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  • Traditional Savings Deposit Account (or) Passbook Savings

Traditional Savings Deposit Account (or) Passbook Savings

  • Initial deposit is MMK 1,000.
  • Interest Rate per annum is 8.25%.
  • Deposit to Savings Deposit Account (For using passbook) may be made by cash deposit over the counter and Check payment, payment order, fund transfer, collection and clearing system.

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1. Opening a Traditional Savings Deposit Account (or) Passbook Savings

  • 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 fixed deposit account for individual, the person concerned will have to come to the bank himself/ herself. He / She will also have to bring his / her national scrutiny card.
  • 1.3 To open a 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 transactions 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. The savings passbook is issued free of charge.

2. Deposit

  • 2.1 You can deposit unlimited amount in your account frequently.
  • 2.2 You can also deposit into your account with cheques, payment orders and bankdraft by using the methods of Fund Transfer, Clearing and Collection.
  • 2.3 For the deposit, account name, account number and amount must be filled in the form of pay-in-slip. The Pay-in-Slip will be issued free of charge.
  • 2.4 When you put the money in the savings deposit account, you must need to take the savings passbook. You can put the money in your account by the agent.
  • 2.5 When deposit to savings account is made via cheque or payment order or bankdraft, these cheque or payment order or bankdfraft must be made by crossing. To become a special cheque, the words of Not Negotiable, Account Payee Only can be written between crossing parallel lines.
  • 2.6 If the cheques from other banks will be cleared and settled at the next business day (excluding bank holidays).

3. Cash Withdrawal

  • 3.1 You can withdraw unlimited amounts of cash frequently. The withdrawal form is issued free of charge.
  • 3.2 Terms and conditions are aimed for the withdrawal money, not for other purposes.
  • 3.3 The minimum amount of balance in the account is MMK 1,000.
  • 3.4 When you come to the bank to withdraw money, the savings passbook will be needed to bring with you and the transaction will be recorded immediately.
  • 3.5 For the clearing amount, after the transaction has been already credited to the account, withdrawal can be done. You need permission from AGM to withdraw money for Against Clearing.
  • 3.6 The amount to be withdrawn must be clearly written. The words and figures must be shown and the two things showing are same. If the figures and words are different, the payment may be refused, or the fewer amounts or the amount written by words can be paid.
  • 3.7 When the withdrawal amount is written in words in the cheque, do not leave space before writing the amounts in words as well as numbers and strike out the empty space left. For example, if you want to write the MMK 9,100/- (Kyats 9,100/-in figure and Kyat Nine Thousand and One Hundred Only in word).
  • 3.8 The account holder must sign his/her signature as with full name. The signature must be same as the signature specimen when the account opening was made.
  • 3.9 If you would like to withdraw with agent, on the withdrawal form, the name of agent, National Identity Card Number and Address were shown with savings passbook. The signature of agent must be verified by the account holder. The bank will not allow withdrawing money without savings passbook.
  • 3.10 After writing the name of the payee, account number, amount and date if one of them will be needed to alterate, over writing is not allowed. The error must be cancelled and the correction must be approved by the payer by signing. The bank will refuse for the alteration without approving by the payer.
  • 3.11 When the account holder told the bank to use seal for the withdrawal, the seal must be used for every transaction.
  • 3.12 Whenever the address and phone numbers are changed, the bank must be informed.

4. Transaction at the different CB Bank Branches

  • 4.1 If you want to withdraw money at different CB Bank Branches, you must bring the savings passbook. You must withdraw money yourself.
  • 4.2 CB Bank passbook is allowed to withdraw money every branch. If there are different areas, the remittance fee will be collected.

5. Savings Passbook

  • 5.1 Unofficial writing, alteration and correction and marking should not be done in the savings passbook.
  • 5.2 If the savings passbook is in damage and in painting, you must report to the bank immediately. The copy of savings passbook will be issued. For the lost savings passbook, the savings deposit account then will be closed and will be opened again.
  • 5.3 After savings passbook pages have been completed to record, the bank will issue the new savings passbook free of charge.
  • 5.4 The savings passbook must be kept safely.

6. How to get the interest

  • 6.1 The interest rate is 8.25% p.a.
  • 6.2 The interest will be calculated on the minimum balance between 6th morning and the last day of the month.
  • 6.3 The interest will be calculated on the minimum balance of MMK 1,000 and above.
  • 6.4 The interest amount will be credited directly to the customer savings deposit account in end of March, June, September and December.

7. Confidentiality

  • The information of account holders must be kept confidentiality.
  • All bank employees have already signed to obey the bank secrecy instructions after they have joined to the bank.

8. Service 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 charges will be collected as per bank instructions.
  • Lost passbook - MMK 500 .
  • Account closed fee for within 3 months - MMK 1,000.
  • Fund Transfer among CB Bank branches at the same zone – Free. Fund Transfer among CB Bank branches at different zone as per rate of Internal Remmittance.

9. Procedures for Settlement of Claims of Deceased Depositors

  • 9.1 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.
  • 9.2 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.
  • 9.3 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.
  • 9.4 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. Cheque 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 Instructions

  • 11.1 You can send the standing instructions or orders to the bank to serve the following functions on behalf of you.
    • A. The regular payment (Example: Insurance Premium)
    • B. Bill Payment (Example: Share Deposit, Telephone Bills, Electric Meter Bills, Municipal taxes)
    • C. The services linking one account to other accounts.
    • D. Payment for selling and buying the stocks shares and investment.
  • 11.2 You can instruct bank to link with savings and current account. When the balance in savings deposit account is not enough, fund transfer from savings account to the current account can be done easily.
  • 11.3 For the services above the functions, only the instructed fees will be collected.

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 bring your ID and your account will be closed. The available interest then 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.
  • 12.4. The savings passbook can be closed by the method of IBC. If the areas are differrent, the remittance fees will be collected.

13. Alterations of Terms and Conditions

  • 13.1 After providing due notice to the customers, if there is a reasonable case in the bank, the savings deposit account can be closed.
  • 13.2 BOD of CB Bank has the right that terms and conditions can be added, removed and alterated from time to time.
  • 13.3 The alteration will not be advertised to individuals. This will be advertised on the notice board of CB Bank.