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  • Foreigner's Account for Local Currency Deposit

Foreigner's Account for Local Currency Deposit

  • Current Account can be opened for foreigner’s account at CB Bank.
  • Initial Deposit MMK 1,000

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1. Opening a Curent Acount ( For Foreigner) for Local Currency

  • 1.1 Any person on his own, or with two or more persons or various organizations may open the current accounts and these accounts may be called in essence 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 current account (For Foreigner), the person concerned himself/ her-self will have to come to the bank. He / She will also have to bring along his / her national identity card.
  • 1.3 To open a current account (For Foreigner), 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 Initial Deposit is MMK 1,000.
  • 1.5 After opening the current account (For Foreigner) by showing visa, the approval must be taken from CBM.

2. Deposit

  • 2.1 You can deposit unlimited amount and the numbers of times into the current account.
  • 2.2 You can also make deposit via cash, cheques, bankdrafts and payment orders by Internal Fund Transfer, Clearing and Settlement and Collection.
  • 2.3 Deposit can be paid with the Pay-in-Slip by showing the account name, account number and the amount to be paid.
  • 2.4 Deposit can be done by the representative.
  • 2.5 When the deposits are done by the cheques, bankdrafts, payment order, these will have be made crossing mark on these. A cheque crossed generally is a cheque that bears two parallel transverse lines across its face, optionally with the words 'And Company' or 'Not Negotiable' between the lines. To become the special crossed cheque, Not Negotiable, A/C Payee Only can be written between the parallel transverse lines.
  • 2.6 If other bank cheques are received before 11:30 AM, the settlement will be cleared at the same day. If these cheques are received after 11:30 AM, the settlement will be cleared next day.

3. Cash Withdrawal

  • 3.1 You can withdraw unlimited numbers of times and amounts of cash.
  • 3.2 The minimum amount of balance in the account is MMK 1,000.
  • 3.3 The chequebook is issued free of charge.The stamp duty for using cheques will be deducted from your account. Payment can be done by cash. You need to check your account number, numbers of the cheques and the serial numbers on the chequebook.
  • 3.4 You can withdraw money ofter clearing and crediting to your account. You need permission from AGM to withdraw money for Against Clearing.

4. How to use the cheque

  • 4.1 The intimation signed by the account holder will have to be sent to the bank when the cheque is started to use. The account holder can apply to issue a new cheque book by signing on the application form. If you would like to request to the bank to issue a new cheque book by an agent, the agent will be issued after collecting the name, ID number and address of the agent.
  • 4.2 The cheque can be written by hand writing, typing and special typing by Myanmar or English. The amount to be withdrawn on the cheque must be written clearly.
  • 4.3 The withdrawal amount must be shown exactly. The amount written by words and figures must be agreed. The bank will refuse to withdraw money if the amount written by words and figures not agreed. In this case, the bank will allow to withdrawal the less amount written between words and figures or the amount written by words will be permitted to withdraw.
  • 4.4 Do not leave any blank areas on your cheque. Draw a line through any open spaces. For example, be sure that amount written out in words is an exact match to the number amount written in the small box that starts with a kyat sign i.e. MMK 9,100 (Kyats Nine Thousand and One Hundred Only.)
  • 4.5 The bank has right to refuse to withdraw money if the cheque is damaged, painted and not written properly.
  • 4.6 The date written in the cheque should not be posted date or overdue date which is over 6 months. To be extended the date of the cheque, you must inform to the bank officially. If the date of cheque will be due to the holidays, the cheque will be honoured on the banking busiess day.
  • 4.7 The full signature must be signed on the cheque. The siganature must be same as the specimen when the new account is opened.
  • 4.8 Cheque book should not be handed overed to the others. It should be saved by you.
  • 4.9 If you are forced to sign on the cheque for the any amount by someone, you must inform to the bank immediately.
  • 4.10 After payee name, amount and date have been written on the cheque, you can not write over-writing if you would be like to edit one of them. Bank has right to reject to withdraw money if the atteration or correction is not verified by full signature. The cancelled cheque will have to be sent to the back.
  • 4.11 If the order cheque, would have to be made as the bearer, the word if order is cancelled by crossing and the words must be written and singned by the account holder.
  • 4.12 If you would like to withdraw money by the agent, the name and ID number of the agent are shown on the cheque and you need to write. “Please withdraw to payee” on the back of the cheque. You need to confirm the specimen signature of the agent is verified by the account holder.
  • 4.13 You need to inform to the bank if you want to stop payment for issuing cheque. Although you inform to bank by phone or tele or wire or FAX, you need to inform to the bank by writing. In stop payment letter, account number, full name payee, amount of cheque number and date are correctly shown. Until the letter for stop payment is not received by bank, the bank will have the right not to take action.
  • 4.14 The bank will have to refuse to withdraw overdraft without any agreement with the bank.
  • 4.15 If the cheque or cheque book are lost or damaged, you must inform to the bank immediately. The new cheque book will be issued for the lost or demaged cheque.
  • 4.16 One loose cheque will be charged MMK 500.
  • 4.17 If you informed to the bank that the stamp or seal would be used when you open your account, every withdrawal will be needed to use the stamp or seal.
  • 4.18 If the other language will be used for the signature, not Myanmar or English, the signature must be verified by the bank officer not lower rank than the Assistant Manager of the bank.
  • 4.19 You must need to inform to the bank whenever your address and telephone number are changed.

