Savings Account and Fixed Deposit Account

Savings Deposit Kyat Account

Eligible Person for opening account

Over (18)year olds for individual

Required documents for opening account

Individual

(1) Original and Copy of National Registration Card

(2) Application Form

(3) If deposit money is above (10) million, it needs to submit required documents for income source.   

Initial Deposit - 1000 MMK

Minimum Balance - 1000 MMK

 Interest rate (per annum) - 9 %

Starting from (1-9-2024), Savings Deposit Rate (MMK) and Fixed Deposit Rates (MMK) will be allowed as the new interest rate as mentioned above. For old Fixed Deposit (MMK) (1month, 3 months,6 months,9 months and 12 months terms), will be allowed as  the old interest rates until their dates.

Calculation of Interest

Interest is calculated upon minimum balance between 4th and end of  day of every month Interest is paid once in six months.  (2 times per a year)

Fixed Deposit Kyat Account

Eligible Person for opening account

Over (18 ) year olds for individual

Required documents for opening account

Individual

(1) Original and Copy of National Registration Card          

(2) Application Form

(3) If deposit money is above  (10) million, it needs to submit required documents for income source.  

Company/ Institution

(1) Company registration documents .

(2) Board of Director Resolution(Meeting minutes)for account opening.

(3) Application Letter with Company's letter head

(4) Authorized Person's, NRC card. (original and one copy )

(5) Previous budget year's Financial Statement

(6) If deposit money is above  (10) million, it needs to submit evidence documents which the company had duly paid all the tax.            

Deposit (Minimum)

- Individual - 100,000 MMK

- Company / Institution - 1,000,000 MMK

Interest

         - (1) month Deposit - 9% p.a (By Cash Deposit (or) CBM-Net Transfer from Other Banks Only)

         - (3) months Deposit - 9.5% 

         - (6) months Deposit - 10%

         - (9) months Deposit - 10.5%

         - (12) months Deposit - 11%

Starting from (1-9-2024), Savings Deposit Rate (MMK) and Fixed Deposit Rates (MMK) will be allowed as the new interest rate as mentioned above. For old Fixed Deposit (MMK) (1month, 3 months,6 months,9 months and 12 months terms), will be allowed as  the old interest rates until their dates.

Savings Passbook   

MFTB will issue Saving Passbook to Account holder  with  the  confirmation  of  deposit /withdraw and balance amount . No withdraw of the account will be allowed unless the passbook.

Deposit

Deposit can be made by Account holder as well as GP/authorized person with Passbook.

Withdraw

- Withdraw can be made by Account holder as  well as GP / authorized  person. No withdraw of the account will be allowed unless the passbook and NRC card.

- Withdraw will be allowed once in a week.

MFTB provide the following services for Fixed Deposit Account holder.  

- Principal amount can  be  withdrawn  at the maturity date.

- Account holder can instruct Fixed Deposit amount will be renewed automatically for another six month.

- Interest amount of Fixed Deposit will be credited to the saving account.

Methods of Deposit and Withdraw

- Deposit /Withdraw by cash

- Deposit /Withdraw by transfer

- Deposit by cheque

Remark - Up to MMK (10 )million, Deposit can be made by cash. If deposit amount is above (10) million, Deposit can be made by cheque or transfer within bank accounts or CBM-Net System.