience in their use.
Product Features and Benefits
- Minimum initial deposit amounts to ETB 25;
- The Bank at its absolute discretion, can provide gift (monetary or in-kind) to holders
- The gift paid to this account holder shall not be fixed, consistent and is not part of the contract
- The customer can use ATM, PoS, Mobile, Internet Banking service, and any other services similar to conventional Banks.
- Depositors shall be expected to sign and confirm the sources of their deposits are from permissible business activities in the account opening form.
- The Bank will use the fund at its own risk and the profit generated from the use of this fund belongs to the Bank.
- The customers will withdraw their balances at any time without any form of restriction/ limitation as to the amount and timings of the withdrawal.
- This account works under al-wadiah yad dhamanah principle (not Amanha). Thus, it is assumed that the customers allow the Bank to use their fund for whatever permissible business attested by Shari’ah;
- Safe custody
- Non profit and loss bearing deposit
- Minimum opening deposit
- Limitless deposit and withdrawal
- Operated by passbook
- Shall also operate without passbook
- ATM/POS, Debit card, Internet and mobile banking facility
- The Bank may at its own discretion to give Hibah (gift) monetary or in kind for the customers
- Free, convenient and limitless intra-bank transfer of funds (only local)
- Initial Deposit ETB 25 with no minimum deposit and withdrawal limit
- Can be withdrawn in Cash, ATM, POS, Account to Account transfer, Debit Card, Standing instruction and internet and mobile transaction