Best Bank & Interest Rate For 800'000.- Baht-Account

[henry2109]

I will soon put 800'000 Baht in a bank account in order to get a retirement visa. I do not need this money after getting the visa so a plan to let it on an account on a long term base. I am actually with Kasikorn bank but would also change bank for a good solution with an other bank. Last time as I made a fixed deposit there I have been told that this would not qualify for the retirement-visa.

Now I am looking for an account that a) gives me a reasonable interest on a long term base, lets say up to 3 years and that qualifies for receiving the retirement-visa.

[Darrel]

Technically, to qualify for a retirement extension your deposit just has to be "seasoned" and available for withdrawal at all times, and nearly all Thai bank time deposits fall into this group even if there is some sort of interest rate penalty for early withdrawal. In practice it depends on which immigration office you are applying in and the mood of the officer on the day. Jomtien, unsurprisingly, accepts nearly everything.

I have various deposits, all of which seem to qualify. Currently I have a KBank 13 month step bond that pays an average of about 3.75%, a CIMB 3 month bond that pays 3.5%, a 5 month CIMB bond that pays 3.3%, a KBank savings account that pays .75% and a TMB savings account that pays 2.25%.

If I was in BKK then I would try and open a MyTMB online account as this pays 3.5% with instant access. I also note that my local TMB has a home-made sign on the window promoting a 4.5% rate that I will be looking into shortly.

All the banks websites seem to show their current rates for regular time deposits of the 1-2-3 year variety, but finding info about special offers in English is very hard indeed, even in the branch. Bizarre Thai marketing strikes again, I suppose.

[henry2109]

thanks for the info. I just tried to open a new bank account with TMB, but was told "cannot, must have 1 year visa". I have an ED-Visa now, which is renewed every 3 month, so a no go for TMB. I will check then if the 13-month step bond at Kasikorn is still in place.

[Lite Beer]

SCB Deposit Interest Rates (Percent per annum)

Effective from 4 April 2012 onwards

http://www.scb.co.th.../rates-and-fees

Special Fixed 555 Days

50,000 Baht and over 3.65%

[aarn]

Technically, what you are seeking is a one-year extension of your current visa, on the basis of being 50+ yo. For the first 12-month extension, you must have 800kB in a bank for 60days, before applying. Subsequent annual applications require you to have that amount deposited for 90 days, before applying.

It is my understanding that the money can not be in a fixed-term deposit account. Thus you could leave your 800KB in a nine-month term deposit (look around, I think up to 3.5% annual interest is available), put it into your 'normal' account, and on the day of your application for a further 12 month extension, go to your bank to get a letter stating that you have had 800kB for 90+ days (letter will cost 100+B, take 30 min + to obtain), and update your passbook.

Do you realise that you can go to your embassy and get a statement concerning your earnings in your own country, and thus may need to put less than 800kB into your Thai bank?

Lopburi3 is the best source of information here... AA

[MEL1]

Buy a gold certificate, which effectively means you invest in the Thai banks gold, but don't carry around gold bars.

Gold is sue for an increase, I have on good authority, from 24,000 as it has been for the last year, to above 25,500.

So for each 100K you buy when gold goes up to 25,500 you'll make circa 6,000 baht or 6%.

If you invest 800K in a banks gold, and they are all very similar, then you'll make 48,000 Baht when the gold goes up - which is prejected for September this year. That's a much better return, and you can cash in at anytime and get any amount of increase percentage as it happens.

Gold will not go down, and is projected to reach 27,000 by the time ASEAN occurs......

-mel.

[kokesaat]

aarn wrote: It is my understanding that the money can not be in a fixed-term deposit account.

I've had a fixed-term deposit account at SCB for 3 years running. It shows a single deposit of 810,000 baht. Interest is paid into my daily needs account. Never a problem renewing my retirement visa.

(Udon)

[Darrel]

thanks for the info. I just tried to open a new bank account with TMB, but was told "cannot, must have 1 year visa". I have an ED-Visa now, which is renewed every 3 month, so a no go for TMB.

Hmm. Classic chicken and egg that one. You could try another branch of TMB as results can vary wildly.

I will check then if the 13-month step bond at Kasikorn is still in place.

It isnt. It was only available for a month or two last year. Other offers do come and go.

[henry2109]

SCB Deposit Interest Rates (Percent per annum)

Effective from 4 April 2012 onwards

http://www.scb.co.th.../rates-and-fees

Special Fixed 555 Days

50,000 Baht and over 3.65%

This seems a good offer to me. I will check with SCB, if this account will qualify for immigration authority.

[chiang mai]

SCB Deposit Interest Rates (Percent per annum)

Effective from 4 April 2012 onwards

http://www.scb.co.th.../rates-and-fees

Special Fixed 555 Days

50,000 Baht and over 3.65%

This seems a good offer to me. I will check with SCB, if this account will qualify for immigration authority.

