Credit Unions pay 6%p.a. interest to Thai people???

[bbi1]

I've read someone mention in the below post there are credit unions in Thailand and they pay 6%p.a. to Thai people. Is this true? I've never seen any credit unions in my life here. What are some names and which ones pay 6%? 

here

[Pib]

Some info at the Bank of Thailand website on credit unions.  Also, as far as I can tell their deposits are not covered by the Thailand Deposit Protection program....so if they go bankrupt don't expect the govt to cover your deposits. 

 

https://www.bot.or.th/English/FinancialInstitutions/FIStructure/Pages/default.aspx

https://www.bot.or.th/English/FinancialInstitutions/FIStructure/THA_FI_Structure/Thai Financial System Structure.pdf

 

Quote

Saving Cooperative and Credit Union established on voluntary basis by members that generally consists of people with the common bond (e.g. same occupation or living areas etc.), where the operating funds of the cooperative is contributed periodically by members. The contributed funds will be loaned out to support other members who are in need of money with interest charged. The benefit gained from permitting loans will be contributed to members in the form of interest rate, dividend or other benefits etc. Saving Cooperative and Credit Union is under the supervision of the Board of National Cooperative Development in accordance with The Cooperatives Act, B.E. 2542.

 

 

Edited May 26, 2019 by Pib