• Business Banking
  • Accounts
  • Fixed Deposit Account

Fixed Deposit Account

  • 1 month, 3 months, 6 months, 9 months, 1 year, and more than 1 years.
  • Interest rate is 8.5% for 1 month, 9.25% for 3 months, 9.50% for 6 months, 9.75% for 9 months and 10% for 1 year and more than per annum.
  • Bank Charges will not be collected.

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1. Opening a Fixed Deposit Account

  • 1.1 Individuals, joint account more than one and various associations can open the fixed deposit account as follows.
    • A. Personal / Individual
    • B. Joint account by two persons
    • C. Joint account by more than two persons
    • D. 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.
  • 1.2 To open a personal fixed deposit account for individual, the person concerned himself/ herself will have to come to the bank himself/ herself. He / She will also have to bring along his / her national scrutiny card.
  • 1.3 To open a company fixed deposit account for company, 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.
  • 1.4 Whenever there is a change in the account holder’s address, telephone number etc he/she must inform the bank accordingly.
  • 1.5 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.

2. Types of Fixed Deposit

  • 2.1 Certificates of fixed deposits are classified as "One month", “Three month”, “Six month”, “Nine month” and “One year and above”.
  • 2.2 Any kind of fixed deposit, just to the liking of the depositor, may be selected and deposited.
  • 2.3 Certificate of fixed deposit will be issued to the depositor (depositors) by name.
  • 2.4 Certificate of fixed deposit is not transferable. It cannot be taken out by anyone on behalf of the depositor.
  • 2.5 When withdrawing cash, the certificate must be signed on the back and presented to the bank.
  • 2.6 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”.
  • 2.7 The bank will charge MMK one thousand for issuing a copy certificate.

3. How to get Interest

  • 3.1 Whenever it comes up to the fixed of deposit (whenever it comes up to specified length of time) interest is calculated.
  • 3.2 Respective interest rates are calculated on the basis of the fixed length of time applicable to the one when deposit was made.
  • 3.3 The current interest rates are: 8.5% for 1 month, 9.25% for 3 months, 9.50% for 6 months, 9.75% for 9 months deposit and 10% for one year deposit.
  • 3.4 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.
  • 3.5 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).
  • 3.6 The bank has the authority to change the interest rates from time to time.

4. Confidentiality

All facts and information about the fixed deposit account-holder must be kept in highly confidentiality by the bank. After appointment, every staff has signed on acknowledgement to follow and abide by the stipulations concerning the secrets.

5. Bank Charges

Service charges will not be collected for the fixed deposits.

6. Procedures for Settlement of Claims of Deceased Depositors

  • A. If the account holder died, the payment of the balance in the deposit account will be paid to the survivor(s)/nominee of a deceased deposit account holder represents a valid discharge of the bank's liability provided:
  • B. If one of a Joining accounts more than one died, the payment of the balance in the deposit account will be paid to the next one remaining. If the balance in the deposit account will be wanted to deposit in the bank, the name will be updated and a new fixed deposit certificate will be issued.
  • C. If the financial authorized person of an organization, or an association, or a company died, the successor must send the new specimen signature to the bank with the meeting resolution and order mentioning that the successor to the deceased will continue to do the financial power.

7. Alterations of Terms and Conditions

The Board of Directors of CB Bank has the authority to add, repeal or to amend these rules and regulations (for Fixed deposit accounts) from time to time. The amendments shall not be made to be known and informed individually. The amendments will be made to be known (published) in the newspaper or by sticking them on the bank advertising board.

Remark: Fixed Deposit stands for Time Deposit.