Government savings bank (Lottery account) for Retirement Extension

[sirwilly]

Has anyone had any experience of using The Government Savings Bank Lottery account with 800000  Baht on on deposit for the yearly retirement extension at immigration .??

[ubonjoe]

I am not sure it would be accepted. Can you withdraw the money without delay or penalty other than loss of interest?

[Rally123]

I had my 800,000 in a 'Credit Union' and twice they gave me my annual extension based on that. The third time they refused to recognise my 800,000 cuz, they said, a 'Credit Union' isn't a bank. So why did they grant my extensions before???? Can all replies be forwarded to Buriram Immigration Office please.

Edited February 2, 2019 by Rally123

[Sophon]

1 hour ago, ubonjoe said:

I am not sure it would be accepted. Can you withdraw the money without delay or penalty other than loss of interest?

Depends on how long you have had your money on deposit. If you withdraw less than three months after you deposited the funds, you will pay a one Baht penalty for each unit. One unit costs 50 Baht, so the penalty would be 2 percent. I don't know if you are able to get the money immediately, or if you have to wait for the funds to be deposited into your savings account.

 

Also, your money is not really in a bank account. You buy a certain number of "units", and the Government Savings Bank will issue you a certificate stating how many units you own. So you won't be able to "update" your balance on the day you apply for your extension. I don't know if the Government Savings Bank would be able/willing to issue the required bank letter.

 

All in all, I very much doubt that any immigration office would accept this as the basis for your extension. 

 

My information comes from my wife having her money in this scheme. I'm not even sure if the Government Savings Bank will sell the lottery certificates to a foreigner or not.

 

Sophon