Four Month Fixed Term Retirement Bank Account

[IMA_FARANG]

Bangkok Bank offered me a chance to get a 4 month fixed term deposit account paying an annual rate of 4% (Of course for only 4 months),

I turned it down, because I am on on a retirement/visa extension and doing 90 day reporting. The problem is that my 800K Thai baht retirement bank account would be tied up for 4 months minimum...I couldn't withdraw the funds during that period.

But now I just wonder, and want the opinion of the immigration and visa experts.

So my question...what's your opinion on taking this offer?

Also my retirement extension is valid until October 2012....but of course I'm doing 90 day reporting, and the next one is due in March.

Edited February 20, 2012 by IMA_FARANG

[Mario2008]

You can use a fixed deposit, as long as you make sure the money will be available when the time comes to ask for a new extension and the 3 months before the date you actually apply.

[lopburi3]

A normal fixed term account full amount is available but you lose interest and that type can normally be used for immigration. If you do not have access suspect it would not be allowed.

[terryq]

Not putting myself in the "expert" category but have been here a while.

First are you sure the money will be unavailable for 4 month. Usually fixed deposit accounts with BBL allow for withdrawal with forfeiture of interest. Since this is offering a little higher rate may not apply in this case.

If you took up the offer before end of Feb then 4 months on would take it to end of June, this still leaves time to transfer the money to a standard 3,6,12 month deposit with BBL (these are accepted by immigration(in Rayong)), or a savings account to season for 3 months (end of Sept) before applying for further extension. 90 day reporting does not ask for money to be shown. In fact just got back from 90 day report at Maptaput only requirements, TM47 and passport containing TM card and previous report, total time 3 minutes.

[Sophon]

4% p.a. sound like far too high an interest rate for a 4 month fixed deposit, are you sure this was not some kind of fund? Bangkok Bank currently advertises 4 month fixed deposit accounts at 2.75% p.a.

Sophon

[TallGuyJohninBKK]

A couple of comments here...

First, as stated, bank deposits are totally unrelated to 90 day reporting... For 90 day reporting purposes, it doesn't matter where you keep your funds or even if you have any.

As for retirement extensions, the experience of most posters here suggests that MOST immigration offices will accept fixed term deposits for purposes of meeting the 800,000 baht amount requirement. But I believe there have been some reports of some offices wanting traditional savings accounts instead. So if you wanted to have a fixed term deposit during the 3 months "seasoning" period up to and including your extension renewal, best to check with your local Immigration office.

For any periods of time before the 3 month "seasoning" period associated with your extension renewal application, you can keep the funds anywhere you like.

One thing you shouldn't do is move the funds in any way or make any account type or status changes during the 3 months seasoning period. And of course make sure the balance never falls below the 800,000 baht amount for any time during the "seasoning" period.

Edited February 20, 2012 by TallGuyJohninBKK

[Mario2008]

OP stated that he will not be able to withdraw his money, normally such account is not accepted for an extension of stay. It must be 3 months in an account where you can access the money.

[TallGuyJohninBKK]

Mario, the OP also indicated his current extension is valid into sometime in October, and he's considering a four month fixed term deposit now in late Feb... So anything he does now for 4 months is going to be totally unrelated and irrelevant to his extension renewal in October...

If he took out a four month fixed term deposit now, it would cover March to June...

And then he'd still have July-August-September plus any time into October to cover his 3 month seasoning period by keeping his 800K wherever he found suitable.

As for his funds being "tied up," as Lopburi noted above, there are fixed term deposits where the funds are available...but the interest is lost if the funds are pulled before the maturity date. The OP may have assumed his funds would be unavailable, without realizing the way Thai banks treat such things. But that's a detail only the OP can answer for the particular BKKB account he's considering.

But even more to the point, I've never gotten any idea that the Immigration staff looked at, or had even any way of determining, whether the retirement funds would be "available." AFAIK, they just look at the type of account and where it's kept...i.e., firstly, in a bank in Thailand, and then typically in a savings or fixed term deposit.... as opposed to non-allowed accounts like mutual funds or bonds or stocks...

Edited February 20, 2012 by TallGuyJohninBKK

[AllyB]

For 2.75% over 4 months the minimum deposit is 200,000 - also just dropped yesterday to 2.65%, I opened my account today (sucks ....) Any pre-mature withdrawal will get zero on the amount withdrawn, provided it doesn't go below 200,000 at any time or the whole lot is zero. After the 1st 4 months interest drops by 1% for a further 2x3 month fixed periods, subject always to the minimum 200,000 beiing there. For immigration purposes the capital ammount is always available, but if you touch it and it drops below 200,000 you'll get zero interest. Also the BBL does a similar fixed term account at 2.75% (2.65% now I presume) for a minimum amount of 10,000 and fixed for a year. You could open several 10,000 accounts and if you need to get your hands on some of the money the drop to zero % would effectively be limited to blocks of 10,000 at a time Depends on when you expect to need money over the next few months/year