This is a type of saving product where loan borrowing and non-loan borrowing clients can save money in Adeday Microfinance Institutions S.C. Saving accounts are opened within the institution based on depositors’ free will by individuals, groups, associations, clients and other potential savers. Its basic characteristics are: - Clients make their deposit flexibly at any time during working hours of the institution. - This saving product is not related or linked to credit service. - For individual depositor, he/she must be above 18 years old. Necessary requirements such as photo, ID card, minimum amount of deposit is 50.00 Birr should be presented in order to open the account. - For institutions, official letter by the authorized body, list of signatories, etc are required. - There is no precondition for withdrawal. But for withdrawal of larger amount of money, prior notification may be required. - It is interest bearing saving product with minimum interest rate 7%. - It is termed as passbook saving or regular saving. - Loan clients have the right to convert it to compulsory saving in order to access higher loan amount. Once the saving account is converted to compulsory savings, it cannot be converted to saving account and cannot be withdrawn before full repayment of loan. - No restriction on amount of money to be deposited, on its frequency and deposit period. Product Boundaries Saving type: Voluntary Age range of clients: 18 yrs and above Minimum opening balance: Br. 50 Maintainable threshold balance: Br. 10 to Br. 25 Interest rates: 7% Tax Deductible rate: 5%