Probably best to check with Immigration Dept and not with the Bank, SCB has no interest in giving you the right answer, just in getting deposits. Also, 3.65% fixed for a year and a half is a concern, are you confident that rates will not increase in that time, I'm certainly not.

[12DrinkMore]

SCB Deposit Interest Rates (Percent per annum)

Effective from 4 April 2012 onwards

http://www.scb.co.th.../rates-and-fees

Special Fixed 555 Days

50,000 Baht and over 3.65%

This seems a good offer to me. I will check with SCB, if this account will qualify for immigration authority.

It is USELESS checking with the SCB, they do NOT issue you your visa.

You MUST check with immigration.

The account is, however, almost certainly OK for the visa.

I personally would not commit my money for that length of time.

Krungsri will give you 3.4% for 11 months and SCB 3.3% for 9 months (1,000,000 minimum). Shorter term deals from three months at 3.2% or so from both banks.

[12DrinkMore]

Buy a gold certificate, which effectively means you invest in the Thai banks gold, but don't carry around gold bars.

Gold is sue for an increase, I have on good authority, from 24,000 as it has been for the last year, to above 25,500.

So for each 100K you buy when gold goes up to 25,500 you'll make circa 6,000 baht or 6%.

If you invest 800K in a banks gold, and they are all very similar, then you'll make 48,000 Baht when the gold goes up - which is prejected for September this year. That's a much better return, and you can cash in at anytime and get any amount of increase percentage as it happens.

Gold will not go down, and is projected to reach 27,000 by the time ASEAN occurs......

-mel.

This is useless advice for the OP, as it cannot be used for a visa.

And for the statements

"gold will not go down"

"I have on good authority"

However I do have a reasonably large chunk of change invested in gold, so I hope that the "good authority" is 'on the nail'.

[12DrinkMore]

I also note that my local TMB has a home-made sign on the window promoting a 4.5% rate that I will be looking into shortly.

These are non-guaranteed 10 year subordinated debentures, unsuitable for visa purposes.

http://www.tmbbank.com/promotion/detail.php?id=217

[nong38]

Buy a gold certificate, which effectively means you invest in the Thai banks gold, but don't carry around gold bars.

Gold is sue for an increase, I have on good authority, from 24,000 as it has been for the last year, to above 25,500.

So for each 100K you buy when gold goes up to 25,500 you'll make circa 6,000 baht or 6%.

If you invest 800K in a banks gold, and they are all very similar, then you'll make 48,000 Baht when the gold goes up - which is prejected for September this year. That's a much better return, and you can cash in at anytime and get any amount of increase percentage as it happens.

Gold will not go down, and is projected to reach 27,000 by the time ASEAN occurs......

-mel.

But will immigration accept this as the 800,000 bts in the bank with easy access?

[nong38]

SCB Deposit Interest Rates (Percent per annum)

Effective from 4 April 2012 onwards

http://www.scb.co.th.../rates-and-fees

Special Fixed 555 Days

50,000 Baht and over 3.65%

This seems a good offer to me. I will check with SCB, if this account will qualify for immigration authority.

This is the problem, different interpretations from different offices and officers

[TallGuyJohninBKK]

Generally speaking, most Thai Immigration offices WILL accept fixed term deposit accounts for purposes of meeting the retirement extension income requirement. A few offices have balked at those accounts from time to time, but they seem to be the exception. Best to check ahead of time with the office local to one's area to be sure.

Immigration generally WON'T accept bonds and various other kinds of stock market items.

And, if you use the combined income method, meaning a combination of bank deposits and consulate-certified income adding up to 800,000 baht per year, then there's no seasoning requirement for those bank deposits when used toward a retirement extension.

[KhunOr]

^{Bank interest is taxed at 15% a year (deducted by the bank). Remember to deduct this from your annual total.}

[chiangmaibruce]

This related and fairly recent thread may be of interest:

http://www.thaivisa.com/forum/topic/541176-800k-for-retirement-visa-can-it-be-held-in-term-investment/

[UbonOz]

As an Australian Passport holder there is no need to import 800,000baht or top-up each year.

Last month I used the 65,000/baht month income option.

The agreement with Australians is that you need to visit the embassy and sign and have witnessed a Statutory Declaration stating you have a minimum income of 65,000baht/month.

I presented the stat dec when I went to renew my visa and nothing more was asked for.

I wish I had done the same for the past years.

All embassies have certain arrangements which you would need to check to use the 65K option.

[Darrel]

These are non-guaranteed 10 year subordinated debentures, unsuitable for visa purposes.

Saved me a trip.

I suspected when I saw the home-made sign that it wasnt a deposit account at all.

[chiang mai]

^{Bank interest is taxed at 15% a year (deducted by the bank). Remember to deduct this from your annual total.}

No, remember to claim this back from the tax authorities each year which is easily done.

[MYKTHEMIN]

^{Bank interest is taxed at 15% a year (deducted by the bank). Remember to deduct this from your annual total.}

No, remember to claim this back from the tax authorities each year which is easily done.

Please advise how you reclaim the tax back?

