1. What are the details of the new “New Cash Account–Call” and “New Cash Account-Current”?
A “New Cash Account –Call” is a special category of the bank account where the depositor can deposit only cash (special condition) and withdraw or transfer without restrictions. However, special conditions on location, amounts, and notice periods for cash withdrawals may apply. Interest is calculated and accrued on a daily balance subject to the minimum balance specified by the bank from time to time. A “New Cash Account-Current” is a special category of the bank account where the depositor can deposit only cash (special condition) and withdraw or transfer without restrictions. However, special conditions on location, amounts, and notice periods for cash withdrawals may apply. No interest is payable on such accounts. However, these accounts have cheque book facilities.
2. Who is eligibility person to open New Cash Account–Call/New Cash Account–Current Accounts?
The following are eligible to open the new Cash ACCOUNT – CURRENT & CALL accounts:
• Businesses (Both, DICA & NON-DICA)
• Organizations (NGO, INGO, Universities, etc.)
• Individuals – Myanmar citizens & Resident foreigners (with valid visa) and greater than 18 years
3. Why should I open this account, what is the special benefit to me?
Our understanding of the objective of the CBM directive is to focus this special category of accounts on mainly companies and businesses, and also key individuals who manage and hold significant cash volumes in an effort to provide them with greater assurance of easier access without the OTC cash restrictions that are presently in place and which has led to a reluctance by such high-cash transactors to deposit cash into the banking system. This, in turn, is causing hardship to every customer including all retail clients, the entire business sector including to support essential payroll and other transactions and our economy as a whole.
The key benefit is that customers holding such Cash accounts are not restricted by the OTC Cash withdrawal limit. The account also has lots of Free services, refer to Product Information note.
4. Why aren’t these special benefits being offered to my existing Call and Current accounts?
Cash withdrawal without OTC limits is only eligible for cash deposits placed into the Operating Account as per the CBM Guideline. The benefit cannot be offered to existing call and current accounts as the balances in those accounts may have come from “non-cash” credits.
5. Why is there no SPECIAL Savings account?
At the present time, KBZ Bank is following the instructions of the CBM. Our understanding of the objective of the CBM directive is to focus this special category of accounts on mainly companies and businesses, and also key individuals who manage and hold significant cash volumes in an effort to provide them with greater assurance of easier access without the OTC cash restrictions that are presently in place and which has led to a reluctance by such high-cash transactors to deposit cash into the banking system. This, in turn, is causing hardship to every customer including all retail clients, the entire business sector including to support essential payroll and other transactions and our economy as a whole.
As more cash is deposited by such Current and Call account customers the cash liquidity raised will benefit all customers including Retail customers and, in time, help eliminate the current OTC cash withdrawal limits.
6. How many new accounts can a customer open?
You can open unlimited number of Cash Account–Call and Cash Account–Current. Subject to minimum balance requirements. Customers should open BOTH, the “Cash Account-Current” plus “Cash Account- Call” as they can be LINKED and this combination provides the widest benefit to customers.
7. Where can customers open this new Cash Account–Call /Cash Account–Current?
You can open the new Cash Account–Call and Cash Account–Current at any branch across the country.
8. Where can a customer deposit cash in these new Cash Accounts–Call and Cash Accounts–Current?
You can deposit cash into new Cash Account–Call and Cash Account–Current at any branch across the country.
9. Where can a customer withdraw cash from these new account(s)?
You can withdraw cash from new Cash Account–Call/ Cash Account–Current at the dedicated branches. However, you need to contact “Branch provided number or Relationship Manager” when you would like to withdraw cash. Your Branch Manager can help you with more information.
10. Is there limitation to the amount and number of withdrawals from this New Cash Account (Call/Current)?
No, there is no limit on the number of withdrawals you can make from the account. You can withdraw up to the amount you have deposited into the account in cash, subject to the minimum balance requirement. However, you need to contact “Branch provided number or Regional In-charge” when you would like to withdraw cash, so that the branch can make necessary arrangements and advise you of details.
11. Can the customer transfer money from existing normal accounts to this new account (Cash Account–Call or Cash Account–Current)?
No, you will not be able to transfer money from existing normal accounts to this new account (Cash Account–Call or Cash Account–Current).
12. Can customers transfer money from this New Cash Account-Call/Cash Account-Current to existing normal accounts? How to transfer? (New Cash Account to Normal Account Transfer)
Yes, customers can transfer money from this new Cash Account-Call/Cash Account-Current to other existing normal accounts at any branch across the country and through i/mBanking.
13. Can customer transfer money between these New Cash Account-Call and Cash Account-Current at the branches or through i/mBanking?
Yes, transfer transactions between New Cash accounts is permitted.
14. Can customer link between his/her own Cash Account-Current and Cash Account-Call?
Yes, customer can link between his/her own Cash Account-Current and Cash Account-Call.
15. Can customer link between his/her own Cash Accounts and normal accounts?
No, customer cannot link between his/her own Cash Accounts and normal accounts.
16. What is the interest rate for New Cash Account–Call?
It is increased to 6% p.a. (from 4% p.a. earlier) with effect from 1 July, 2021.
17. Does the interest rate for normal existing Call account change?
No, the interest rate for normal Call account remains as 2% p.a.
18. Can customer close their new Cash Account-Call/Cash Account-Current at any branch?
Customer must go to the home branch where new Cash Account-Call/Cash Account-Current was opened for its account closure. count closure.
19. Can the customer link his/her new Cash Accounts with KBZPay?
No, the customer cannot link his/her new Cash Accounts with KBZPay.
