Retail banking Procedure –

Diaspora Accounts

November 13, 2023 Prepared by ; South & West District 1

 Diaspora Saving Account – Eligible , Document Required &
Feature
• Eligible Criteria to open this account :
• Individual/More eligible person
• Required Document :
Permit/Certificate that can confirm his/her living & working
abroad more than one year.
ID /Passport
: t i on
NB forma the • Basic feature:
r e in d ai l Managed in LCY
m o re a R e t
r
Fo ase e . Maintain with the following Three FCY types only (USD,
du r
Ple inal r o c e pound & Euro)
i g
or king P
Money neither transferred to abroad and nor converted from
Ban LCY
• Account Code : ________________
• Account operated with: Pass book
November 13, 2023
Prepared by South & West District 2
 Diaspora Saving Account – Initial Deposit & Interest Rate

• Account Opening :
• Inserting customers' full information to the system
• Generated CIF
• Register on account opening registration book
• Retain customers' signature.
• Initial Deposit : $100.00 (its equivalent eligible currency)
: i on
t
NB forma the • Interest rate : Double interest rate of default Saving
r e in d ai l account ( 14% )
m o re a R e t
r
Fo ase r e . • Deposit : Can make with other type of currency , but
Ple inal c e du converted to one of the three (USD, Pound & Euro)
g r o
ori king P currency
B a n
• Withdrawal :No limit
• Account Closure:
• Closed account up on the request of the account holder
• Collect Passbook
November 13, 2023
Prepared by South & West District 3
 Diaspora Mortgage Saving Account – Eligible, Document
required & Feature

• Eligible Criteria to open this account :

• Individual/More eligible person
• Required Document :
• Permit/Certificate that can confirm his/her living & working
abroad more than one year.
• ID /Passport
: t i on • Basic feature:
NB forma the • Birr account , denominated in LCY
r e in d ai l
m o re a R e t • Maintain with the following Three FCY types only (USD, pound
r
Fo ase e .
du r & Euro)
Ple inal r o c e
i g
or king P • Money neither transferred to abroad and nor converted from
Ban LCY
• Account Code : ________________
• Account operated with: Pass book
November 13, 2023
Prepared by South & West District 4
 Diaspora Mortgage Saving Account – Eligible, Document
required & Feature

• Account Opening :
Inserting customers' full information to the system
Generated CIF
Register on account opening registration book
Retain customers' signature.
: t i on • Initial Deposit :
NB forma the
r e in d ai l • $50.00 (Br. 1,500.00)
m o re a R e t
r
Fo ase .
du r e • Interest rate :
Ple inal r o c e
i g
or king P • default S/A Interest rate plus 2% ( 9% )
Ban

November 13, 2023

Prepared by South & West District 5
 Diaspora Mortgage Saving Account – Withdrawal &
Account Closure
• Deposit :
• Can make with other type of current , but converted to
one of the three (USD, Pound & Euro) currency
• Credit/deposit procedure :
Firs buying FCY with buying rate &
Making deposit by filling deposit voucher
: t i on
NB forma the • Withdrawal :
r e in d ai l • No limit
m o re a R e t
r
Fo ase e .
du r • Withdraw made with local withdrawal voucher
Ple inal r o c e
i g
or king P • Account Closure:
Ban • Closed account up on the request of the account holder
• Collect Passbook

November 13, 2023

Prepared by South & West District 6
 Diaspora Current Account – Eligible & Document Required

• Eligible Criteria to open this account :

• Individual/More eligible person
• Required Document :
• Permit/Certificate that can confirm his/her living & working
abroad more than one year.
• ID /Passport
: t i on • Purpose :
NB forma the • launched for Ethiopian Diaspora to enable them to have flexible
r e in d ai l
m o re a R e t means of payment using cheque.
r
Fo ase e .
du r • Basic feature:
Ple inal r o c e
i g
or king P • Non-interest bearing
Ban • Ban individual may open Diaspora current account in one of
domestic banks only.
• The account converted to resident birr account at the prevailing
rate if the account holder change his/her residence to Ethiopia.
November 13, 2023
Prepared by South & West District 7
 Diaspora Current Account – Initial Deposit & Interest Rate

• Account Code : ________________

• Account operated with: Cheque book
• Account Opening :
• Inserting customers' full information to the system
• Generated CIF
• Register on account opening registration book
: t i on • Retain customers' signature.
NB forma the
r e in d ai l • Initial Deposit : $100.00
m o re a R e t
r
Fo ase e . • Interest rate : No interest /non-interest bearing
du r
Ple inal r o c e • Deposit : ----------
i g
or king P
Ban • Withdrawal : No limit
• Account Closure:
• Closed account up on the request of the customers
• Collect unused Cheque-book.
November 13, 2023
Prepared by South & West District 8
 Diaspora Fixed (Time Deposit ) Account – Eligible &
Document Required
• Eligible Criteria to open this account :
• Individual/More eligible person
• Required Document :
• Permit/Certificate that can confirm his/her living &
working abroad more than one year.
o n • ID /Passport
B : mati e
N f or th • Basic feature:
i n l
o re read etai  interest bearing
r m R
Fo se u r e .
a ed Minimum period - three months
Ple inal r o c
r i g P
o k i ng • Account Code : ________________
Ban
• Account operated with: Issued Deposit certificate

November 13, 2023

Prepared by South & West District 9
 Diaspora Fixed (Time Deposit ) Account – Initial Deposit &
Interest Rate

• Account Opening :
Inserting customers' full information to the system
Generated CIF
Register on account opening registration book
Retain customers' signature.
: t i on • Initial Deposit :
NB forma the
r e in d ai l • $5,000.00
m o re a Re t
r
Fo se .
a u r e
ed
• Interest rate :
Ple inal r o c
r i g P • Interest rate set based on :
o k i ng
Ban • Mutual Agreement
• LIBOR
• Deposit : ----------
November 13, 2023
Prepared by South & West District 10
 Diaspora Fixed (Time Deposit ) Account – Withdrawal &
Account Closure

• Withdrawal :
• Permitted at maturity period
• Withdrawal prior to maturity period :
Will result in forfeiting the accrued interest
Need prior notification not less than seven (7)
working days
: t i on
NB forma the • Account Closure:
r e in d ai l
m o re a R e t • Closed account up on the request of the account holder
r
Fo ase e .
du r • Collect Passbook
Ple inal r o c e
i g
or king P
Ban

November 13, 2023

Prepared by South & West District 11