- It is an interest bearing account with agreed maturity date.
- The minimum maturity period is three months.
- It is opened with an initial deposit of US Dollar 5,000 or its equivalent in any of the above stated currencies.
- Interest on such accounts shall be payable only if the account is maintained at least for the minimum period of three months.
- Interest income on such accounts is tax-free.
- The Bank will give a certificate for its customer when the money is transferred following the opening of the account.
- Banks are allowed to set their own interest rate on non-residence fixed foreign currency account upon negotiation but not less than LIBOR
Eligibility Criteria
The following are eligible to use the Diaspora Account:
- Non-resident Ethiopian;
- Non-resident foreign nationals of Ethiopian origin;
- Companies owned by the above mentioned nonresidents and located outside the Ethiopian territory for more than one year;
- Ethiopian nationals living and working abroad or in due process of living abroad for work for more than one year and who can produce authenticated documents.
