The structure of the Cash Management Account

1. Cash Management Account

Cash Management Account is the account getting higher interest rate depeding on the larger amount of the deposit balance. It is to fulfill the requirement of individual customers and businessmen who aim to seek for high return on the investment in a short period of time but might not require to use fixed term deposit. The customer can withdraw the money in advance of 1 day notice.

2. Benefits of the Account

• You can eliminate various risks related to keeping a big amount of cash and desire of spending
• You get the highest return on your capital without sticking to the schedule of deposits or schedule long
• You will get a deposit book which you can check and monitor your transactions via the service counter of the bank and get a receipt from the ATM without paying a fee.
• You can transfer salary into your bank account directly without any charge
• You can deposit or withdraw the money every day as per your requirement via the ATM anytime within 24 hours or at our service counters of any branches or service units.
• You can transfer the money from your account to others within Phongsavanh Bank via the ATM anytime within 24 hours

3. Type of currency for deposit

• Lao Kip
• Thai Baht
• US Dollar

4. Interest rate and receiving the interest

(Updated 10/06/2019)

Note: Interest will be added to your account every half of a year late 06 and 12 of every year.

5. Fees of the account

6. Initial deposit amount

LAK20,000,000, THB80,000 or USD2,000

7. Conditions for the account opening

• If you are a Lao citizen, you can use any of an ID, such as: a citizen ID card, a family book, a passport or ID card of a staff, soldier or police.
• If you are a Lao citizen but not residing in Laos or a foreigner, you are required to have a passport and a letter guaranteeing for you or a person signing the letter for you but the person shall reside in Laos.
• If you are a foreigner, you can provide any of a Permanent Residental Card, a passport, labor ID card (issued by Ministry of Labor), staff ID card of Embassy or International organizations (issued by Ministry of Foreign Affairs)
• If you want to open an account for the business more documents are required:
- A copy of business registration
- A copy of business licence
- A copy of tax registration
- Memorandum and terms and conditions related to the bank
- Resolution of the Board of Directors of a company: A) Approval for account opening, B.) Name list of who will have the authority to sign in the account

8. How to open the account

• You are required to prepare a list of documents mentioned above
• Prepare at least LAK20,000,000, THB80,000 or USD2,000 in your pocket
• Come to meet our staff at any of unit services, service center or branches of Phongsavanh Bank, which is closed to you
• Our service staff will be processing all documents for you and you can sign off to finish the process

Note: More people can be joint for account opening of this Current Account. Each person is required to bring personal ID.