Fixed Deposit Account

Fixed

A fixed deposit account is an account used for deposits that need to be repaid within a certain period of time as agreed, for all of you who have a lump sum but do not want to use. You will receive higher interest than normal according to the term of the deposit, such as 3 months, 6 months, 1 year, and 2 years.

Benefits

  • Depositors will receive a higher interest rate than other types of deposits.
  • Depositors can receive interest on a monthly basis. (1-year and 2-year deposit case).
  • Deposits over 3 months, if withdrawn early, will be charged interest at a savings rate.
  • In case the fixed deposit matures on a public holiday, the depositor can withdraw it the next day. The bank will also charge interest rates to depositors on public holidays.
  • In case of an overdue deposit, the customer will not be able to withdraw the excess, if the term exceeds the first deposit, the fixed interest will be charged (multiplied by 2 or…), if the excess is not equal to the first deposit, the interest will be charged.
  • Your fixed deposit account can be used as collateral for a bank loan.

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

Minimum Initial Deposit

  • Minimum Deposit and Minimum Account Balance (3 months, 6 months, 12 months, 24 months, 36 months, 48 months, and 60 months: 500,000 Kip, 2,000 Baht, 100 USD.

Terms and conditions

  • The bank will not pay interest, In case of withdrawal before the term of the deposit account for the first 3 months.
  • The account holder must keep the certificate of deposit secure. If the book is lost or damaged, the bank must be notified immediately (and the damage report from the village authority to obtain a new deposit certificate).
  • This fixed deposit is valid only for the depositor, and cannot be transferred or changed hands if the depositor changes his name, surname, and address, he must notify the bank immediately.
  • Do not modify the text, amount, or change the name of the account holder. All vouchers will have a serial number on each side (do not tear) or stain.
  • the account holder must check the amount and account balance carefully each deposit-withdrawal, If anything goes wrong, the bank staff must be notified immediately in order to make corrective transactions.
  • In case the deposit is due but the account holder is not able to withdraw the money by himself/herself, he/she must authorize the trustee in writing by the owner or the department with the attached receipt, ID card of both the giver and the recipient, to withdraw on his / her behalf.
  • ກໍລະນີປິດສັນຍາເງິນຝາກກ່ອນກໍານົດ ປະເພດ 3 ເດືອນ, 6 ເດືອນ, 9 ເດືອນ, 12 ເດືອນ, 18 ເດືອນ, 24 ເດືອນ, 36 ເດືອນ, 48 ເດືອນ ແລະ 60 ເດືອນ:
  1. In case of closing before 3 Months:
    • In case the Bank has not yet paid the interest, the Bank will pay the interest on the savings in the currency of the deposit based on the interest rate on the closing date declared by the Bank from time to time.
    • In case the bank pays the interest before the bank will repay all the interest paid and collect the closing fee before setting 1% of the interest paid in the currency (minimum 100,000 kips, US $ 13, and Thai baht 440 baht) with the interest-bearing principal at the bank.
  1. In case of closing after 3 Months:

2.1 In case the Bank has not yet paid the interest, The bank will pay interest in the form of interest rate monthly deposits Fixed-term deposits actually kind that once the deposit agreement and the remaining banks to pay interest on savings example: deposit agreement customer deposit 5 years the interest when Toward due from customer deposits 3 years 8 months to withdraw prematurely bank will pay interest form interest rate monthly over 3 years and 8 months, the bank will pay interest savings based currency deposits based on the interest rate on closing the bank announced in each period. For deposit agreements with a term of 3, 6, 9 months, the Bank will pay interest upon completion of the remaining agreements, the Bank will pay interest on the deposit in the currency of the deposit based on the interest rate on the closing date announced by the Bank in each period.

2.2 In case the bank pays the deposit interest on a monthly basis, quarterly (3months), quarterly (6months), and 1 year, the bank will reimburse the interest paid in full and collect the closing fee before the fixed rate of 1% of the interest paid ( minimum 100.000 LAK, USD 13 US Dollars and 440 Thai Baht ) After deducting the cost of the deposit, the bank will pay interest as follows:

    • Deposit period 1 Years down The Bank will pay the savings interest in the currency of the deposit based on the interest rate on the closing date announced by the Bank from time to time.
    • Deposit period 1 Years up The bank will pay interest monthly on term deposits actual currency deposits based on interest rates today closing the bank announced in each example, the deposits of customers Deposit 3 years the interest monthly client deposits 1 year 5 months to withdraw prematurely bank will keep interested all paid all fees closing early 1%, but the bank will pay interest in the form of interest rate month term deposits 1 year and 5 months, the bank will pay interest savings based currency deposits based on the interest rate on closing the bank announced in each period.
  1. In case the bank pays interest in advance 1 Year.

The Bank will reimburse all interest paid and collect the early closing fee 2% of the interest paid ( minimum 100.000 LAK, USD 13 US Dollars and Thai Baht 440 by deducting from the deposit amount, but the Bank will pay the interest as follows:

    • Deposit period 1 Years down The Bank pays the savings interest in the currency of the deposit based on the interest rate on the closing date announced by the Bank from time to time.
    • Deposit period 1 Years up The Bank will pay monthly interest on the actual deposit period in the currency of the deposit based on the interest rate on the closing day announced by the Bank in each period. For example: Deposit agreement customer deposit 5 years the interest in advance 1-year customer deposits of 1 year 10 months to withdraw prematurely bank will keep interested all paid all fees closing prematurely 2%, but the bank will pay interest form interest rate month term deposits for 1 year and 10 months, the bank will pay interest savings based currency deposits based on the interest rate on closing the bank announced in each period
  • Please contact the bank for more information

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.
  • Fill in the BYB form with signature and conditions for the payment order.

Documents to withdraw money

  • ID card or family register (subject to prerequisites).
  • Cash withdrawal slip (with signature).
  • In case the account holder does not have to have a letter of authorization from the village or department (ID card of both the giver and the recipient).

Procedures for fixed deposits

  • The customer must fill in the form as prescribed by the bank.
  • The staff will create an ID for you.
  • The staff will issue the account number to you respectively
  • The customer must create a cash receipt and submit it to the cash treasury
  • Once approved, the bank will print the deposit certificate and interest receipt for the customer.