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 (for the 3 months deposit Less from (500 Lkh) – 9.25%, (500 Lkh) to (10,00 Lkh) - 9.5%, (1,001 Lkh) to (2,000 Lkh) – 9.75 % and Up to (2,000 Lkh) - 10%), 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".