Kanbawza Bank Ltd
KBZ (Kanbawza) Bank was initially established on 1st of July 1994 in Taunggyi, a small town in Southern Shan State. Our earlier operations mainly catered the local population in Taunggyi. In late 1999, our present Chairman, U Aung Ko Win, took over the management and reformed the organisation into one of the biggest private banks in Myanmar. Since January 3rd 2000, under the guidance of our Chairman, the KBZ network has expanded to 39 branches all over Myanmar with a highly regarded reputation.
Savings Deposit Account
Savings Deposit Accounts can be opened for eligible person/persons and organizations/agencies. Savings deposit account offers a secure and attractive method of saving funds, while at the same time allows immediate access to funds. When you open your account, you will get a passbook to keep track of your savings and transactions. Savings Deposit Account can be opened with an initial deposit of 1,000 Kyats. A minimum balance of 100 Kyats is required in order to keep an active account. Savings Deposit Account is also great to use as a loan security.
Interest shall be paid on savings account at the rate specified by Central Bank of Myanmar.The interest rate for the savings deposit account is 10% per annum. Interest is paid on minimum remaining balance during 5th and last day of the month. Interest payment is made twice a year at the end of March and September.
Withdrawals can be made at any KBZ Bank either by account holders themselves or by their representatives. It is necessary for the representatives to bring their ID along with passbook and withdrawal form signed by the account holder(s).
KBZ Auto Link System
Auto link system allows us to link Savings Deposit Account and Current Account. By using the auto link system you can easily withdraw your funds from Savings Deposit Account just by using cheque, hence without using your passbook. By using cheques to withdraw funds, auto link system enhances his/her security of your account when using representative.
The Current Accounts can be opened for eligible person/persons and organizations/agencies. With a starting deposit of a minimum 1,000 Kyats, you can instantly use your Current Account and draw cheques to make payment instead of using cash. You will also be able to make withdrawals at any of our branches nationwide without limitation in cash amount and number of times.
Your Account and Chequebook
The Current Account is non-interest bearing and it comes with a chequebook – you can write a cheque whenever and wherever it’s convenient. KBZ bank issues two types of cheques, which are Bearer Cheque and Order Cheque. The account holder can request a certain type of cheque book that will suit the purpose of use. A statement will be sent to you at the end of every month so that the account holder can see the transaction movements.
• Unlimited amount and frequency of deposits and withdrawals
• Auto link system with Savings Deposit Account allows the account holders to withdraw money from Savings Deposit Account by using cheque
• Cheques make money transactions easier for people
• Current Account holders have privilege to apply for Safe Deposit Locker for their valuables
• Fast deposits and withdrawals time by using KBZ Online system
Fixed Deposit Account
The Fixed Deposit Accounts can be opened for eligible person/persons and organizations/agencies. You can invest or deposit your money for a three month, six month, nine month, or a year term. Bank will issue a passbook that will enable you to make deposits and withdrawals as scheduled. You can also use your deposit as a security for a loan.
The interest rate for the Fixed Deposit Account is 10.25% for 3 months, 10.5% for 6 months, 10.75% for 9 months and 11% for 12 months. The interest is paid at the maturity (3, 6, 9 or 12 months). If you withdraw your money prior to three months, you will get no interest on your deposit. If you withdraw the money after 3 months and before it’s agreed maturity date, you will only get the interest payment for your deposit closest to your maturity term set by the bank.
(For example, if you withdrew your money in 8 months before the agreed maturity term of 9 month, you will get the interest payment only for 6 month term).
To facilitate the development of businesses in private sector in Myanmar, KBZ Bank has been granting loans and advances to businesses in various industries such as manufacturing, trading, services, construction, transportation and etc.
Types of Loans
III. Industrial and Agricultural loans
IV. Personal loans (Use Savings and Fixed Deposit Account as collateral or guarantee)
Interest payment and maturity
The interest rate for the ordinary loans, personal loans and overdrafts is 15 % per annum and the interest rate for Industrial/Agricultural loans is 14% per annum. Service charges for any type of loan will add 1% to the interest rate. Normally, the term of the loan is 1 year and you will need to reapply or renew the loan before it matures if you wish to extend the loan for the following term.
Requirements to apply loans
The following items are required to apply any type loans:
• License for business
• Receipts of revenue tax for last 3 years
• Financial statements for last 3 years
• Photographs of the business sites and securities
• Company Registration ( Form E, Form 6, Form 26)
[if applied by companies] • Board Of Directors’ Decision to apply for loan
• Documents concerning the ownership of the property
• Evidences such as grant, map and history of the property
• Photographs of the property
Collateral or Securities
Under the Central Bank regulations, the following collaterals are accepted:
(a) Immovable property
(b) Government bonds/securities
(d) Fixed Deposit Passbooks and/or Saving Account Passbooks
Safe Deposit Locker
For the safety of your valuables, we offer our customers safe deposit vault or locker facilities at the Kamaryut Branch and Nay Pyi Taw Branches. Locker facility is primarily intended for the benefit of Kanbawza Bank’s Current Account holders. One or more individuals, firms and other associations may hire a locker. There will be deposit fees of 30,000 kyat to hire a locker. The lockers are of different sizes and the rate of rent varies with the size of the locker. The Bank will allow you unlimited times of access to the Lockers during banking hours.
KBZ Bank an online remittance application is developed to facilitate customers to transfer funds to any KBZ bank nationwide. The objective of the online application or system is to facilitate an efficient, secure, economical, reliable and expeditious electronic remittance system for bank customer throughout Myanmar.
Advantages for the beneficiaries
• Transfer of funds within a matter of minutes
• Fully secure
• Save time
• No physical loss
Service Charges : Please contact the nearest KBZ branches.Kanbawza Bank Ltd,