How Time Deposit work in Thailand ?

[zenplay]

Hello.

I am wondering how Time Deposit work in Thailand.

 

For example, imagine that I put 100,000฿ on a Time Deposit account for 12 months (Interest Rate is 1,70% for 12 months).

What happen if I would like to withdraw all the money before the 12 months ?

What will happen if I withdraw after 3 months, or 6 months ? Will I get some interests or nothing ?

[Liverpool Lou]

What did the proposed deposit-taker tell you about the proposed terms and conditions?  

Edited October 16, 2023 by Liverpool Lou

[zenplay]

23 minutes ago, Liverpool Lou said:

What did the proposed deposit-taker tell you about the proposed terms and conditions?  

He did not tell me, that's why I ask. I just know the deposit rate 1,70% (Krungsri bank)

[biervoormij]

9 minutes ago, zenplay said:

He did not tell me, that's why I ask. I just know the deposit rate 1,70% (Krungsri bank)

Also be aware that they will take 15% of the interest you earn for tax. You may be able to get a refund of this 15% if you get a tax ID and do the paper work.

[NoDisplayName]

Usually...............for fixed accounts, if you withdraw all of the balance before the end of the term, you lose all of the pending accrued interest.  If you withdraw part of the balance, you lose part of the interest.

[Liverpool Lou]

56 minutes ago, zenplay said:

1 hour ago, Liverpool Lou said:

What did the proposed deposit-taker tell you about the proposed terms and conditions?  

He did not tell me, that's why I ask. I just know the deposit rate 1,70% (Krungsri bank)

Well, you'll get plenty of guesswork and speculation here, that's a much better situation than asking the bank, I'm sure you'll agree?

[HampiK]

If before 3 months, then 0 Interest if more than 3 months, you will become the interest rate of the saving account.

At least this is the rule which many banks use... For example, with KTB you even can find this information on their website.

[Stocky]

On 10/16/2023 at 8:20 PM, zenplay said:

(Krungsri bank)

I have a Time Deposit with Krungsri and as stated above if before 3 months, then no interest paid, if more than 3 months, you will get the interest rate of the savings account.

 

From the website
2. Time Deposit
2.1 The minimum initial deposit for account opening is THB 1,000.
2.2 Upon the maturity of the deposit period, the interest after withholding tax shall be credited to the accounts.
2.3 The Bank shall consider the deposit contract is terminated at the maturity of the tenor is completed. If the account holders do not withdraw the money or notify the Bank otherwise, it shall be considered that the deposit has been renewed in form of previous deposit and the interest rate and conditions of the new deposit shall be as part the Bank’s announcement at the time.
2.4 In order to withdraw the deposit before maturity.
2.4.1 Deposits for a period of less than 3 months will not be paid any interest. The interest (inclusive of withholding taxes) which has already been paid will be deducted from the principal that account holders will be paid back. The account holders may ask for a refund of such withholding taxes from The Revenue Department.
2.4.2 Deposits for a period of 3 months or more will be paid interest according to the Savings Deposit as per the Bank’s announcement effective on the deposit day of such amount and the number of actual deposit days. The principal and accrued interest of the deposit will be paid to account holders after the deduction of interest which has already been paid (inclusive of withholding taxes). The account holders may ask for a refund of the withholding taxes from The Revenue Department.

 

https://www.krungsri.com/en/rates/deposit

 

.

Edited October 18, 2023 by Stocky

[khunPer]

On 10/16/2023 at 2:51 PM, zenplay said:

What happen if I would like to withdraw all the money before the 12 months ?

What will happen if I withdraw after 3 months, or 6 months ? Will I get some interests or nothing ?

Same-same on normal fixed deposit accounts, you'll loose interest in the present 12-month deposit period. However, check with the bank in question, if there are special condition, the interest seems to be in the upper end at present.

[scorecard]

On 10/16/2023 at 8:20 PM, zenplay said:

He did not tell me, that's why I ask. I just know the deposit rate 1,70% (Krungsri bank)

So you should go to that bank and ask.

 

Why would you assume it's standard? Every bank has different regulations / rules, and of course it's possible the Bank of Thaiand has issued regulations on this subject.