5. Making trascations with other CB Banks

  • 5.1 The current account of CB Bank can be credited via other CB Bank Braches.
  • 5.2 Withdrawal can be made by CB Bank cheque in other CB Bank Branches. (If the area is different, the bank commission will be collected as Fund Transfer or remittance fee).

6. Confidentiality

The bank will keep the data / information of the account-holders confidentially. All bank employees have already signed to obey the bank secrecy instructions when they joined to the bank.

7. Bank Charges

Bank Charges will not be collected from the current account-holders. According to the standing instruction, the bank provides regular transactions for the customer and the service changes will be collected as per bank instruction. The bank will collect MMK 125 for the stamp duty. When the cheque book is lost, MMK 2,000 will be collected for the issuing new the cheque.

8. Bank Statement

  • Bank statements will be sent at the end of each month.
  • You must inform immediately to the bank if the bank statement has any errors.

9. Procedures for Settlement of Claims of Deceased Depositors

  • A. The balance outstanding at the time of death of the depositor will be paid to the nominee on verification of his /her identity and proof of death of depositor. If the name will have been changed, the new account will be opened.
  • B. A joint account opened as "Either or Survivor" or "Anyone or Survivors" will permit the surviving account holder(s) to have unimpeded access to the credit balance in the account for withdrawal if one of the co-account holders dies.
  • C. If one financial authorized person from the organization or association or company died, successor will have to send the signature specimen to work the duty continue after signing.
  • D. All persons who borrowed the loans from Individual or "Either or Survivor" died, it is to be known as the official nominators or the the authorized person will have to repay all debts by individual or all.

10. Cheques Collection

After settlement and clearing the cheques, the receipt of deposit must be taken. If the cheques are returned, the account holder will have carefully to take the returned cheque in time.

11. Standing Instuctions

  • 11.1 You can send the standing instructions or orders to the bank to serve the following functions behalf of you.
    • A. The regular payment (Example: Insurance Premium).
    • B. Bill Payment (Example: Share Deposit, Telephone Bills, Electric Meter Bills, Municipal taxes).
    • C. Overdraft which you must request to the bank with advance.
    • D. The services linking one account to other accounts.
    • E. Payment for selling and buyng the stocks shares and investment in Foreing Exchange services
  • 11.2 You can instruct to bank to link with savings and current account. When the balance in savings deposit account is not enough, fund transfer from savings account to current can be done easily.

12. Closing the Accounts

  • 12.1 After providing due notice to the customers, if there is a reasonable case in the bank, the savings deposit account can be closed.
  • 12.2 If you wish to close your account, you will have to take your ID and your account will be closed. The available interest must be added in the balance and all balance in the account will be withdrawn.
  • 12.3 The savings passbook must be returned to the bank after closing the account.

13. Amendments to Terms and Conditions

BOD of CB Bank has the right that terms and conditions can be added, removed and alterated from time to time. The alteration will not be advertised to individuals. This will be advertised on the notice board of CB Bank.