TERMS AND CONDITIONS

• AYA Bank issues a passbook, an official document that lists the totals of all deposits, transfers, withdrawals, fees, and charges.
• The passbook cover page prints the usage and information details.
• If a passbook is lost, stolen, or misplaced, the Customer is required to notify AYA Bank in writing right away.
• The Customer has the right to obtain a replacement passbook by paying a fee in accordance with the established procedures in the event that the current one expires, is lost, or is damaged.
• None of the official entries in the passbook may be altered.

• A checkbook may be issued by AYA Bank to the Customer upon request, subject to the Bank’s policies, eligibility criteria, and applicable charges.
• The Customer shall exercise due care in the safekeeping of chequebooks and shall be responsible for any loss, theft, or unauthorized use until the Bank receives written notification of such loss or misuse. The Bank shall not be liable for any loss arising from the unauthorized use of cheques prior to receiving such notification.
• The Customer agrees that:

  (a)

  Cheques must be signed in accordance with the specimen signature registered with the Bank.

  (b)

  Any alteration on a cheque must be authenticated by the full signature of the account holder(s).

  (c)

  The Bank reserves the right to refuse payment of any cheque that is incomplete, altered without proper authentication, post-dated, stale, damaged, or otherwise irregular.

• In the event of closure of the account, the Customer shall return any unused cheque leaves to the Bank or certify that they have been destroyed. The Bank reserves the right to levy charges for cheque book issuance, replacement, or related services as per its prevailing tariff.

• A Fixed Deposit Certificate or deposit of advice issued by the Bank shall serve as evidence of the placement of a Fixed Deposit with the Bank.
• The Customer is responsible for the safekeeping of the Fixed Deposit Certificate. In case of loss, theft, mutilation, or destruction of the certificate, the Customer must immediately notify the Bank in writing. The Bank may, at its discretion, issue a replacement certificate subject to indemnity, documentation requirements, and applicable charges.
• Withdrawal, renewal, or any transaction relating to the fixed deposit may require presentation of the original certificate or compliance with the Bank’s procedures in cases where the certificate is not available.
• The Bank shall not be liable for any loss arising from unauthorized use of the Fixed Deposit Certificate prior to receiving written notification from the Customer. The Bank reserves the right to amend procedures relating to Fixed Deposit Certificates in accordance with its policies and regulatory requirements.

• All instructions to the Bank must be in writing with the original signature of an authorized signatory for the applicable account in the same style as the specimen provided to the Bank. Photocopies or instructions by fax, telex, email, or telegram are not acceptable unless the Customer has made separate arrangements, in writing, with the Bank. In the event the Bank receives ambiguous or conflicting instructions from the Customer, the Bank shall have no obligation to carry out the instructions until the instructions are properly clarified, and the Customer will not hold the Bank liable for not carrying out the instructions until such clarification.
• The Customer will be bound by any arrangements agreed with the Bank on the operations of accounts, including arrangements for joint signatures, multiple signatures, maximum or minimum amounts, or any other arrangements.
• The Bank shall not be liable for any loss incurred by a Customer or by any third party as a consequence of any delay in effecting payment howsoever caused.
• The Bank is authorized to honor and comply with all bills of exchange, cheques, PO, Gift Cheque, and other commercial papers or orders signed in accordance with the account operation mandate or the Customer and to debit the amounts thereof to the Customer's accounts and to carry out instructions in accordance with the account operation mandate of the Customer in respect of its accounts.
• In acting on the Customer's instructions to transfer money from an account to any account or person outside Myanmar, the Bank shall be entitled to assume that the Customer has obtained all relevant approvals and permission, if any are required, from the Myanmar authorities for such transfer of monies out of Myanmar, and the Bank will not bear any liability to the Customer or to any third party in consequence of such transfer being made without any necessary approvals. The Bank may request the Customer to provide evidence of such approvals and permissions at any time, if such are required.
• You are requested to notify the Bank as soon as possible of any change of relevant records, such as a change of authorized signature/signatories, change of partners (for partnership accounts), change in address, and change of the Memorandum and Articles of Association. The Bank shall not be liable for any losses in respect of changes that have not been notified to the Bank.
• Interest as prescribed by the Bank from time to time may be payable on the credit balances depending on the specific terms and conditions applicable to such accounts.
• Charges and fees on the account may be collected by the Bank in accordance with its schedule of fees.

