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Deposits
Wegagen recieves various types of deposits
1. Savings Deposits
If one wants to make the most out of his spare money , he could save it at Wegagen bank. Only 25 birr is needed to open saving account. By doing so one gets intrest the account is captured in our computer system for quick and effecient deposit and withdrawal.
2. Time Deposits
It is a type of deposit which is repayable after a predetermined time. An attractive intrest rate would be paid if the sum of money deposited for a set of
period of time is not withdrawn before the end of the term.
3. Demand Deposits
Demand deposit is an account that can be withdrawn by the depositor on demand. The following are
types of demand
deposits
3.1 Checking Accounts
This is a kind of account where customers operate transactions by using checks. Individuals
business firms,NGOs,International and governmental
organizations and others can open checking accounts.
3.2 Zero Balance Account (ZBA)
Zero Balance account is a type of checking account withdrawn by checks through subsequent transfer of funds from simulteneous opened saving accounts.
3.3 Negotiable Order of Withdrawal Account(NOW)
It is a new product introuduced by Wegagen and that enables customers to earn intrest on their
checking Account.
3.4 Children's trust Account
It is a special type of account with which parents or guardians deposit money for the education,health or any other intended future benefit for their
children from birth to the age of 18 years.It can be opened with an initial deposit of 50 birr.Withdrawals before a child's age reaches 18 would affect the intrest rate.
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