Scb Ez Account Paying Interest Every Month?

[keithsimmonds]

Both my wife and i noticed that we were both paid interest on the 25th of this month on our Ez accounts,not on any other accounts though (savings or Jad -Tem).

I don,t know why this is,but it appears (?) that interest on that account is going to be paid every month...no Tax was deducted either.

Makes the interest then ..compound interest?

[gamb00ler]

I just use my EZ account for my 800/400K deposit for my annual extension so I don't check it often.

 

I also received a credit labelled "Interest/tax - OTHERS" on the 25th.  Mysterious!

 

SCB's Product Sales Sheet for the EZ account can be read @

https://www.scb.co.th/content/dam/scb/personal-banking/product-sales-sheet/deposits/ez-savings-account-en.pdf

 

@keithsimmonds correctly guessed that interest will now be paid monthly on the 25th.

 

An example from that document linked above:

"For deposit amounts up to 2 million baht: 1.50% p.a. Interest amount = (2,000,000 x 1.50 / 100 x 1 / 365) = 82.19 baht"

 

It seems that the interest will be accumulated according to the daily balance and credited monthly.  It appears that the interest should be compounded.  The APY if compounded will be 1.51046%.  That will net me an extra 59฿ per year.😳

[BenStark]

6 minutes ago, gamb00ler said:

correctly guessed that interest will now be paid monthly on the 25th.

Very strange date. As if they need 25 days to calculate the interest

[gamb00ler]

12 minutes ago, BenStark said:

Very strange date. As if they need 25 days to calculate the interest

Kasikorn chose to pay on 17th of June and December, SCB was previously paying on the 25th of those months.  Land and House bank pay on June 30 and Dec. 31.  They all probably pay right up to the day of or the previous day's close of business.

[jphasia]

I don't understand how it work either.

I opened an EZ account on 17 June and within the next 10 days tranfered money on it to reach 2M. So since 27 June, my balance has been 2M. Didn't touch it.

On 25 Oct, the interest was paid for an amount of 10,002b. I transfered this amount to my normal saving account to remain at 2M balance on my EZ account.

As they will pay the interest now on monthly basis, should i expect to get around 2,400b on 25 Nov?

[gamb00ler]

@jphasia

You had 2M deposited for 4 months or 1/3 of a year.

You should get 1/3 * .015 * 2,000,000 = 10,000฿

 

On the 25th of each month your should get approximately 1/12 * .015 * 2,000,000 = 2,500฿

 

On the funds above the 2M you will be paid 1%. 

Leaving the 2,500 deposited will earn you 1/12 * .01 * 2,500 = 2.08 ฿ extra each month.

[jphasia]

4 minutes ago, gamb00ler said:

@jphasia

You had 2M deposited for 4 months or 1/3 of a year.

You should get 1/3 * .015 * 2,000,000 = 10,000฿

 

On the 25th of each month your should get approximately 1/12 * .015 * 2,000,000 = 2,500฿

 

On the funds above the 2M you will be paid 1%. 

Leaving the 2,500 deposited will earn you 1/12 * .01 * 2,500 = 2.08 ฿ extra each month.

Thanks! Better than nothing...:)

[foreverlomsak]

Same for me, EZ on 25 Oct and credited to the account.

The data sheets for the Jai-Tem & Standard savings accounts are both showing interest paid on 25 June & 25 December, wonder if they are going to change them too.

 

[foreverlomsak]

12 minutes ago, gamb00ler said:

@jphasia

You had 2M deposited for 4 months or 1/3 of a year.

You should get 1/3 * .015 * 2,000,000 = 10,000฿

 

On the 25th of each month your should get approximately 1/12 * .015 * 2,000,000 = 2,500฿

 

On the funds above the 2M you will be paid 1%. 

Leaving the 2,500 deposited will earn you 1/12 * .01 * 2,500 = 2.08 ฿ extra each month.

Interest is calculated on a daily basis, therefore a 30 day month will have a different value to a 31 day month, not forgetting February.

[gamb00ler]

7 minutes ago, foreverlomsak said:

Interest is calculated on a daily basis, therefore a 30 day month will have a different value to a 31 day month, not forgetting February.

yes... that's why I added "approximately" to my statement.

30 day month yields 2465.75฿

31 day month yields 2547.95฿

 

Each leap year, hopefully they'll buy you an extra beer except in 2400!

 

Edited October 29, 2023 by gamb00ler

[foreverlomsak]

1 minute ago, gamb00ler said:

Each leap year, hopefully they'll buy you an extra beer!

Their a bank, they don't give money away, each year is treated as having 365 days only, Leap Years included.

[matchar]

Same thing happened to me last month and no tax deducted.

 

This month however I just received my interest at midnight on 25th and then it was all immediately deducted as tax!

 

100% tax! I thought savings interest is supposed to be taxed at 15%?

 

Did anyone else check their statement yet?

[gamb00ler]

1 hour ago, matchar said:

This month however I just received my interest at midnight on 25th and then it was all immediately deducted as tax!

Perhaps SCB is just withholding tax on your year-to-date interest.  Did SCB withhold tax from your June 25th interest payment?

 

I've given SCB my Thai tax ID so I don't have any tax withheld.

[matchar]

5 hours ago, gamb00ler said:

Perhaps SCB is just withholding tax on your year-to-date interest.  Did SCB withhold tax from your June 25th interest payment?

 

I've given SCB my Thai tax ID so I don't have any tax withheld.

I gave them my tax ID last year and they haven't deducted any tax until now. I'm still working and I'm over the 20,000 tax free interest limit so maybe they are deducting back taxes or something.

I'll call them tomorrow for an explanation.

[DrJoy]

On 11/26/2023 at 11:34 AM, gamb00ler said:

I've given SCB my Thai tax ID so I don't have any tax withheld

Even if u have given them your TIN, you can earn only 20K thb per year

 

If the interest touches even 20,001 thb, then tax rate becomes 100 %

 

You will have to file PND 90 to get it back

 

A bit of a caution - you will have to declare all your income/savings /investments to the revenue department to be able to file PND 90 , to get your interest back

 

@matchar

[matchar]

10 hours ago, DrJoy said:

Even if u have given them your TIN, you can earn only 20K thb per year

 

If the interest touches even 20,001 thb, then tax rate becomes 100 %

 

You will have to file PND 90 to get it back

 

A bit of a caution - you will have to declare all your income/savings /investments to the revenue department to be able to file PND 90 , to get your interest back

 

@matchar

Surely it should be 15%?

 

SCB told me the tax deduction was 100% last month because they were collecting taxes on the 20K of interest I already received in June and October.

 

Hopefully at the end of this month the tax deduction will be a lot lower.