Myanmar Foreign Trade Bank (Savings Account and Fixed Deposit Account)
Myanmar Foreign Trade Bank (Savings Account and Fixed Deposit Account)
Ministry of Planning and Finance / October 07, 2021
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) - 5%
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
- (3) months Deposit - 6% (per annum)
- (6) months Deposit - 6.5%
- (9) months Deposit - 7%
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- Principal amount can be withdrawn at the maturity date.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.