Improving living standards depends not only on the amount of loan the clients can borrow but also on the amount of money the client save over a period of time. COMPULSORY SAVING is a product that allows clients to learn how to save money for particular purpose as well as for emergency needs.
| Savings Amount | Interest Rate | Savings Period |
|---|---|---|
| 5% of Loan Amount | 14% per Annum | Equal to Loan Tenure |
Term Deposit is also a type of savings that will be best suited for customers who would like to keep their savings for a definite period. This savings will earn you more interest than others depending on your term of savings.
| 6 Months | 12 Months | 18 Months | 24 Months | |
|---|---|---|---|---|
| Interest (Yearly) | 10.50% | 11% | 11.50% | 12% |
| Minimum Opening Balance | 100,000 MMK | |||
| Applicable interest rate for pre-mature withdrawal is 10% | ||||
By means of Savings Account, customers can save their discretionary income that will earn interest and each cash transaction will be recorded in a savings passbook. There are two types of savings account, Normal Account and Loyal Account.
| Normal Account | Loyal Account | |
|---|---|---|
| Interest Capitalization | Quarterly | Monthly |
| Interest (Yearly) | 10% | Minimum Account Balance (MMK) 5,000 MMK to 1,000,000 MMK - 10% 1,000,000 MMK to 5,000,000 MMK - 10.5% Above 5,000,000 MMK - 11% |
| Minimum Opening Balance | 10,000 MMK | 50,000 MMK |
| Minimum Ongoing Balance | 1,000 MMK | 5,000 MMK |
Either Individual or Joint
Withdrawal Available At Any Time
No Limit Withdrawal Amount
Regular Saving Is Not Necessary
