Extension Money In Fixed Deposit Bank Account

[Lite Beer]

I keep the 400,000 Baht for my Marriage Extension in a SCB fixed account. 3 years.

The maturity date is 4th February 2022

Extension is due in March 2022.

Does the 400,000 roll over to a new 3 year term?

 

Will Immigration see it as 3 years in the bank or 1 month?

[DrJack54]

Once the deposit term is due, SCB will continue the account as the existing fixed

deposit with interest at the interest rate for the existing fixed deposit as of the

maturity date. 

 

Above Quoted from SCB web.

Immigration will see it as having been in bank continuously. 

I use FD Kasikorn.

Pretty sure all banks roll this over unless otherwise instructed by owner of account.

Same applies to my Oz FD accounts. 

Edited January 11, 2022 by DrJack54

[KhunBENQ]

Fixed deposits are rolled over. At Bangkok Bank it rolled over to a 3 month cycle.

If it is the type of deposit that can be withdrawn at any time it doesn't matter for immigration purposes.

 

Be prepared being asked for your source of income for living expenses. Other account?

[Lite Beer]

1 minute ago, KhunBENQ said:

Fixed deposits are rolled over. At Bangkok Bank it rolled over to a 3 month cycle.

If it is the type of deposit that can be withdrawn at any time it doesn't matter for immigration purposes.

 

Be prepared being asked for your source of income for living expenses. Other account?

Yep. Got another account with my huge UK state pension being paid into it.

[Oxx]

6 hours ago, DrJack54 said:

Pretty sure all banks roll this over unless otherwise instructed by owner of account.

Not true.  Krung Thai transferred my maturing account to my savings account a few years ago.  As a result Immigration decided to cancel my Investment Visa.

Edited January 11, 2022 by Oxx
Fixed bank name

[easydoor]

Very easy:

go to the bank and renew the deposit account, you can do anytime you want. I also have SCB bank fixed  account and when I see it is almost expeired I just renew it for the same term. No problem at at all. 

[DrJack54]

17 minutes ago, Oxx said:

.  As a result Immigration decided to cancel my Investment Visa.

Bet that taught you to keep your eye on the ball.

I should have stated MOST banks rather then  ALL Banks.

BTW there are different types of FD accounts. 

 

[marcho]

6 hours ago, KhunBENQ said:

Fixed deposits are rolled over. At Bangkok Bank it rolled over to a 3 month cycle.

If it is the type of deposit that can be withdrawn at any time it doesn't matter for immigration purposes.

 

Be prepared being asked for your source of income for living expenses. Other account?

That's irrelevant,  it's none of there business. He just has to show the 400.000 in the the bank, fixed or not

[anterian]

My problem was that most IOs don't understand fixed deposits and rollover. I got fed up with explaining this so now I deposit an extra 1000 Baht in the account before I ask for a bank statement. This gives the balance at that date, not the previous rollover date. 

[KannikaP]

7 hours ago, Lite Beer said:

my huge UK state pension

555555 !!!!

[skatewash]

I think Dr. Jack and others have given you the correct answer, the fixed deposit account rolls over in most cases to a new term.

Here's something you might consider for next time though.  Put the money in SCB's EZ Savings account (paying 1.5% APR interest).  Or put the money in Krungsri Bank's Mee Tae Dai Savings account (paying 1.0% APR interest).  The reason is that since they are regular savings accounts and not fixed deposit accounts you never have to be concerned with what happens when the term expires because there is no term.  Of course, the rate is also not fixed.  Also, because these are regular savings accounts and not fixed deposit accounts if you give the bank your Thai Tax ID when opening one of the suggested accounts there will be no automatic tax withholding (15%) from the first baht of interest earned in the account (as is the case with a fixed deposit account).  In fact, interest will only be withheld when you have earned more than 20,000 baht in interest.  Since in many cases no tax will be withheld if your only income in Thailand is from interest earned you will not even need to file a Thai Personal Income Tax Return (for example PIT-90) to get your tax withheld returned.

I gave up chasing higher returns for my immigration account with fixed deposit accounts because I didn't want the hassle of keeping track of maturation dates.  Not only that but at 1.5% APR the EZ Savings account is better than some fixed deposit accounts.

[KhunBENQ]

22 hours ago, marcho said:

That's irrelevant,  it's none of there business. He just has to show the 400.000 in the the bank, fixed or not

Good luck.

Wrong as can be.

If all you show is an x-year fixed deposit without transactions, the IO is absolutely entitled to ask for your source of regular income.

A fixed deposit alone raises questions about illegal work/business.

Just happened to a mate in Khon Kaen.

(and more than once posted in the forum)

Edited January 12, 2022 by KhunBENQ

[Chris.B]

19 hours ago, skatewash said:

I think Dr. Jack and others have given you the correct answer, the fixed deposit account rolls over in most cases to a new term.

Here's something you might consider for next time though.  Put the money in SCB's EZ Savings account (paying 1.5% APR interest).  Or put the money in Krungsri Bank's Mee Tae Dai Savings account (paying 1.0% APR interest).  The reason is that since they are regular savings accounts and not fixed deposit accounts you never have to be concerned with what happens when the term expires because there is no term.  Of course, the rate is also not fixed.  Also, because these are regular savings accounts and not fixed deposit accounts if you give the bank your Thai Tax ID when opening one of the suggested accounts there will be no automatic tax withholding (15%) from the first baht of interest earned in the account (as is the case with a fixed deposit account).  In fact, interest will only be withheld when you have earned more than 20,000 baht in interest.  Since in many cases no tax will be withheld if your only income in Thailand is from interest earned you will not even need to file a Thai Personal Income Tax Return (for example PIT-90) to get your tax withheld returned.

I gave up chasing higher returns for my immigration account with fixed deposit accounts because I didn't want the hassle of keeping track of maturation dates.  Not only that but at 1.5% APR the EZ Savings account is better than some fixed deposit accounts.

Immigration do not mind it doesn't have a book?

 

Can the account have a cash card?

 

[skatewash]

2 hours ago, Chris.B said:

Immigration do not mind it doesn't have a book?

 

Can the account have a cash card?

 

Good point, about SCB's EZ Savings.  Personally, I wouldn't use it for immigration purposes for that reason, not having a passbook.  The Krungsri Bank Mee Tae Dai account does have a passbook, so no potential problem with that one (have gotten retirement extension several times using that account),

[skatewash]

2 hours ago, Chris.B said:

Immigration do not mind it doesn't have a book?

 

Can the account have a cash card?

 

Not sure I know what a cash card is?  The Mee Tae Dae account comes with an ATM/Debit card, am expecting to get the same for my new SCB EZ Savings account but hasn't arrived yet. 

[Chris.B]

41 minutes ago, skatewash said:

Not sure I know what a cash card is?  The Mee Tae Dae account comes with an ATM/Debit card, am expecting to get the same for my new SCB EZ Savings account but hasn't arrived yet. 

Sorry, Cashcard is a British term for ATM card.

 

[RedArmy]

3 hours ago, Chris.B said:

Immigration do not mind it doesn't have a book?

 

 

 

I have s FD account with Bangkok Bank - It comes with a book but no ATM card - Exactly what i was looking for.

[Chris.B]

13 minutes ago, RedArmy said:

I have s FD account with Bangkok Bank - It comes with a book but no ATM card - Exactly what i was looking for.

The accounts mentioned by @skatewash sound better.