Voluntary Savings:

Voluntary savings services are provided for both borrowers & non borrowers who can deposit or withdraw according to their needs.

This product includes the following types of saving deposits

Personal Savings/Pass book savings/

This type of savings is designed  for individuals, plc., association or any other operating solely or jointly with other individuals and Association, clubs etc .The Saving deposit accounts are operated by using either with passbook facility or without pass book facility and through other mechanisms. For this type of savings interest is paid based on the regular interest rate and the saving account opened with a minimum of Birr 50(Fifty birr).

‘Mudaye’ Savings / Coin Box savings Account

‘Mudaye’ saving is a kind of saving that Aggar Micro-Finance facilitates in house/business area saving deposits in daily base for the people engaging in small business, employee of any types and others. This kind of savings can able the savers for accident/festivity use, to expand their business and to create wealth for future use.

Non-Interest Bearing Savings Account  /NIBSA/

Non-interest bearing savings account is opened to fulfill; the request of those individuals who, for one reason or another don’t want their deposit to earn interest.

It is operated by the pass book or by cash withdrawal voucher,

It can be  opened with an initial deposit amount of not less than Birr 30(thirty) by filling the account opening application form

Savings for Iddirs

It is known that Iddirs are the most acceptable community organization in different parts of Ethiopia and they are the means   to reach the community at large. They have huge amount of money deposited in different banks & stay a long period of time.Special service & interest payment will be implemented for this type of savings.

SACCOS:

This type of savings is designed for saving & credit associations legally registered and working in the society, organizations or in other places.

 Savings for Pensioners/Retirements/

This type of savings is designed to solve financial problem during the retirement period of the pensioners who are served their country   at their best. The savings begin before the retirement of 2 and above years and the interest is paid different from the regular one.

Savings for Marriage

Marriage saving is focused on youngsters those who have planned to marry and establish family for the future. For this type of savings it is required to open account prior to marriage and interest is paid different from the regular interest for savings. The account should be opened before a year to marriage.

Edu-Savings

This type of savings is designed for Parents and guardians, who are interested in savings to finance the educational expenses of their children /wards; and students who would like to finance their own educational expenses.

Savings for women

As name suggests, this savings product is focused on women customers. The client is expected to deposit at minimum amount set by the company and interest is paid above the regular rate.

Special Demand Deposit 

This type of savings is focused on clients who want to save in a special account & earn addition interest from the regular interest payment. The customer can deposit & withdraw at any time but it is required to deposit minimum amount set by the company. The minimum initial deposit for Special Saving Accounts is Birr 10,000.00 (Ten thousand birr). An account having an amount less than the initial opening amount of 10000.00 (Ten thousand birr) shall bear an interest rate of voluntary saving.

Fixed Time Deposits

Time Deposits are money deposited for a specific period /fixed period of time against an agreed interest rate.  Time Deposits may be accepted for Months, Years or their combination, as per request of customer. The minimum period of accepting a fixed-time deposit shall be six months. The depositor may be allowed to withdraw against an advance notice before the maturity date.  An Instrument called Certificate of Time Deposit (CTD) which shows clearly amount deposited, the due date, Starting date amounts to be paid on maturity date and the rate of interest is issued to customers as an evidence for their deposits.