( III ) Saving Deposit Account
It is an interest bearing Kyat deposit account. A saving deposit account can be opened by the national citizen who has attained majority.
A saving deposit account can be opened on behalf of a minor by a person who has attained majority. Moreover, an account may be opened in the joint name of two or more persons who have attained majority.
The following organizations may open saving deposit account with their own funds.
(a) welfare organization
(c) religious organization
(d) co-operative society
(f) regiment and force
(g) organization (or) association which are permitted by the respective Ministry form time to time.
No one shall have the right to open a saving deposit account with state-owned finance or with the funds belonging to an organization in which the state has subscribed funds.
There are no limits for amount of deposit (or) withdrawal. Withdrawal is allowed once a week during the banking business days (Monday to Friday).
Interest payment for saving deposit is 8% per annum. Interest amount is credited to the customer's account with quarterly basis on the first following business day after end of the quarterly period June, September, December and March.
Required documents for opening of an account are -
- Application Letter
- National Registration Card and Form-10 (original and photocopies)
- Birth Certificate (original and photocopy) for minor account
Initial deposit requirement is minimum Kyat 1,000.