Amhara Bank Review

Apply for a loan here

About Amhara Bank

Amhara Bank S.C. According to the Ethiopian Commercial Code, adopted in 1960, Banking Sector Proclamation No. 592/2008 and NBE Directive No. 592/2008 are in the formative stage. From SBB/50/2011. The name of the bank, Amhara Bank S.C., was officially registered with the Ministry of Trade.

More on Amhara Bank

Amhara Bank S.C is a newly founded bank that has been authorized by the National Bank of Ethiopia (NBE) to begin selling its shares to the public. A few months ago, the process of setting up the bank began, when a committee chaired by Melaku Fenta, former head of the Ethiopian Revenue & Customs Authority (ERCA) and headed by Mesenbet Shenkute, Addis Ababa Chamber of Commerce & Sectoral Associations president, and a former bank executive with years of experience.

Amhara Bank SC From the start of the sale in August 2019 to the date of publication of this article in September 2020, with the participation of more than 160,000 signatories: 6,400,000,000.00 (six billion three hundred). It has signed a subsidized capital of over one million birr and is preparing to join the banking sector with a capital of over 4,900,000,000.00 (four billion seven hundred million birr) in cash.

Service provided by Amhara Bank

 

Domestic saving Account 

• Normal Saving Account

Every legal person is illegible for this account including children and prohibited individuals through their parents/guardian

No initial deposit is needed, the Bank provides 7% of saving interest

• Demand Account

This is a non-interest bearing account, can be opened with a 1000 minimum deposit, and is chosen account type for customers who make business transactions since it has no number limit for withdrawal

•  Fixed time Deposit

Is a type of suspended account that customers open based on a signed agreement with the Bank not to process any transactions or a withdrawal for a fixed amount of time and the customer can benefit from a beneficial interest rate.

 

Foreign Currency Deposit

This account is illegible for customers who can make their deposits and transaction in foreign currency, more or this accounts are suitable for Non-residential Ethiopians, nonresidential foreigners of Ethiopian origin, and for some cases Ethiopian residents who can provide brief evidence on the source of the income.

• FCY Saving Account

Who can access this service?

Ethiopian citizens living in and outside of the country and foreigners of Ethiopian origin

How to access the service

Open an account with a minimum of 50 USD, customers are only able to make deposits with USD, GBP, and Euro while Withdraw can be done with birr but customers can make international transactions.

Illegible Joint depositors can access an account (2 or more )

• Non-Repatriable Saving Account

Is an account where customers make a foreign currency deposit and bear interest, where the saving is only maintained in Birr and only is illegible to make local payments, interest rate calculates in foreign currency and customers will receive it in birr on monthly bases.

The Account is accessible to any eligible person, initial deposit is 100 dollar

• Diaspora Demand Deposit Account

People can become customers of the Bank with this account type with an initial deposit of USD 100 and can access their account, and make transactions and withdrawals according to the company’s withdrawal procedures.

30% of the customer’s deposit gets exchanged to birr and carries the interest. all diaspora community is illegible to access this account.

• Diaspora Fixed Time Deposit Account

It’s a fixed/one-time deposit-making account with an initial USD 5000, the customer has the benefit to make a maturity period and interest rate agreement with the bank, while the minimum maturity period is three months the account can be on close up for about 7 days with the awareness of the customer.

 

Interest-free Banking 

Amhara Bank provides interest-free Banking service in compliant with the sharia rules and regulations, any customer can access this account with respect to the lows, the bank has the service in use for customers who are residential and nonresidential of the country,

Amhara Bank Address

Amhara Bank project office address is located on the 2nd floor of Bloom Tech Building, Next to Jupiter International Hotel, Kazanchis, Addis Ababa. Shares can be purchased at Abay Bank, Abyssinia Bank, Dashen Bank, Bunna Bank, Awash, and Commercial Bank of Ethiopia. Check out Amhara Bank’s social media page for more latest updates regarding bank share purchases and other news.

Read more about other banks here.

Contact Information

Toll-free Number: 690

Amhara Bank phone number: +25115183981

Amhara Bank email address: [email protected]

SWIFT: AMHRETAA, Addis Ababa, Ethiopia

Amhara Bank Head Office: Ras Mekonnen Ave, Leghar, Addis ababa, Ethiopia, Addis Ababa, Ethiopia