Term Deposits In A Thai Bank

[jeffer]

I have a spare 1m baht presently in a Siam Commercial Bank passbook account. I was looking at investing 500k-1m in a term deposit account. I asked at my local branch and was told the term deposit rate is 0.4% for 6 months. I was wondering if l may have misunderstood them as this rate seems rather low. By comparison a similar term deposit in Australia would get at least 5% or even more online with ING.

I had a rates list from SCB a year back and l'm fairly certain the term rates were at least 3%. Are Thai rates really so low when compared to overseas or is there some other form of bank deposit investment l should have been asking about that would provided a better return? Are all Thai banks going to be offering similar low rates or is there worthwhile competition between banks? The rate l was quoted seems strange when other countries rates have risen over the past year, not crashed.

[rgs2001uk]

jeffer

i was in the scb today, if you are willing to tie your money up for 6 months you will get 2.25% (less the 15% tax). if you decide to tie it up for a year i think the rate was 2.375%, again knock off the 15% tax.

i would imagine they didnt understand what you wanted, the figure you were quoted is the normal derisory amounts being paid just now for normal accounts.

may be worth transferthe money elsewhere and getting a better rate like 6%, then again you will be at the mercy of exchange rates and bank fees.

[jbaldwin]

I cannot understand the 0.4% figure. A standard savings accounts pays 0.75%

Rates have gone down a lot in recent years. The 3m baht a keep on one year for my investment visa paid 4.75% last year but only 2.25% this year

[naka]

jeffer

i was in the scb today, if you are willing to tie your money up for 6 months you will get 2.25% (less the 15% tax). if you decide to tie it up for a year i think the rate was 2.375%, again knock off the 15% tax.

i would imagine they didnt understand what you wanted, the figure you were quoted is the normal derisory amounts being paid just now for normal accounts.

may be worth transferthe money elsewhere and getting a better rate like 6%, then again you will be at the mercy of exchange rates and bank fees.

Fixed deposits with Kasikorn are identical to above.

Naka.

[camerata]

Siam City is currently offering 2.5% for 4 months, 2.6% 7 months and 2.7% for 9 months.

[billaaa777]

You can get 2.7 at Siam Commercial Bank with a money market account and take your funds out any time you want.

[singa-traz]

http://www.scb.co.th/html/th/interest/depo...deposit-eng.pdf

[think_too_mut]

By comparison a similar term deposit in Australia would get at least 5% or even more online with ING.

It's not similar. In Oz you can get 6.65% for the money you can take out at any time, no time constraint.

If you are a non-resident of Oz (as I am) then you are taxed 10% so it is 5.65 that comes to you.

The account must be, for example, "Direct saver" with St George. It has nothing with it - no ATM card, no check book, no automatic payment of bills...just money can come in and out via Internet from/to another account that has normal attributes.

I said that many times - for the purchase price of the condo where we are at, the monthly interest (in Oz bank) is just about the same as the rent we pay.

Good that we did not buy - otherwise a beautiful and attractive building, after a year is showing cracks, paint is peeling off, facilities are more broken than operational, swimming pool is deep and away from sun - useless, water is always ice cold.

We are leaving in a month or two.

What would we do had we bought the condo? Stuck, forever.

[h5n1]

I am getting 5.1 at online Fidelity.com. As an American you would be subject to taxes but if you do not make us6500 you dont even need file and to pay taxes your income really has to hit about 10k.

Thai banks are just mafia. Wealthy borrowers have access to huge amounts of cheap cash to run their scams while the rest suck up a rate less than inflation AND deposit timed.

[jeffer]

thanks all

[Khun Bob]

Foreign currency accounts are being promoted by BOT and pay better than THB. However, not as good as onshore in the country of the country.