Cash in Bank Method. Are Fixed Term Deposits Acceptable?

[Moonlover]

I'm forward thinking to my next extension and would like to know whether a 'Fixed Term Deposit Account' is acceptable when going for the 'cash in bank' method.

 

Advise appreciated. Thanks.

[Mavideol]

have been using that type of account for the past 3 years and IMO never complained, my last extension a month ago done with FTDA at BkB

[ubonjoe]

They are accepted as long as it allows immediate withdrawal of the money without any delay or penalty other than the interest lost when done.

[saengd]

All fixed deposits at banks in Thailand are available on demand at any time, regardless of the duration of the deposit, it's a BOT regulation. The customer can cancel the deposit with a loss of interest which reverts to the standard savings rate, the bank however does not have the same rights. If you have a so called fixed deposit that cannot be cancelled it's probably because it is an insurance product rather than a true fixed deposit.

[kralledr]

3 minutes ago, ubonjoe said:

They are accepted as long as it allows immediate withdrawal of the money without any delay or penalty other than the interest lost when done.

i tries to use my fixed deposit account (locked for 12 months) it was NOT accepted

[from the home of CC]

had no problem at imm. in Hua Hin using this type of account for extension..

[ilms]

I used a fixed deposit account on my last extension (17-month term) and it was accepted by immigration. Just make sure it is an account with features that Ubon Joe described in his post.

[KhunBENQ]

Using fixed deposit since 2013 in Khon Kaen.

Never a question asked.

In 2012 officer asked why do you have money on normal savings account, use fixed.

 

Bangkok Bank f.d. book looks like thjs:

"FIXED ACCOUNT" by the way.

[worgeordie]

36 minutes ago, KhunBENQ said:

Using fixed deposit since 2013 in Khon Kaen.

Never a question asked.

In 2012 officer asked why do you have money on normal savings account, use fixed.

 

Bangkok Bank f.d. book looks like thjs:

"FIXED ACCOUNT" by the way.

Can it be updated before you go to do your extension?

regards worgeordie

[KhunBENQ]

Just now, worgeordie said:

Can it be updated before you go to do your extension?

At Bangkok Bank it's easy: go to counter and they can update without transaction.

Other banks like SCB can not without transaction.

In this case a deposit a small amount (1000 Baht or so) should work.

Maybe other members can confirm.

 

[KhunBENQ]

Bangkok Bank, no transaction update on Sep 9, went to immigration on Sep 10.

 

[saengd]

2 hours ago, kralledr said:

i tries to use my fixed deposit account (locked for 12 months) it was NOT accepted

Then probably not a true fixed deposit.

[kralledr]

12 minutes ago, saengd said:

Then probably not a true fixed deposit.

it is sorry i said wrong, SCB said they can not give me.the letter for a fixed acc (to confirm the money)

[saengd]

2 minutes ago, kralledr said:

it is sorry i said wrong, SCB said they can not give me.the letter for a fixed acc (to confirm the money)

Once again, if the bank wouldn't give you a letter to confirm the fixed deposit amount it's most probably because you don't have a fixed deposit! It's more likely the product you have is an insurance based product or a stepped account, both of which are often called fixed accounts but they are not. As said previously, the Bank of Thailand rules are that funds contained in fixed deposit accounts must be made available to the account holder on demand, regardless of the term or duration of the deposit.

[kralledr]

i have 3 fixed accounts where the money is blocked 12 months and i get %... i know very well the differences between fixed or saving accounts...

 

and no i have no insurance in any banks..

 

and yes i can withdraw it anytime, but the stupid scb employee said can not give letter until i told.her to call the big main branch...

[Moonlover]

Thanks guys for all your advise. I'll be down the bank on Monday.

[GeKoSc]

2 hours ago, Mavideol said:

have been using that type of account for the past 3 years and IMO never complained, my last extension a month ago done with FTDA at BkB

Does this account has advantages over a simple saving account? 

[jacko45k]

17 hours ago, kralledr said:

i tries to use my fixed deposit account (locked for 12 months) it was NOT accepted

If it truly is locked for 12 months as you claim, then it is not acceptable. It must also be a Thai bank. The Fixed Deposit accounts I am familiar with in Thailand can be accessed, with loss of all interest, during the period. 

