faq

FAQ

Which services are providing by MMK Saving, Fixed Deposit and Current A/C department?

For MMK saving account

  • Eligible person for opening MMK saving account is over (18) year olds.

  • Initial deposit amount    - 1000 MMK

  • Interest rate                     - 8% per annum (Interest is paid once in six months)

 

For MMK Fixed Deposit account

  • Initial deposit amount  -    100,0000 MMK (For Individual)

                                               - 1,000,0000 MMK (For company/institution)

  • Interest rate    (3 months deposit)            -          8.25 % per annum

             (3 months deposit)-8.25 % per annum

                                  (3 months deposit)           -          8.25 % per annum

For MMK Current account

  • Initial deposit amount    - 10,000 MMK

In which currency are the guarantee issued?

 

 The guarantees are issued in both local and foreign currency.

How long will you take for issue of a bank Guarantee?

 

 

  A bank guarantee is available within one day by the require documents.

How do you collect the guarantee charges?

 

     Bank charges are collected as follow;

(1)  ¼ % of Domestic/Overseas Issuing Guarantee amount per3 months or part there ofUSD50/- (or) equivalent MMK,

(2) Amendment for Domestic/Overseas Issuing Guarantee commission

     ¼ % of Domestic/Overseas Issuing Guarantee amount per 3 months or part there ofUSD50/- (or) equivalent MMK,

  (3) USD 50/- for Overseas Advising Guarantee

(4) Amendment for Overseas Advising guarantee commission USD 30/-(or)equivalent MMK,

Claim for Domestic/Overseas guarantee commission USD 25/-(or) equivalent MMK,

(5) Claim for Domestic/Overseas guarantee commission USD 25/- (or) equivalent MMK

Which documents are require to cancel bank guarantee?

 The require documents are as follow;

                   (1) Application

                  (2) Original Bank Guarantee

        (3) Original Debit Advice (if funds were deposited from company’s     FC account)

Which documents are require to issue bank guarantee?

 

  The require documents are as follow;

                        (1) Application

                        (2) 100% of Bank Guarantee Amount is to be deposited

                              - Credit Advice for in Cash

                              -  Credit Advice for Telegraphic Transfer

                              - Pass Book Original and Copy for Account Transfer

                        (3) Copy of Firm Order / Contract

How can we receive bank Guarantee?

  

   You can receive bank guarantee by the following (2) ways;

           (1) Bank guarantee issue by local and foreign correspondent bank

(2) Bank Guarantee issue by depositing the guarantee amount at MFTB

Can we know the type of Guarantee issue by Guarantee Department?

Types of Guarantee issue are as follow;

  1. Tender Guarantee
  2. Advance Payment Guarantee
  3. Performance Guarantee

How much is the bank charges?

For Bank charges Outward remittance

  1. Outward Remittance Commission   -  0.125% of the remittance amount  (or) Equivalent of Kyats Minimum USD 50
  2. Stop Payment/ Amendment/ Return Payment/ Query etc. - USD 15 (or) Equivalent Kyat

What documents require for trade payment?

 For Government (Local Firm) & Foreign Firm

(1)    Fund Transfer Application

(2)     Application Letter

(3)     FE permit (Approved by Ministry of Planning & Finance) (or) (Approved by Union Minister)

(4)     Form (Tha Ka) (for good and Invoice) (Application for Foreign Exchange Remittance for Imports)

(5)     Form (A) (For Service) (Application For Foreign Exchange Remittance Other than imports)

(6)     Goods receipt and services , cheque.

(7)     For advance payment of TT, require advance payment bank guarantee

What documents require for trade payment?

For Private (Local Firm) & Foreign Firm

(1)    Fund Transfer Application

(2)     Form (Tha ka) for good

(3)     Application Letter

            (4)     Invoice/Packing List/Sale Contract

            (5)     Import License

(6)     Bill Of Lading (Airway Bill/Cargo Receipt)

            (7)     If any Decrepency Require Undertaking

            (8)     Bank Passport Copy

Civil servants  Inquired  Cash Withdrawl  amount and date  

According  to the  Budget department  order,  Exchange   Control Department  have to cash withdrawl and transfer of Airticket fees who is  going to abroad of civil servants before ( 3 ) days.

Inquired  Cash Deposit  Amount

Exchange Control Department  have to receive cash deposit according to  the Anti- Money Laundering  Law .

   Deposit  amount is according to the Central Bank Of Myanmar  instruction No. 15/2012   Source of income ( e.g money changer slip )

Which documents are required for closing fixed deposit (USD) accounts?

  • Application Letter for closing account
  • Debit advice and credit advice which were issued by MFTB
  • Fixed deposit and Current account passbooks

Which documents are required for opening fixed deposit (USD) accounts?

  • Application Letter for opening account
  • Current account passbook
  • Board of director resolution /Meeting minutes for account opening (Only for Institution)

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