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  • Minor Deposit Account

Minor Deposit Account

  • Initial deposit is MMK 1,000.
  • 8.25% interest rate.
  • Bank charges will not be collected

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1. Opening a Minor Deposit Account

  • A minor’s deposit account may be opened as a savings account and as a fixed deposit account as you like it.
  • Banking activities must be carried out in accordance with the rules and regulations prescribed for a minor’s account.
  • The D.O.B (date of birth) mentioned in the minor’s birth register and the D.O.M (date of maturity) will be mentioned in the bank book. On the day a minor reaches adulthood (the day he/she turns 18) the account will be changed to and open as the adult account.

2. Paying-in and Withdrawing Cash

  • 2.1 The natural parents (the blood related parents) may act as the guardian in matters of paying-in the withdrawing cash from a minor’s part-time deposit account.
  • 2.2 If a minor has not his/her own parents, a person who has been appointed as a guardian with letter of guardianship under the Guardian and Wards Act, may act as a guardian of a minor.
  • 2.3 A minor, who has opened a minor’s bank account, has the right to pay-in or withdraw cash himself/herself on the day he/she turns exactly 18.
  • 2.4 A minor’s account-holder, on reaching adulthood, must begin paying-in or withdrawing cash from the bank by himself/herself.
  • 2.5 Starting from the day when a minor has reached adulthood, the right of his/her parents or guardian to pay-in or withdraw cash from the bank for and on his/her behalf must be considered as automatically ended.
  • 2.6 Adult’s name, national identification number and address must be changed for opening adult account and CB Bank must take adult’s original signature according to bank’s terms and conditions.
  • 2.7 When changing to and opening the adult account, the bank must close the minor’s account as one part, with the closing balance, that exists in the ledger and savings book on the day before the minor reaches adulthood. And then the bank must put it on record with a remark that the closing balance has been changed as the opening balance of the adult account and the balance is carried forward to it paid-in, may be mentional in the banks pay-in slip. The pay-in slip is issued by the bank free of charge. Deposit may also be made through an agent.
  • 2.8 The level which is not lower than an Assistant Manager must approve and sign when the minor account is changed to the adult account.

3. How to get the interest

  • Right to get interest (from the minor’s deposit account) is according to the rules and regulations for the said deposit account.
  • On the day a minor reaches adulthood, the minor’s account must be changed to the adult account.

4. Amendments to Terms and Conditions

The Board of Directors of CB Bank has the authority to add, repeal or to amend these rules and regulations (for Minor deposit accounts) from time to time. The amendments shall not be made know 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.