Savings Deposit Accounts can be opened for eligible person/persons and organizations/agencies. Savings deposit account offers a secure and attractive method of saving funds, while at the same time allows immediate access to funds. When you open your account, you will get a passbook to keep track of your savings and transactions. Savings Deposit Account can be opened with an initial deposit of 1,000 Kyats. A minimum balance of 100 Kyats is required in order to keep an active account. Savings Deposit Account is also great to use as a loan security.
Interest payment
Interest shall be paid on savings account at the rate specified by Central Bank of Myanmar.The interest rate for the savings deposit account is 10% per annum. Interest is paid on minimum remaining balance during 5th and last day of the month. Interest payment is made twice a year at the end of March and September.
Withdrawals
Withdrawals can be made at any KBZ Bank either by account holders themselves or by their representatives. It is necessary for the representatives to bring their ID along with passbook and withdrawal form signed by the account holder(s).
KBZ Auto Link System
Auto link system allows us to link Savings Deposit Account and Current Account. By using the auto link system you can easily withdraw your funds from Savings Deposit Account just by using cheque, hence without using your passbook. By using cheques to withdraw funds, auto link system enhances his/her security of your account when using representative.
|