• Deposits into the Customer's account are evidenced by the counterfoil of return to the Customer by the bank. The Customer is to ensure that the counterfoil bears the signature of an authorized officer of the Bank or is validated by the bank's teller machine. Any material alteration of the counterfoil will be invalidated unless the alteration bears the full signature of an authorized officer.
• The Bank may, at its sole discretion, accept deposits in the form of cheques, drafts, postal orders, money orders, bills of exchange, and other commercial instruments or payment orders.
• Deposits of cheques, drafts, postal and money orders, bills of exchange, and other commercial papers or orders, etc., are received for collection only, and the counterfoil given to you should not be construed to mean that the deposit to your account has been cleared. You may draw against it after sufficient time has elapsed for dishonored items to be returned, by special arrangement, or after we have credited your account upon clearance of the items received for collection. Risk for collection remains with the Customer. In a case where an item is dishonored or is honored for less than the amount credited, the Bank shall have recourse to the Customer for the amount so credited, and the credit entry in the Customer's account will be reversed. In all cases of collection items, any charges incurred by AYA Bank and any interest charge levied by the Bank will be debited to the account of the Customer.
• All bills of exchange, cheques, and other commercial papers or orders and other instruments sent by post for the credit of an account should be crossed and marked "account payee only" and accompanied by a letter giving details. The Bank reserves the right not to accept crossed or ordered bills of exchange, cheques, or other commercial papers or orders or other instruments for credit to an account if the payee's name is not identical to that of the Customer as shown in the Bank's record.
• Deposits of cheques, drafts, postal and money orders, bills of exchange, and other commercial papers or orders, etc., deposited but which are subsequently dishonored may be returned by post at your own risk and expense to your address last registered with the Bank.
• Withdrawals can only be made in the form as required by the Bank. The Bank may refuse payment if withdrawal is not made in the form required.
• Unless the Bank otherwise agrees, funds in an account shall be payable exclusively at AYA Bank, Myanmar, and subject to paragraph 10, in the currency of the account. The Bank shall not be liable for unavailability of funds (in any currency) due to any reason whatsoever, including, but not limited to, restrictions on convertibility or transferability, inability of the Bank to access funds (in whatever currency) in the interbank market in Myanmar, requisitions, involuntary transfers, moratoriums, expropriations, acts of war or civil strife, or other similar causes, whether arising in or outside Myanmar or in any place in which such funds are deposited. In such circumstances, neither the head office nor other branches, subsidiaries, or affiliates of the Bank shall be responsible for the repayment thereof.
• All withdrawals will be subject to the availability of such currency notes and at the sole discretion of the Bank, which will not be liable to the Customer at any branch of the Bank and in any currency converted at the Bank's prevailing rate of exchange. The Customer shall indemnify the Bank on a full indemnity basis for any cost of loss suffered by the Bank pursuant to such conversion of sale or purchase as the Bank shall determine. Any such discharge shall release the Bank from any liability to the Customer.
• Where the Customer instructs the Bank to transfer funds from the account, such instructions, once accepted by the Bank, cannot be withdrawn, cancelled, or amended unless the Bank at its sole discretion agrees to the withdrawal, cancellation, or amendment of such instructions.

• Where there are transactions on the account for a particular month, the Bank will furnish the Customer with statements of account for such month. The statement of the Customer's account will be available for collection in the first week of the following month. The Customers are advised to make arrangements to collect the statement at our bank or by other arrangements. If the Customer requests that the statement be sent by mail, the statements and all correspondence and notices to the Customer in respect of an account shall be sent by post to the nominated address of the Customer specified in the account opening forms or to such other address as the Customer may, from time to time, notify the Bank in writing. The Bank shall not be obliged to ensure the Customer has actually received such correspondence. The Customers are required to notify the Bank of any change in their address, occupation, or other particulars.
• The Customer agrees and undertakes to examine with all due care the entries in the statement promptly and to report immediately to the Bank any error or discrepancy found therein. If the Bank does not receive any notification in writing within fourteen (14) days from the last day of the month covered by the statement of any error or discrepancy as regards the debit or credit entries in the statement, then the Customer accept such entries made up to the date of the last entry in the statement as correct, binding, final, and conclusive and thereby adopt all cheques drawn therein. The Customer shall not, after the expiry of the foresaid period of fourteen (14) days, question any item in the statement on any account whatsoever, provided always the Bank shall have the absolute right to reverse out any credit items erroneously credited to the Customer’s account. The Customer further undertakes to refund and indemnify the Bank against any loss which the Bank may incur by reason of the erroneously credited entries. In furtherance of the demands expected of banking business, the Customer hereby agrees to be precluded from asserting against the Bank such unauthorized signature or endorsement or alteration, if any, which has not been made known in writing to the Bank within thirty (30) days of the rendering of the relevant statement.
• For audit purposes, letters of confirmation will be dispatched from time to time to all Customers at their last known addresses, and Customers are requested to sign and return the letters of confirmation after verification of the balances of their accounts.

