Omo Bank Savings

Saving is one of the core services we offer for our customers. We encourage our customers to save money by understanding basic concepts what it mean saving by itself?  The amount remaining after a person’s consumer spending is subtracted from his or her disposable Income. Importance of we save money basically, because we cannot predict the future .saving money can help become financially secure and provides safety-net in case of an emergency.

Voluntary saving;

it is collected from individuals and organizations based on willingness of the clients. Among the others pass book saving, time deposit, non interest bearing deposit and saving box savings are our offerings.

Compulsory ;

is saving expected from borrowers .Each borrowers  is required to save 10 percent of the loan as group saving for first cycle loan 8 percent for second cycle and 5 percent for third and above. This saving is withheld from the loan at the time the loan is disbursed.

Non-interest bearing;

is our service available to those who do not want to get interest on the money they deposit with the institution.

Saving box savings;

is offered to individuals and institutions located at rural as well as urban areas.

Commission based savings;

the minimum acceptable amount for such deposit is above ETB 5000. Omo Bank charges 1% commission based on deposit period of agreement between depositor and the institution. Which is for a short period of time?

Time deposit;

Time fixed deposit is other saving service available for customer satisfaction and chooses. It is work for specified period of time. Money deposit in this account is not subject to withdrawal before the end of the end of the period specified in the deposit agreement. OMFI charges for time fixed deposit for the period of six month 8% for the period more than 6 six month  up to one year deposit 8.5% and one year and above deposit 9%  attractive interest charges.

Why you save your money?

For bad time, college studies, for travel, financial freedom and retirement.

How does your saving account works with us? 

You can deposit your money on our financial institution through cash. It will safely earn attractive interest while it is in your account.

Opening and Running of Savings Accounts

The account is maintained by the client for the purpose of accumulating funds over a period of time.

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