Salary Solution Account

Salary solution account is designed to benefit salaried individuals and their organization to facilitate payroll payment system through Bank account.

Underlying Features of the Product

  • ATM card shall be issued free of card subscription fee;
  • The Bank may provide cash-in-transit service once in a month to the employer, as the case may be;
  • The account holder can borrow a term loan facility up to 200% of the total amount saved when the following conditions are fulfilled: –

He/she saves at least for one year, and

The total amount saved reaches at least Birr 20,000 (Twenty thousand).

  • The Bank shall use the deposited amount, and/or employer’s undertaking and/or other fixed assets as collateral based on the prevailing Credit Policy and Procedures of the Bank;
  • The loan amount to be granted shall be determined based on one third of the employee’s basic salary but not exceeding 200% of the total amount saved;
  • The maximum loan period shall be 10 years.