departments

Account Department

The Main Functions of  Account Department are as follows:

- Current Account Opening

  • Account Opening with US Dollar, Euro, Singapore Dollar
  • A/C Opening with current MMK (Myanmar Kyats)
  • Fixed Deposit A/C Opening (Kyats)
  • Saving A/C Opening (MMK, ATM Card A/c Opening)

- Account Transfer

  • Foreign Currency (in-house A/C transfer, Interbank A/C Transfer)
  • MMK (A/C transfer by CBM-Net, In-house A/C Transfer)

- Issuance of Payment order and cheque

- Purchasing and selling of foreign currencies) (USD,Euro)

- Cash withdrawal

- Loan disbursement

- Competition of Auction for Treasury Bill and Treasury Bond hosted by Central Bank of Myanmar

- Competition of Deposit Auction for USD

The Main Functions of Domestic Account Department are as follows:

  • Receiving daily transaction vouchers prepared by the departments concerned of the Bank and checking for the correctness in order to register to sperate General Ledgers
  • Clearing the cheques at the Clearing House (Central Bank of Myanmar)( MCH )
  • Checking with the Cash , Clearing , Transfer transactions with respective vouchers to be correct , and daily closing is done by the report , such as Trial Balance , Bank Cash , Clean Cash and Cash position

  • Arranging monthly closing together with Statement of Income and Expenditure and Statement of Balance Sheet at the end of every month.

  • Revaluation for all the balance of foreign currencies A/C which are calculated CBM Ref Rate and effected to the Profit & Loss impact and closing for half year together with the Statement of Income and Expenditure and Balance Sheet.

  • Annual Closing is there similarly with half year closing procedures and preparing Financial Statement at the end of budget year .

 

National Account / Personal Account’s Requirement as follows ;

  • Application Letter
  • National Registration Card Copy
  • Evidence of Foreign Exchange Earning(eg; appointment letter, rental contract)
  • (2) Introducers
  • Initial Deposit (minimum 100 Units of Currency)
  • (2) Photos

Embassy Account’s Requirement as follows ;

  • Embassy Application Letter
  • Ministry of foreign Affairs letter
  • Ministry of Planning, Finance and Industry letter
  • Initial Deposit (Minimum 100 Units of Currency)
  • Passport Copy and Visa Copy
  • (2) Photos for each authorized persons

Limited Company (Myanmar/Foreign) Co-Operative society, Partnership Account’s Requirement as follows ;

  • Application Letter
  • Board of Director Resolution (Meeting Minutes)
  • Myanmar Companies Online (MYCO) Company Profile
  • Company Registration card
  • Certificate of Export/Import Registration
  • Passport Copy and Visa Copy
  • Initial Deposit (Minimum 100 Units of Currency)
  • (2) Photos for each authorized persons
  • Over (18)year olds for individual

Required documents for opening account

Individual

(1) Original and Copy of National Registration Card

(2) Application Form

(3) If deposit money is above (10) million, it needs to submit required documents for income source.  

Initial Deposit- 1000 MMK

Minimum Balance - 1000 MMK

Interest rate (per annum) - 6 %

Remark- Starting on (1-6-2023), saving Deposit (mmk) and fixed Deposit (mmk) will be used the new interest rate as mentioned below, for old fixed deposit (mmk) (3 months,6 months and 9 months terms), will be used the old interest rate until it’s due.

Calculation of Interest

Interest is calculated upon minimum balance between 4th and end of  day of every month Interest is paid once in six months. (2 times per a year)

Fixed Deposit Kyat Account

Eligible Person for opening account

  • Over (18 ) year olds for individual

Required documents for opening account

Individual

(1) Original and Copy of National Registration Card          

(2) Application Form

(3) If deposit money is above  (10) million, it needs to submit required documents for income source. 

Company/ Institution

(1) Company registration documents .

(2) Board of Director Resolution(Meeting minutes)for account opening.

(3) Application Letter with Company's letter head

(4) Authorized Person's, NRC card. (original and one copy )

(5) Previous budget year's Financial Statement

(6) If deposit money is above  (10) million, it needs to submit evidence documents which the company had duly paid all the tax.       

Deposit (Minimum)

- Individual - 100,000 MMK

- Company / Institution - 1,000,000 MMK

Interest

         - (1) month Deposit - 6.25% (Cash Deposit Only)

- (3) months Deposit - 6.75% (per annum)

- (6) months Deposit - 7%

- (9) months Deposit - 7.5%

- (12) months Deposit - 8%

Remark- Starting on (1-6-2023), saving Deposit (mmk) and fixed Deposit (mmk) will be used the new interest rate as mentioned below, for old fixed deposit (mmk) (3 months,6 months and 9 months terms), will be used the old interest rate until it’s due.

MFTB provides services for MMK personal current account as a new product

Starting from 18th October 2019, Myanma Foreign Trade Bank provides MMK current account for individual as a new product.

For opening MMK personal current account

-    Eligible person is over (18) year olds.
-    Account holder needs to come to MFTB and needs to present NRC (original and copy).
-     Initial deposit for MMK current account is Kyat 10,000.

Deposit and withdraw can be made by Account holder as well as GP/authorized person with authorization letter .Withdraw can be made by cheque and NRC card.

 

If you need more information, please contact the following number.

Manager

Phone no: 95-1-8380616, 95-1-8388790