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Myanmar Banks Association announces bank loans should be repaid on time either in cash or in kind

The Myanmar Banks Association has announced that bank loans should be repaid on time and the payment can be made by cash or debit. The Myanmar Banks Association has launched banking services, including the ability to open an account with a minimum deposit of 10,000 kyats to 100,000 kyats in a new deposit account. The current account can be opened by depositing at least 10,000 kyats to 100,000 kyats in cash in the current account. Banks are not compatible with each other and interest rates may vary from bank to bank.

Payment can be made in cash. Withdrawals can be made using cashier’s check (Cash Transfer, CBM Net, Digital Payment, Any Channel). Call Deposit can be used to open an account with a minimum deposit of 10,000 kyats to 100,000 kyats in cash and interest rates may vary from bank to bank. Payment can be made in cash. Withdrawals can be made by check (cash transfer, CBM Net, Digital Payment, Any Channel).

In repaying the loan principal/interest, the loan principal/interest borrowed by the banks is paid in cash or in kind. It also encourages banks to repay their loans before maturity in order to facilitate the smooth repayment of deposits currently deposited with banks by changing the list or accounting method. In addition, a statement from Myanmar Banks Association also state about old deposit accounts, Sale of Payment Order (PO), issuance of Bank Grarantee (BG), Money transfer and TT/ LC services.

Source: Daily Eleven

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