Fixed Deposit
  • Any person on his own, or with two or more persons or various organizations may open the fixed deposit accounts and these accounts may be called in essence as follows:
  • .:. Personal
  • Joint account by two persons
  • Joint account by more than two persons
  • Business centre account, Joint Venture account, Company Limited account, Co-operatives account, savings and lending and monetary organizations account, departmental staff fund account, social organizations (for welfare and relief) account, trust fund account and social organizations account.
  • To open a personal fixed deposit account, the person concerned himself/ herself will have to come to the bank. He / She will also have to bring along his / her national scrutiny card.
  • To open a company fixed deposit account, articles of association, company registration certificate, business licenses, list and names of board of directors, board of directors meeting records and resolutions to open the account, names of persons who will make paying-in and withdrawal for and on behalf of the company and their specimen signatures and company stamps – all these will have to be brought to the bank.
  • Whenever there is a change in the account holder’s address, telephone number etc he/she must inform the bank accordingly.
  • With Hundred Thousand Kyats at a time, any amount of Cash, with no limit on the amount and frequency, may be repeatedly deposited into the fixed deposit account.
  • .:. Kinds of Fixed Deposit
  • Certificates of fixed deposits are classified as “One month deposit”, “Three months deposit” and “One year and above deposit”.
  • Any kind of fixed deposit, just to the liking of the depositor, may be selected and deposited.
  • Certificate of fixed deposit will be issued to the depositor (depositors) by name.
  • Certificate of fixed deposit is not transferable. It cannot be taken out by anyone on behalf of the depositor.
  • When withdrawing cash, the certificate must be signed on the back and presented to the bank.
  • If the certificate is lost or damaged, the depositor must inform the bank in writing. And the depositor can get a copy of certificate by making "Indemnity Bond".
  • The bank will make service charges kyats one thousand for issuing a copy certificate.
  • .:. Right to get Interest
  • Whenever it comes up to the fixed of deposit (whenever it comes up to specified length of time) interest is calculated.
  • Respective interest rates are calculated on the basis of the fixed length of time applicable to the one when deposit was made.
  • The current interest rates are: 8.50% for a month deposit, 9.25% for a three months deposit, 9.50% for six months deposit, 9.75% for nine months deposit and 10.00% for one year deposit.
  • For the deposits that still remain yet to be drawn even after the end of a fixed length of time, no interest will be paid for that particular period of time.
  • No depositor is entitled to get interest for the deposits withdrawn before the end of a fixed length of time (before the fixed term is due).
  • The bank has the authority to change the interest rates from time to time.
  • .:. Special Secret
  • All facts and information about the fixed deposit account-holder must be kept in special secret by the bank. All the time of appointment every staff member of the bank has signed on acknowledgement and acknowledged to follow and abide by the stipulations concerning secrets.
  • .:. Bank Charges
  • The MMB bank will make no charges at all for keeping fixed deposit accounts.
  • Death of Fixed Deposit Account Holder
  • If a part-time deposit account-holder has died, the MMB bank will pay the bank balance to the heirs or to the persons having legal rights to inherit. And if it is necessary to change the name of the account-holder the bank will open a new account.
  • If a person, holding a joint account with more than one person has died, the bank will pay the bank balance to other persons included in the account. If it is necessary to continue to open the part-time deposit account, the bank will add or correct the names of the account-holder and will issue a new certificate of deposit.
  • If a person authorized to pay-in and withdraw cash for and on behalf of an organization, or an association, or a company account has died, it must be informed to the bank together with the meeting resolution and order mentioning that the successor to the deceased will continue to do the jobs, i.e paying-in and withdrawing cash from the account, and the successor’s specimen signature must also be sent.
  • .:. Amendments to rules and regulation
  • The MMB Bank LTD; board of directors has the authority to add, repeal or to amend these rules and regulations (for part-time deposit accounts) from time to time. The amendments shall not be made know to and informed individually. The amendments will be made known (published) in the newspaper or by sticking them on the bank advertising board. Remark – In the United States of America, this type of deposit is called "Time Deposit".
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