Yoma Bank Launches Its Innovative Prize-Linked Account Under Call Deposit Account Category Known as JZü
On Top Of A 3% Annual Interest Rate, Which Is Calculated Daily And Paid Monthly, Each Account Will Be Able To Participate In A Chance To Double Its Monthly Minimum Balance By Maintaining A 200,000 MMK Of Minimum Balance In The JZü Account
Yangon, Myanmar – Aug 10, 2018 – Yoma Bank successfully launched its new and innovative product called JZü, Prize- linked account under call deposit account category, and the very first JZü draw event for the month of July was held at Junction city, Yangon on August 9th to a vibrant crowd. On top of a 3% annual interest rate, which is calculated daily and paid monthly, each account will be able to participate in the monthly draw for a chance to double its monthly minimum balance by maintaining a 200,000 MMK of minimum balance in the JZü account. The winners are selected randomly by a software, and monthly draw process is executed under the supervision of an independent 3rd party to ensure that all processes (internal and external) relating to the reward pool and reward distribution are aligned and compliant to the rules and regulations. 31 JZü accounts were awarded during the July draw. This live prize draw was broadcasted on Yoma Bank’s Facebook page and Mizzima media.
JZü is the first prize-linked account that a Myanmar Bank has ever introduced and approved by the Central Bank of Myanmar. Yoma Bank created this product to bring the awareness of banking and financial literacy to the community and to also offer its digital banking products to the existing and new customers with the highest level of convenience and satisfaction.
“We are delighted to offer JZü product, which encourages new deposit behavior amongst Myanmar’s youth. JZü’s name comes from the word “Thank You” “ ကျေးဇူး ” in Burmese this is a first of its kind in Myanmar from Yoma Bank. While enjoying the industry-best interest rates, the ease and convenience of online and mobile banking, along with the chance to double your account balance. We believe that all account holders would have a chance to be thankful for from this account like its meaning, “Thank You”, said Ma Yawai Thant, Head of Sales and Service Branches. “We are making our best effort to offer the best banking services to our customer and plan to launch additional new products in the future”, she added.
In order for one to open JZü account, one would also need to open a SMART account and it can easily be opened at any of the 75 Yoma Bank branch locations. Unlike other accounts, JZü account enables the account holders to withdraw up to 0 MMK balance in their account at any time. However, customers would have to maintain a 200,000 MMK minimum balance and above in their accounts in order to participate in the monthly prize draw. Customers’ account with minimum balance dropping below this threshold during the month will not be eligible to participate in the monthly draw. Please refer below examples to understand more about JZü’s terms and conditions.
Example (1): To those who are going open JZü account for the first time, it is required to open account with a minimum balance of 200,000 MMK or above before 16th of the month. Let’s say you deposited 500,000 MMK when you opened the JZü account, and then you withdrew 400,000 MMK from that account. In this case, you will not be eligible to participate in the monthly draw because your monthly minimum balance dropped below 200,00 MMK.
Example (2): Although you can open the JZü account with no minimum requirements, it is required to open JZü account with a minimum balance of 200,000 MMK on the date that you opened the account if you intend to participate in the monthly draw selection. If you fail to do so, you will not be eligible to partake in the monthly draw. Your eligibility to participate in the draw will be defined depending on the minimum balance you maintain in your account on daily basis so therefore, if you opened the account with a zero balance, your monthly minimum balance would be zero.
Example (3): Let’s say you deposited 50 lakhs when you opened JZü account and then withdrew 20 lakhs for your financial needs. In this case, the amount that you are eligible to participate for the month will be 30 lakhs, the minimum balance that you have in the JZü account for the month.
JZü account owners have to maintain the minimum balance of 200,000 MMK for a whole calendar month to participate in the monthly draw. If they fail to do so, they will not be eligible for the monthly draw. On top of a 3% annual interest rate, which is calculated daily and paid monthly, each account will be able to participate in a chance to double its monthly minimum balance by maintaining a 200,000 MMK balance in the JZü account. The new customer is encouraged and can open JZü account with a minimum deposit of 200,000 MMK before the 16th of each month. The number of winners per month will vary depending upon balances of the winners maintain in their accounts, all eligible account holders will get an equal chance to participate in a monthly draw selection. If the winners have smaller balances, there will be more winners. The prize draw for each month will continue on until the allocated reward pool is depleted.
The reward pool for the year would be equal to 2.5% of the total cumulative deposits and it will start from a minimum of 30 million MMK per month. In the instance where the winner’s prize (10 lakhs) is higher than the remaining prize pool size (5 lakhs) left for the last draw, the bank will honor the complete total amount to the last winner.
On the 2nd working day of every month, eligible account holders will be notified via SMS. The prize draw will be broadcast “Live” on Yoma Bank’s Facebook Page, on every second Thursdays of the month. The day after the draw event, winners’ names and part of their account number will be published on Yoma Bank’s social media pages and website. Account holders who win the draw would get their minimum account balance of the previous month and the amount will be reflected within 10 days into their accounts. Each account holder is allowed to win only one time in a month. For more information about JZü, please visit https://www.yomabank.com/jzu
You can download the press release in Myanmar version.
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