Krungsri Mee tae dai account

[lamyai3]

I was just given the option in branch to open this account (1.1/ 1.0% pa), would this be acceptable at Chaengwattana for retirement seasoning funds? It allows withdrawals twice a month and has a passbook (both needed for immigration, the tech spec says Thai people only, but they seemed happy for me to open this account.

 

Also available were 7 and 14 month FDs (0.75%, 0.85%) which I guess would be acceptable. What happens when these accounts mature, and are there any implications if the maturity falls in the midst of the seasoning period prior to the retirement extension? 

Edited July 29, 2020 by lamyai3

[Pib]

Yes, a Krungsri MTD acct works fine with CW.   I've had a Krungsri MTD acct for around 4 years now and been using it to keep my Bt800K retirement extension of stay money....I do my extension at CW.   The MTD is for Thai or farang.

 

Fixed accts are acceptable to CW also....I use to use Bangkok Bank fixed accts for my retirement extension Bt800K money.  When the fixed acct matures it will roll over either into another fixed term of equal length at the interest in effect at that time "or" into a 90 day fixed term with the same acct number---"depends on the bank's policy.,,be sure you understand the policy."

 

When the fixed acct matures it's still an active, valid acct although it may have automatically rolled over into another fixed acct of a certain length and interest.  Now when it matures and you want to roll it over into a new fixed or regular acct you just need to be able to do that all in the same day so you can show you never dropped before the required amount. 

 

I did that once with my Bangkok Bank fixed accts where one matured and I rolled the money over into a new Bangkok Bank fixed acct same day...it was like a combo type thing....the bank first opened the new fixed acct with new acct number, then transferred the funds from the matured acct to the new acct, and then closed the matured acct.  At no point in time did I drop below the minimum requirements for extension of stay purposes.   You just need to show immigration both passbooks and point out you rolled the funds over and at no point in time did you drop below the required amount.

 

Edited July 29, 2020 by Pib

[Oxx]

Immigration can be difficult on fixed deposit maturity.  In my experience with Krung Thai bank the funds are transferred to your savings account.  On one occasion the immigration officer was concerned and checked with her superior officer who concluded there was no problem.  On another occasion I was refused an extension based upon investment in Thailand, even though I had reinvested the money in another fixed deposit on the very same day as the first fixed deposit matures.

 

In short, better not to risk it.  Mee Tae Dai's interest rates are only a fraction less than fixed deposits, so for the convenience of not having to worry about rollover dates, I think it's worth the loss of a small amount of interest.