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 )
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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
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Arranging monthly closing together with Statement of Income and Expenditure and Statement of Balance Sheet at the end of every month.
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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.
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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) - 9 %
Remark: Starting from (1-9-2024), Savings Deposit Rate (MMK) and Fixed Deposit Rates (MMK) will be allowed as the new interest rate as mentioned above. For old Fixed Deposit (MMK) (1month, 3 months,6 months,9 months and 12 months terms), will be allowed as the old interest rates until their dates.
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 - 9% p.a (By Cash Deposit (or) CBM-Net Transfer from Other Banks Only)
- (3) months Deposit - 9.5%
- (6) months Deposit -10%
- (9) months Deposit - 10.5%
- (12) months Deposit - 11%
Starting from (1-9-2024), Savings Deposit Rate (MMK) and Fixed Deposit Rates (MMK) will be allowed as the new interest rate as mentioned above. For old Fixed Deposit (MMK) (1month, 3 months,6 months,9 months and 12 months terms), will be allowed as the old interest rates until their dates.
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.