Saving Account

Saving

It is suitable for your savings for safety and wealthier future reasons. The Bank pays interest at an appropriate rate twice a year at the end of June and December.

Benefits

  • This is an account for saving over short periods, and it is convenient to deposit and withdraw.
  • The Booyoung Lao Bank issues the account book as a reference of your financial transaction

Interest Rates

  • Interest is calculated based on the accrual balance and the period of depositing at the valid interest rate issued by the Bank in each period
  • It is paid twice a year on 30th June and 31st December.
  • The current interest rates per annum are determined in percentage (%) varied by currencies: 1,91% for LAK, 1% for THB, and 1,25% for USD

Minimum Initial Deposit

  • The minimum initial deposit to open a saving account, and the minimum maintaining balance

Terms and conditions of Services and Fees

  • When a deposit or withdrawal is made, the account holder is required to check if the transaction is successfully completed and all information printed on the account book is accurate.
  • In case of any error or inaccuracy is found, he/she must notify the bank officer to correct it immediately.
  • case of clo- In sure of an account with a term/period of the saving deposit is less than 3 months from the opening date
  • If none of the transaction is made on any saving account for a period of 1 year and longer,
  • such account shall be automatically closed by the bank, and the balance will not be returned to the customers
  • Please contact the bank for more information

Documents required for opening of a current account

  • A copy of an ID card and a copy of the registration book with a presentation the original ones for verification are also required.
  • Complete Application Form of Booyoung Lao Bank, with samples of signatures and applicable conditions to operate

Documents required for Withdrawals

  • Copies of an ID card and the family registration book with presentations of the original ones (the same copies that were used when opening the account with the Lao Development Bank).
  • Cash withdrawal Form (with the applicable signature(s)).
  • If an account holder is unable to make a cash withdrawal by his/her own for any reasons, an appointed third person is allowed to operate such transaction(s) including cash withdrawal(s) on his/her behalf provided that the power of attorney is authorized by the account holder with acknowledgment from the village authority or the employer. As well, the original account book, the ID cards of both the account holder and the assignee (appointed/authorized person) must be presented at the Bank counter.

Procedures for opening a saving account

  • Customer completes the application form (Bank Form).
  • Bank officer creates a customer's personal profile and processes the account approval.
  • Bank officer issues the account number.
  • Customer fills out the deposit slip and deposits the needed amount of money at the deposit counter.
  • The deposit transaction is processed, and the bank book is then issued accordingly