• The Customer will pay on demand all fees, interest, and other charges applicable to accounts, cheques and other banking facilities. The Bank may debit an account with any such charges, fees, and penalties payable for services rendered or costs incurred in such amount as may be determined by AYA Bank at its discretion without obtaining further authority from the Customer.
• In addition to the Bank's right of setoff as bankers, the Bank may at any time and without prior notice or liability to account for loss of interest or setoff, transfer any monies standing to the credit of any of the Customer's accounts of whatever description with the Bank to pay the sum owing to the Bank notwithstanding the balance in the Customer's account being in a currency different from the currency of the sum owing or held at a branch in a different location or jurisdiction.
• The Customer authorizes the Bank to disclose at all times any information relating to the Customer, his financial affairs, or accounts to its branches wheresoever situated, its agents, servants, independent contractors, and/or associates, and if and when required to do so by the Myanmar authorities. The Customer hereby gives their consent to the Bank to disclose such information as may be required by the Central Bank of Myanmar in compliance with their directive and/or to companies in the Ayeyarwady Bank and other financial institutions for the purpose of a bona fide credit evaluation or if completed by AYA Bank. In so doing, the Bank shall be absolved from any responsibilities or liabilities whatsoever.

If the Bank seeks in any manner to enforce or protect any of its rights or resolve any dispute relating to an account, the Customer will pay to the Bank as the costs, fees, and charges incidental thereto, including legal fees on a full indemnity basis, and the Bank shall be authorized to debit the Customer's account accordingly.

• Should the Customer wish to close the account, you are to comply with the following:

  (i)

  To give written notice of your intention to close your account. Instructions to close your account conveyed either verbally or by way of telephone, telex, or telegram are not acceptable to the Bank.

  (ii)

  To return all unused cheques, passbooks, or any other documents from the Bank immediately.

• The Bank may close any account after giving due notice in the event of:

  (i)

  Unsatisfactory conduct of account

  (ii)

  Inactive/dormant

• The Bank may, at its absolute discretion, close an account by notice and shall not be bound to disclose any reasons thereof.
• The Bank shall have no responsibility to Customers for any diminution of funds due to taxes, depreciation, or currency fluctuation.
• If the maturity date is a holiday, the auto rollover account will keep going on auto rollover. If not for the auto rollover account, all amounts will be transferred to the linkage account at the beginning of the account opening.
• You may close your account at any time by providing us with written notice, provided you first settle any negative balance owed to us. We reserve the right to close your account at any time for any reason not prohibited by law. If we close your account, we will pay you the available funds, less applicable fees, by cheque or as otherwise permitted by law.

• The Customer unconditionally and irrevocably agrees to indemnify the Bank and keep the Bank indemnified against all claims, demands, actions, liabilities, damages, costs, losses, and expenses of whatever nature that the Bank may incur in any way in connection with any credit or banking facility or accommodation, performing any banking service for the Customer, any cheque or other instrument of or in favor of the Customer, or any account of the Customer (the "Bank's Liability") and, without limiting the foregoing, to pay to the Bank on demand all sums which may be claimed from the Bank or which the Bank may pay or become liable to pay under or by reason of or in connection with the Bank's Liability.
• The Bank may immediately pay any and all amounts claimed from it or which the Bank may become liable to pay under or in connection with the Bank's liability without any reference to or further authority from the Customer and without being under any duty to inquire whether any claims on the Bank are properly made, even if the Customer disputes the validity of any such claim, and the Customer shall accept any claim on the Bank and any payment which the Bank makes as binding on the Customer.