[Moonlover]

12 hours ago, GeKoSc said:

Does this account has advantages over a simple saving account? 

Higher interest. They can also be used as collateral against loans, but I'm not interested in that aspect.

[saengd]

17 hours ago, kralledr said:

i have 3 fixed accounts where the money is blocked 12 months and i get %... i know very well the differences between fixed or saving accounts...

 

and no i have no insurance in any banks..

 

and yes i can withdraw it anytime, but the stupid scb employee said can not give letter until i told.her to call the big main branch...

I suspect we have some English language interpretation issues here.

 

IF the account is locked as you say, it cannot be, by definition, a fixed rate bank deposit account, BOT doesn't allow them to be locked.

 

Insurance investment products are often very cleverly disguised, many customers do not know they are buying insurance based products rather than savings/fixed rate products. Insurance based products don't mean that you are buying an insurance policy, it simply means the product is issued by or backed by an insurance company and contains an insurance element, to the average punter it may appear to be a savings or fixed rate account, except it is locked.

[fredob43]

What you need to save any problems is a FIXED Deposit account. You cant take the monies out at any time, but as others have said you do loose the interest if you take it out before the interest is due. (some pay that yearly or like mine Kasikorn 1/2 yearly)

 

What I can never understand is why people using this method only put their monies in for a fixed term of 1 year as you will get more interest with a 3 year term.

Cash can still be taken out at anytime like the 1 year one during that 3 years. Also save's going into the bank once every year faffing about to start a new one. 

[Estrada]

18 hours ago, worgeordie said:

Can it be updated before you go to do your extension?

regards worgeordie

Yes I have been doing this since 2010 with the same Bangkok Bank Fixed Term deposit. It also automatically extends the term period at the minimum rate so they can be no break while you are perhaps out of the Country. Perhaps 20 years ago immigration would not accept fixed accounts, but now they prefer them because savings deposits have too many entries and are often consolidated so they cannot see if the account has dipped below the required minimum (in my case B800K). At Changwattana you go down stairs to the Branch of the Bank you are with and get the letter (cost B100). Your local bank can give you agro and tell you to go to head office (where your account is really held) for the letter. The problem is that you wil run out of time by the time you get to immigration.

[abrahamzvi]

20 hours ago, worgeordie said:

Can it be updated before you go to do your extension?

regards worgeordie

Of course, it can be updated at any time.

[Mick501]

20 hours ago, KhunBENQ said:

At Bangkok Bank it's easy: go to counter and they can update without transaction.

Other banks like SCB can not without transaction.

In this case a deposit a small amount (1000 Baht or so) should work.

Maybe other members can confirm.

 

Kasikorn required a deposit to update.  1000b did the trick.

[Mick501]

16 hours ago, GeKoSc said:

Does this account has advantages over a simple saving account? 

Interest rate is roughly 1% higher.   4000b extra for the six months your 800k is tied up.  Probably just enough to be worth the bother.

[Mavideol]

17 hours ago, GeKoSc said:

Does this account has advantages over a simple saving account? 

only if you think 1.5% per year interest it's an advantage but I think you can get same with savings acct

[bender92]

21 hours ago, saengd said:

Then probably not a true fixed deposit.

Where?

[CMBob]

21 hours ago, kralledr said:

it is sorry i said wrong, SCB said they can not give me.the letter for a fixed acc (to confirm the money)

I've had a fixed term (as short at 11 months and as long as 22 months) accounts via SCB (Siam Commercial Bank) for 10+ years and have never had an issue or question using it to annually extend based on the 800k/retirement basis; of course, it's the type of account mentioned by Ubonjoe which I can withdraw the funds anytime I want although accrued interest would be lost if I should withdraw before the term ends. 

If you have any issue as to whether the account will be acceptable to immigration, just ask the bank when you open/extend the account if it will qualify for the annual "immigration letter."

[Gee Ku]

21 hours ago, KhunBENQ said:

At Bangkok Bank it's easy: go to counter and they can update without transaction.

Other banks like SCB can not without transaction.

In this case a deposit a small amount (1000 Baht or so) should work.

Maybe other members can confirm.

 

Deposit just 100 Baht works, if you don't want to deposit 1,000 Baht.

[saengd]

31 minutes ago, bender92 said:

Where?

Where what? I don't understand your question.