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Certificate of Deposit (CDs) is an excellent tool for managing your money when you are able to set aside funds for a period of time. With a CD, you maximize your interest rate and security.
Zemen offers CDs for many terms, some with a minimum investment of just ETB 100,000.
What are the benefits of CD's?
- CDs typically pay higher interest rates than many other savings products
- Continuous compounding means interest earned today earns interest tomorrow
- Interest can be credited to the CD or to a Zemen checking or savings account
- A Zemen CD can be used as collateral for a Zemen loan
Rates
Zemen Bank strives to offer the best Certificate of Deposit rates to our customers. Contact our Branch for the latest prevailing rates to ensure that you get the most for your money.
Renewal
If you choose the automatic renewal feature for your Certificate of Deposit, there is a one-day grace period (for terms of less than 32 days) or a ten-day grace period (for terms of 32 days or more) after the maturity date to redeem it without penalty. Interest will not be paid after the maturity date unless the account is renewed. If you do not choose the automatic renewal feature for your Certificate of Deposit, interest will not be paid after the maturity date unless the account is renewed.
If you would like additional information or current CD rates, call us or visit Zemen Bank.
Disclosures
Current interest rates and annual percentage yields are available at Zemen Bank. The interest rate will remain the same until the maturity date of the CD. The annual percentage yield assumes interest remains on deposit until maturity. A withdrawal of interest will reduce earnings. Interest begins to accrue on the business day of deposit. Interest will be calculated using the daily balance method. This method applies a daily periodic rate to the balance in the account each day.