1,000,000 Gauranteed Safe

[phupaman]

Hi all.

I am not sure when ,but sometime next year all Thai banks will be gauranteeing only the first 1,000,000BT in all accounts, So remember TIT and make sure you do not have more than the max in any one account.

phupaman

[Tywais]

I assume that means all accumulated accounts in one Bank company. Possible to spread it across multiple banks such as BB, SCB, etc?

[Pib]

This subject has been talked about in other threads such as this thread. Link. 11 Aug 2012 is when the coverage levels drops to and stays at 1M baht. See the link regarding how multiple accounts are covered along with other info.

Edited September 10, 2011 by Pib

[Pib]

I assume that means all accumulated accounts in one Bank company. Possible to spread it across multiple banks such as BB, SCB, etc?

Corrrect...possible to spread across multiple banks to get greater coverage....just be sure it's indeed separate banks and not just separate branches of the same bank.

A partial quote from the full article identified in the Link in above post.

However the guarantee by the DPA will gradually fall from a blanket guarantee to a maximum guarantee of Bt1 million per person per bank.

[chainarong]

So where is Mr Thaksin Shincorp going to place he's Billions.

[Deez]

So where is Mr Thaksin Shincorp going to place he's Billions.

His is now guaranteed by the government and he chooses the interest rate he receives

[12DrinkMore]

So where is Mr Thaksin Shincorp going to place he's Billions.

Singapore?

[Pib]

Here's a DPA Link that provides more details on the coverage/program. Found the link on the Bangkok Bank web page. If the page comes up in Thai just click the English tab at the top right hand side of the page.

Edited September 13, 2011 by Pib

[janverbeem]

I recall that a few years ago already there was some news that it was brought to this level.Could it be that it was cancelled at that time or are they talking about this that long already.

[Tywais]

I recall that a few years ago already there was some news that it was brought to this level.Could it be that it was cancelled at that time or are they talking about this that long already.

Details deposit insurance law:

For the purposes of the general investor, meaning any of us living in Thailand or holding funds in a financial institution here, the key item in the Act concerns the amount of protection per depositor and per bank. Since the Act came into place and through the 10 th of August 2011, the full amount of each deposit is covered. Because of this, it was not necessary to worry over where funds are placed, or how they are distributed between accounts. Whatever the amount deposited, you were covered. Period. Taking effect 11 August 2011 until 10 August 2012 , the coverage drops to 50 million baht per depositor per bank. For most of us, this is still quite a comprehensive coverage amount.

The concern is going forward from 11 August 2012, just a little over a year away, when only 1 million baht will be covered by government protection. The implications of this change are significant, especially when one looks at how the coverage will apply. Multiple branches of the same bank will count as one deposit and will be lumped together. Though married couples will receive protection on a per person and per account basis of up to 1 million, separately, in the event of their owning a joint account, protection will not be separated out for that account. In most cases, the money will be split and counted against the individual account of each spouse. This means that management of funds across varied institutions may become a need for many depositors. The chart below illustrates this.