• All intellectual property rights, including but not limited to trademarks, service marks, logos, trade names, designs, graphics, text, software, systems, processes, website content, mobile applications, and related materials provided by AYA Bank (the “Bank”) are the exclusive property of the Bank or its licensors and are protected under applicable intellectual property laws and regulations.
• The Customer shall not copy, reproduce, distribute, modify, transmit, display, perform, publish, license, create derivative works from, or otherwise use any intellectual property belonging to the Bank without the Bank’s prior written consent, except for personal use in connection with the services provided by the Bank.
• Nothing in these Terms and Conditions shall be construed as granting the Customer any ownership rights, license, or interest in the Bank’s intellectual property, except the limited right to access and use the Bank’s services in accordance with these Terms and Conditions.
• Any unauthorized use of the Bank’s intellectual property may result in legal action and/or termination or suspension of the Customer’s access to the Bank’s services, without prejudice to any other rights or remedies available to the Bank under applicable laws.

All notices or communications will be sent by us to you via:

1. Post or left at your last known address will be deemed to be received by you on the day following such posting or on the day when it was so left; or
2. Any print or electronic media (for example, SMS, push notification, email, or website) as we may choose will be deemed to be notified to you on the date of publication or broadcast.

• These Terms and Conditions shall be governed by and construed in accordance with the laws of the Republic of the Union of Myanmar.
• Any dispute, controversy, or claim arising out of or in connection with these Terms and Conditions, including any question regarding their existence, validity, interpretation, performance, or termination, shall, in the first instance, be resolved amicably through mutual discussion and negotiation between the Customer and AYA Bank.
• If the dispute cannot be resolved through negotiation within a reasonable period, the matter shall be submitted to the competent courts of Myanmar, which shall have exclusive jurisdiction to settle such dispute, unless otherwise required by applicable laws or regulatory authorities.
• Nothing in this clause shall prevent the Bank from taking any action or proceedings in any jurisdiction to protect its rights, recover outstanding amounts, or enforce any security or obligation of the Customer.

• The rights of the Bank under these Terms and Conditions shall be in addition to all other rights to which the Bank may be entitled. If any of these Terms and Conditions or the terms of any agreement with the Customer are unlawful or unenforceable, then at the Bank's election, they may be severed from these Terms and Conditions without affecting any of the other Terms and Conditions.
• The Bank may retain as security for liabilities to the Bank all property or money or assets of the Customer placed by the Customer in the Bank's possession or custody for safekeeping or otherwise. The Bank shall not be liable for any loss suffered by the Customer in respect of any property, documents, or other assets held by the Bank for safekeeping or otherwise.
• Any forbearance or failure or delay by the Bank in exercising any right, power, or remedy or partial exercise thereof shall not be deemed as a waiver of such right, power, or remedy and shall not preclude any further exercise thereof. The Bank's rights, powers, and remedies shall continue in full force and effect until an instrument in writing executed by the Bank specifically waives such rights.
• In respect of its liabilities arising from time to time to the Bank, the Customer hereby irrevocably waives any immunity (sovereign or otherwise) to which it or any of its property or assets may be entitled under any law from enforcement or other legal proceedings or any court judgment or arbitral award.
• If any payment due to the Bank by the Customer is subject to any withholding or deduction, the Customer will pay to the Bank such additional sum as may be necessary to ensure that the Bank receives and is entitled to retain, without any further liability on the Bank's part, a net sum equal to the amount that would have been due from the Customer had no such withholding or deduction been made.
• The Customer's liabilities to the Bank will not be affected by any change in its constitution or legal status and will bind all successors of the Customer.
• The Customer may not assign or transfer any rights or obligations under or in connection with any account, or any other agreement or transaction entered between the Customer and the Bank to any party without the prior written consent of the Bank.
• To the extent that any Myanmar version of any document, including these Terms and Conditions, is inconsistent with the English version, the terms of the English version shall prevail.
• The Customer shall not (a) assign, novate, or otherwise transfer its rights or obligations to or in respect of any account, or (b) create any security interest in or over any account, without in either case the prior written consent of the Bank.
• The Customer will be liable to pay, and the Bank may debit to the Customer's account all fees and charges which the Bank may levy as set out in a schedule of fees and charges which the Bank may publish from time to time.
• The laws of Myanmar shall govern these Terms and Conditions. The Customer irrevocably agrees that in the event of any dispute arising in connection with these Terms and Conditions or any other agreement between the Bank and the Customer or any other financial or commercial matter between the Bank and the Customer, such dispute shall, at the sole option of the Bank, be referred to and resolved by the Court of Myanmar. Any award or decision of the court shall be binding and enforceable, and the parties shall strictly comply with its terms. Costs shall be borne as determined by the court.
• The Bank may add to, alter, vary, rescind, and modify any or all the above terms and conditions at any time at its own discretion, and the Customer will be bound by the same.