Deposits
The structure of Premier Account
1. Premier Account
The Premier Account of Phongsavanh Bank is the current account having the interest rate that will protect our money to be safewith the interest to keep your money safe. Premier customers might be busy with their daily work in which we provide a premier office for reception and process the transaction. Drink is provided in the office.
2. Benefits of the account
- You can take a rest while we are processing a transaction for your money to work for you
- You do not need to line up in a queue because we have a premier office to process the transaction for you
- You can invest in any business that provides a high return by not depositing your money in a long term
- You will receive special interest rate of your fixed deposit
- You can withdraw your money any time via our ATMs
- You can make a payment by using a cheque without paying any fees
3. Type of currency for deposit
- Lao Kip
- Thai Baht
- US Dollar
4. Interest rates and interest receivable
| Currency | Interest |
|---|---|
| LAK | 2.00% |
| THB | 1.75% |
| USD | 1.75% |
(Updated 16/09/2019)
Note: Interest will be added to your account every month
5. Fees of the account
| No | Descriptions | Services fees | ||
|---|---|---|---|---|
| LAK | USD | THB | ||
| 1 | Remaining balance lower than LAK 100.000.000, USD 10.000 or THB 400.000 | No interest payment and fee | ||
| 2 | Account closing fee | 30,000 | 4 | 120 |
| 3 | Issuing a chequebook or passbook when opening a new account is free of charge | Nil | ||
| 4 | Issuance of new chequebook | 40,000/book | 5/book | 200/book |
| 5 | Issuing new passbook in case of loss, damage, or changes in passbook information. | 50,000/book | 6/book | 200/book |
6. Initial deposit amount
LAK100,000,000, THB400,000 or USD10,000
7. Conditions of 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 LAK100,000,000, THB400,000 or USD10,000 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.