[chiang mai]

^{Bank interest is taxed at 15% a year (deducted by the bank). Remember to deduct this from your annual total.}

No, remember to claim this back from the tax authorities each year which is easily done.

Please advise how you reclaim the tax back?

Go to the tax office and get a tax ID, wait until the start of the tax year after which the tax wwas paid, return to said tax office and fill out claim form, expect cheque in one month or less. After the first time you can do it all online and it's all very effecient.

[MYKTHEMIN]

^{Bank interest is taxed at 15% a year (deducted by the bank). Remember to deduct this from your annual total.}

No, remember to claim this back from the tax authorities each year which is easily done.

Please advise how you reclaim the tax back?

Go to the tax office and get a tax ID, wait until the start of the tax year after which the tax wwas paid, return to said tax office and fill out claim form, expect cheque in one month or less. After the first time you can do it all online and it's all very effecient.

Many Thanks

[flying]

SCB Deposit Interest Rates (Percent per annum)

Effective from 4 April 2012 onwards

http://www.scb.co.th.../rates-and-fees

Special Fixed 555 Days

50,000 Baht and over 3.65%

This seems a good offer to me. I will check with SCB, if this account will qualify for immigration authority.

These offers are a heck of a lot better than what is available in the USA these days.

But one thing that really stands out in the list is the rates per deposit.

I mean yes they offer some rates for as low as under 1 million baht deposits but after that......

10 Million Baht

50 Million Baht

500 Million Baht

1000 Million Baht

2000 Million Baht

I am a bit surprised

I did think it was funny the offer a 3.65% rate for anything over 50,000 Baht left for 555 days

Since 555 in Thai is Ha,Ha,Ha

Cute

[Naam]

I mean yes they offer some rates for as low as under 1 million baht deposits but after that......

10 Million Baht

50 Million Baht

500 Million Baht

1000 Million Baht

2000 Million Baht

I am a bit surprised

why surprised Flying? they even have a rate for 5000 million Baht. that solves the problem we discussed some days ago, namely where to park our surplus cash Baht.

now we only have to find a bank with a good rate for our surplus Dollars, Pounds and Euros and we are set.

[flying]

why surprised Flying? they even have a rate for 5000 million Baht. that solves the problem we discussed some days ago, namely where to park our surplus cash Baht.

now we only have to find a bank with a good rate for our surplus Dollars, Pounds and Euros and we are set.

hahah I know you to well to believe you would put that kind of money in those banks

aside from the 1 million baht being insured of course

[chiangmaibruce]

Go to the tax office and get a tax ID, wait until the start of the tax year after which the tax wwas paid, return to said tax office and fill out claim form, expect cheque in one month or less. After the first time you can do it all online and it's all very effecient.

Chiangmai, do you have a link to a page in the Rev Dept web site where you can do that?

When you submit your claim do they ask if you have submitted a Thai tax return, or is the withholding tax refund quite separate from that process?

[PattayaPhom]

Buy a gold certificate, which effectively means you invest in the Thai banks gold, but don't carry around gold bars.

Gold is sue for an increase, I have on good authority, from 24,000 as it has been for the last year, to above 25,500.

So for each 100K you buy when gold goes up to 25,500 you'll make circa 6,000 baht or 6%.

If you invest 800K in a banks gold, and they are all very similar, then you'll make 48,000 Baht when the gold goes up - which is prejected for September this year. That's a much better return, and you can cash in at anytime and get any amount of increase percentage as it happens.

Gold will not go down, and is projected to reach 27,000 by the time ASEAN occurs......

-mel.

No good for visa extension

[fletchsmile]

Go to the tax office and get a tax ID, wait until the start of the tax year after which the tax wwas paid, return to said tax office and fill out claim form, expect cheque in one month or less. After the first time you can do it all online and it's all very effecient.

Chiangmai, do you have a link to a page in the Rev Dept web site where you can do that?

When you submit your claim do they ask if you have submitted a Thai tax return, or is the withholding tax refund quite separate from that process?

I complete a tax return each year. On the tax return itself there is a box to tick saying that either you need to pay more tax or that you wish to claim back excess tax paid.

If you submit your tax return online any refund due is usually quicker. However, if you submit manually in person a refund takes longer. This year I submitted in person at the local tax office for the first time, as I had additional forms and complexities above previous years. I was told at the tax office that it may take up to 3 months for a refund. I asked why was that as last year it got it back much quicker. The lady explained that manual submissions take longer than online.

Would add that it was a very pleasant experience and I posted as such: http://www.thaivisa....65#entry5152165 so would suggest looking up your local tax office and paying them a visit. {BTW For the online version they may still require additional paper docs to be submitted for proof of certain transactions if you are claiming a refund, plus the Thai language version always seemed to work, whereas the English language version often seemed to have problems with it}.

For links...

Online filing:

http://rdserver.rd.g...blish/index.php

Tax offices:

http://www.rd.go.th/...sh/38156.0.html

Cheers

Fletch

Edited April 25, 2012 by fletchsmile