5. Human Resources
MICB has been operating with 352 employees including 75 officers led by the Managing Director as the chief executive .
6. Banking Services available
Domestic Banking
Current Accounts
- Current Accounts can be opened at the Bank in local currency kyats accounts in the following types of accounts
- National companies Accounts
- Foreign Companies Accounts
- Foreign Investors Accounts
- Joint Ventures Corporations Accounts
- Co-operatives Accounts
- Societies Accounts
- National Individuals and Joint Accounts
- Foreigners Individuals and Joint Accounts
- Banking facilities are being provided by using fully computerized system.
Certified Cheques
To avoid the risk of carrying large amounts of cash and to make safe and prompt payments, current account holders can use certified cheques. By using certified cheques payees can avoid the problem of cheque returns due to various reasons.
Internal Remittances
- Internal Remittances can be made in Bank drafts
- The bank has extended internal electronic remittance activities by linking to the country
- wide branch network of Myanma Economic Bank
Fixed deposits
- Deposits are accepted in multiples of thousands of kyats for fixed periods of 3 months, 6 months and 9 months
- Free of charge service for Fixed Deposit Accounts
Saving Deposits
- A savings bank accounts can be opened by individuals and various organizations
- Current interest rate is (12) percent per annum
Loans
Short-term and Long-term Loans
- Financing of long-term investment needs and short-term working capital requirements of economic enterprises can be obtained
- Economic enterprises include companies engaged in industry, construction, transport, trade, hotel and tourist services, import-export and vocational enterprises.
- Interest rates are:
- 17.0 percent per annum for overdrafts
- 16.5 percent per annum short term working capital loans
- 16.0 percent per annum for medium term loans
- 15.5 percent per annum for long term loans
Foreign Banking
MICB is carrying out its foreign banking services to assist the bank’s customers for their smooth and successful business relationship with their counterparts abroad.
Foreign Currency Demand Deposits Accounts
MICB accepts foreign currency demand deposits in US Dollar, in EURO, and in Singapore Dollar.
The following types of accounts can be opened.
- National Company Account/Partnership Account
- Joint Ventures Corporation Account
- Co-operative Account
- Society Account
- Foreign Company Account
- Foreign Investors Account
- National Individual and Joint Account
- Foreigner Individual and Joint Account
Foreign Currency Fixed Deposits Accounts
Foreign investment companies, national companies, joint ventures companies, co-operatives, religious organizations, social and cultural associations, clubs, and individuals (nationals & foreigners) can open (6)months fixed deposit account in foreign currency (US Dollar).
Banking Services for “migrant workers” and “sea-men”
Overseas migrant workers and sea-men can open foreign currency accounts for their salary earnings, with the endorsement of Department of Labour and Shipping Agency Department
- No Tax will be levied to the incoming remittances for which taxes have been paid abroad
- Salary Remittances made by migrant workers and sea-men are considered as “Earnings” which have import rights.
-Tax will be exempted for buying land, building, and properties with the above earnings.
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