20. How much does the customer need to make an initial deposit to open a new Cash Account–Call/Cash Account-Current and how much does the minimum balance need to be maintained in the account?
The ‘initial cash deposit’ and the ‘minimum balance’ of the New Cash Accounts that the customer needs to make when opening the account are as shown in the following table.
|Account Type||Initial Deposit||Minimum Balance||Effective Date|
|Cash Account-Current (individual/joint)||MMK 10,000||MMK 10,000||15th June 2021|
|Cash Account-Current (Corporate)||MMK 1,000,000||MMK 1,000,000||10th May 2021|
|Cash Account-Call (individual/joint)||MMK 100,000||MMK 100,000||15th June 2021|
|Cash Account-Call (Corporate)||MMK 1,000,000||MMK 1,000,000||10th May 2021|
21. Is Debit Card service available for new Cash Account–Current?
Yes, a free Debit Card will be provided for all Individual accounts and soon a Business Debit card will also be provided.
22. How many days customer has to wait to get MICR cheque book?
Cheque books will be provided within 3 working days at the dedicated branch. The respective departments are making arrangements for the customer to get MICR Cheque Book as soon as possible.
23. Are the requirements of documents for new Cash Account-Call/ Cash Account-Current the same with the ones needed in opening normal accounts?
Yes, there is no change in the documentation requirement to apply for the new Cash Accounts.
24. Does customer need to pay service fee to open a new Cash Account–Call/ Cash Account–Current?
No, there is no fee to open the accounts.
25. How does the existing customer proceed if he wants to open new Cash Account–Call/Cash Account-Current, instead of his existing normal Call/Current account?
All customers are requested to continue to maintain their existing CALL & CURRENT ACCOUNTS. You can open the new Cash Account–Call and Cash Account–Current at any branch across the country.
26. Can customer transfer funds from Fixed Deposit account to new Cash Account–Call/Cash Account–Current when Fixed Deposit account is closed when matured/unmatured?
No, the customer cannot transfer any fund (including interest) from Fixed Deposit account to new Cash Account–Call/Cash Account–Current on maturity of the Fixed Deposit account/or if you pre-maturely uplift the Fixed Deposit. Please use your existing Ordinary CALL or CURRENT or SAVINGS accounts for this purpose.
27. How can customers make inquiry about new Cash Account-Call/Cash Account-Current?
You can call your Relationship Manager / Branch Manager for details or you can call our Call Center (Hotline No. – 3212 (all operators except MPT) & 09969933212(MPT) for any details.
28. Is notice period required to request for large cash withdrawals at these dedicated centers?
Yes, you need to contact “Branch provided number or Call Center (Hotline – 3212 for all operators except MPT & 09969933212 for MPT) or Relationship Manager” when you would like to make large cash withdrawals.
29. Can I request for the cash withdrawal to be made at another branch than the home branch where the account was opened?
CASH withdrawal is permitted only at the dedicated centers. However, in case you require the cash to be withdrawn at a location other than the dedicated branches then you may reach out to Branch provided number or contact your Relationship Managers or call Hotline No. 3212 (all operators except MPT) & 09969933212(MPT) to share the request.
30. How can I withdraw cash from these accounts?
(a) For CURRENT ACCOUNT holders Cash withdrawal can be done by drawing a cheque or by issuing the same to a beneficiary who can visit the dedicated center, bringing his/her NRC/ Passport.
(b) In case of CALL ACCOUNT, the customer must come in person bringing his/her NRC/ Passport and Call Account Passbook. For cash withdrawal by representative, the representative must come with the account passbook, cash withdrawal form signed by account holder, and NRC/ Passport of the account holder and the representative’s NRC. Cash withdrawal by representative can only be made at home branch where the OPAC-Call is opened.
31. Is appointment required for cash deposit to Cash Account-Call/Cash Account-Current?
No, customers can make deposit to Cash Account-Call/Cash Account-Current at the dedicated branches (or) any branches of KBZ bank without appointment.
32. Can I request for cash pick up or delivery from my office/factory?
• KBZ Bank is developing a special service for all our NEW CASH ACCOUNT customers to help them with greater convenience and save time.
• For both CASH PICK UP/Cash Delivery – You can call Relationship Managers to arrange for a cash pick up service from the office/warehouse/factory/outlet. This service will shortly be made available in Yangon or Mandalay, subject to booking and confirmation.
33. What are the various add-on features for the New Cash Accounts – Current/ Call?
The “Cash Account –CURRENT” comes with special benefits as under:
• FREE MPU Debit card or Business Debit Card
• FREE Green Pin – Your ATM card green PIN issue/reissue will be free
For Cash Account – Call, you will get a specially STAMPED Passbook to differentiate it from your other Call accounts.
The users of Cash Account – Call/ Current will also get the following benefits.
• FREE account to account transfers –
The following transactions of funds transfer through OTC are permitted to the customers of Cash Accounts.
– Any transfer transactions between Cash Accounts of the same or different customers.
– Any transfer transactions from Cash Accounts to normal CASA accounts of the same or different customers.
• FREE bank statement by email – You can request for a monthly bank account statement by EMAIL for no additional charge.
• FREE balance certificate – Customers can request for Balance certificate for no additional charge.
• ACCESS our Internet & Mobile Banking – Customers can sign up for digital banking products of Internet & Mobile banking. Businesses can register for i/mBanking FREE of charge. Only fees for remote TOKEN device will be charged if requested.
34. How is the New Cash Account different from the Operating Account?
It’s the same product, but we have decided to rename it so that it is easily understood by our customers. If you already opened an ‘Operating Account’, you get the same benefits as the New Cash Account.