Fixed TER/ Fixed Rate Deposits - Early Withdrawal/ Death

[davehowden]

I am about to show my lack of knowledge here, but:

 

I am thinking of opening a Fixed Rate/ Fixed Term  deposit account for my 800,000 baht visa extension money.

 

1: In the event of needing to use all or some of that money for emergency purposes (medical needs, repatriation ..) is that generally allowable, what penalties are incurred etc.

 

2: In the event of my death does that deposited money automatically become my Thai wife's or is there a need to make a Thai will.

 

I appreciate that each bank may have different rules but I ask before approaching a bank (who may well make up any answer they choose), as "forewarned is forearmed".

 

Many thanks.

[KittenKong]

24 minutes ago, davehowden said:

1: In the event of needing to use all or some of that money for emergency purposes (medical needs, repatriation ..) is that generally allowable, what penalties are incurred etc.

 

Yes. You generally just forfeit the interest, or maybe just the difference between the term deposit rate and the regular savings rate. There are some exceptions so read the small print first.

 

Some banks pay nearly as much for a savings account as you get for a TD, so you might want to check those. Krungsri's Mee Tae Dai is the obvious example at 1.3%

 

[KhunBENQ]

Your wife will not "automatically" get hold of it.

The normal inheritance process applies.

Assuming there are no other heirs she would inherit fully.

But that would be worth a separate thread for the legal experts (not me).

[Jip99]

Make a Will if you want your wife to inherit - unless you have no siblings/children and rely on her being the sole beneficiary under the Thai rules of intestacy.

 

Under section 1629 of the Civil and Commercial Code of Thailand there are 6 classes of statutory heirs and they are entitled to inherit in the following order:

1. descendants
2. parents
3. brothers and sisters of full blood
4. brothers and sisters of half blood
5. grandparents
6. uncles and aunts
7. The surviving spouse is a statutory heir, subject to the special provisions of Section 1635 Civil and Commercial Code.

[KittenKong]

38 minutes ago, davehowden said:

I am thinking of opening a Fixed Rate/ Fixed Term  deposit account for my 800,000 baht visa extension money.

 

By the way, some immigration offices may not accept TDs for your retirement deposit so a savings account like Mee Tae Dai would be good for that also. Jomtien accepts TDs.

[KhunBENQ]

4 hours ago, KittenKong said:

By the way, some immigration offices may not accept TDs for your retirement deposit

Anyone knows about Chiang Mai?

[Sophon]

1 hour ago, KhunBENQ said:

Anyone knows about Chiang Mai?

Chiang Mai Immigration accept fixed deposits, I have been extending (retirement) based on one the last four years.

 

Sophon

[speedtripler]

20 hours ago, Jip99 said:

Make a Will if you want your wife to inherit - unless you have no siblings/children and rely on her being the sole beneficiary under the Thai rules of intestacy.

 

Under section 1629 of the Civil and Commercial Code of Thailand there are 6 classes of statutory heirs and they are entitled to inherit in the following order:

1. descendants
2. parents
3. brothers and sisters of full blood
4. brothers and sisters of half blood
5. grandparents
6. uncles and aunts
7. The surviving spouse is a statutory heir, subject to the special provisions of Section 1635 Civil and Commercial Code.

8. Family dog 

9.Farang husband 

[meatboy]

4 minutes ago, speedtripler said:

8. Family dog 

9.Farang husband 

what about the buffalo.

[Jip99]

15 minutes ago, speedtripler said:

8. Family dog 

9.Farang husband 

 

 

I fear you are overrating the position of the Farang. ?