Cheques can be used with the current account. This type of account particularly suits companies, business organizations and entrepreneurs. Cash can be credited to current account. Payment can be made by cheques. A wide range of banking services including cash deposit into the current account, paying the bills using cheques, setting up standing instructions to provide regular payments, paying bills, and direct debits.
Bank accounts can be opened in the following ways:
- Individual accounts
- Joint accounts (two and above)
- limited companies accounts,
- solely owned companies accounts,
- partnerships / joint ventures accounts,
- co-operatives accounts,
- social and religious associations and other clubs accounts,
- trust accounts,
- local organizations and government organizations accounts.
Accounts can be opened with a minimum deposit of 1,000 MMK and the minimum balance shall be kept at 1,000 MMK. Cheque books will be provided for all the current account holders. Account holders can choose either bearer cheques or ordered cheques.
Depositing / Withdrawing
- For individual accounts, cash can be withdrawn if signed by the account holder.
- For joint accounts, cash can be withdrawn if signed by the joint account holders or one of the account holders.
- For companies, partnerships / joint ventures and organizations accounts, cash withdrawal can be made if signed by the signatory(s) who are authorized by the authorities, board of directors, executive committees and administrative board during the meeting.
Cheques can be used to withdraw from the current account(s). If there are alterations and corrections on the cheque(s), the account holder(s) shall put on the full signature.
The following services are also provided for the current account holders:
- Cash collection; bill payments;
- Regular monthly transactions through standing instructions;
- Priority loans if loan terms are fully met;
- Safe Deposit Boxes for the safe storage of customer’s valuables; and
- Arrangements for bank guaranteed cheques.
Issuing bank statements on a monthly basis
The bank will send a bank statement with a summary of deposits and withdrawals at the beginning of each month to the current account holders. Bank balance acknowledgement certificate will be issued to the account holder(s) only upon request.