Bank Savings Interest Rates

[LawrenceChee]

Heya Paul

Just head back to the branch and ask what's the penalty

I am having that same amount in a Kasikorn account that is paying 3.15 percent for 6 mths but its on mutual funds

If u want only fixed deposits SCB is running a promotion of 3.46 percent for 11 months tax applicable

[chiang mai]

i have a krunsrii account with 500.000 bt at 2.9% but i only get 1237bt interest a month so its not 2.9% which would be 1450bt interest a month. are they ripping me off or are they stopping tax?, can i close the account or am i tied in for 1 year?? paul

Only you will know if you've got a fixed rate/term account or whether it's a fixed rate for an unknown but limited term. If it's the former you will have tax deducted which you can claim back from the tax office, if it's the latter then you should not have tax deducted.

[chiang mai]

SCB - 3.46% for 11 months

UOB - 3.40% for 6 months

UOB - 3.50% for 12 months

UOB rates are +.5% for amounts over 3 million.

BAY - 2.9% for 5 months

BAY - 3.4% for 11 months

BAY 2.9% instant (will be discontinued before year end)

Thanachart - 3% for 12 months

CIMB - 3% instant (no tax, which means a max depsoit of 1.3 mill, offer ends January)

CIMB - 3.4% for 7 months

BB - 3% for 3 months

BB - 3.25 for 11 months

UOB & CIMB at 3.4% look good plus there's two good rates for instant money at 3% and 2.9%..

[topt]

SCB - 3.46% for 11 months

UOB - 3.40% for 6 months

UOB - 3.50% for 12 months

UOB rates are +.5% for amounts over 3 million.

BAY - 2.9% for 5 months

BAY - 3.4% for 11 months

BAY 2.9% instant (will be discontinued before year end)

Thanachart - 3% for 12 months

CIMB - 3% instant (no tax, which means a max depsoit of 1.3 mill, offer ends January)

CIMB - 3.4% for 7 months

BB - 3% for 3 months

BB - 3.25 for 11 months

UOB & CIMB at 3.4% look good plus there's two good rates for instant money at 3% and 2.9%..

Thanks cm - that's really useful.

[Sophon]

i have a krunsrii account with 500.000 bt at 2.9% but i only get 1237bt interest a month so its not 2.9% which would be 1450bt interest a month. are they ripping me off or are they stopping tax?, can i close the account or am i tied in for 1 year?? paul

If it's a standard fixed deposit account (which it probably is), then Krungsri has to withhold 15% tax. If you subtract 15% from 1,450 baht figure, then you get very close to the 1,237 baht you quote.

But 500,000 baht at 2.9% p.a. isn't 1,450 baht per month, it's only slightly more than 1,200 baht. In order to get that amount in monthly interest, the account would have to have a balance in the order of 600,000 baht. Have you misquoted the balance or the interest rate?

As to your other question, a standard fixed deposit can be closed anytime by the customer. There may be some loss of interest, but you can take out the principal anytime you wish. If your account is actually some sort of money market account, then you should probably ask your bank what the specific rules are.

Sophon

Edit: Just checked the Krungsri website. 2.9% p.a. is what they give on their "Mee Tae Dai" product, which is a standard savings account but with only two free withdrawals per month. If that is what you have then no tax should be deducted, and you can of course take out your money whenever you wish. And as mentioned, 1,200 baht in monthly interest is about right on 500,000 baht.

[mania]

i have a krunsrii account with 500.000 bt at 2.9% but i only get 1237bt interest a month so its not 2.9% which would be 1450bt interest a month. are they ripping me off or are they stopping tax?, can i close the account or am i tied in for 1 year?? paul

You are confusing P.A rate of 2.9% with what you see your getting per month.

2.9% is per year

500k THB x 2.9% = 14500 THB

14,500 THB / 12 months = 1208.33

So yours is correct. Also remember to look at the amount of days between interest payments they are not always 30 days so the

amount like yours did can vary a small fraction. In your case looks like you got an extra day of interest

If it is the Mee Tae Dai account no interest will be taken out unless you get 20,000 worth

This is a nice thing about the non fixed accounts.

Any others like BKB with their 2.62% & now 3% & 3.3% will take the tax right out & also they will not calculate

compound the interest monthly. They only calculate interest twice a year June & December if I remember right.

Or when the fixed account matures at any date before. The interest given is just on the opening amount

(Not compounded monthly )

This is what makes the BAY 2.9% attractive to me + the ability to move funds if needed without penalty

twice a month. Or more if you pay 50 baht per transaction

[mania]

CIMB - 3% instant (no tax, which means a max depsoit of 1.3 mill, offer ends January)

UOB & CIMB at 3.4% look good plus there's two good rates for instant money at 3% and 2.9%..

CM do you know if that limit of 1.3 mill is also true at BAY? 2.9% Mee Tae Dai account?

Thanks

Edit: Please disregard CM as I see they allow up to 10 million baht in the Mee Tae Dai accounts.

http://www.krungsri....king-rates.aspx

Page 2 of their most recent statement ( Oct 2012 )

PS: Where did you hear the Mee Tae Dai will be cancelled by end of year?

Thanks

[mania]

Sorry for the multiple posts & answering my own question,

but I thought other might want the info also.

Regarding BAY Mee Tae Dai instant non-fixed account I just got off the phone with them.

They said the offer will stand till Aug 31st 2013

[chiang mai]

Sorry for the multiple posts & answering my own question,

but I thought other might want the info also.

Regarding BAY Mee Tae Dai instant non-fixed account I just got off the phone with them.

They said the offer will stand till Aug 31st 2013

Interesting, I was in BAY this morning discussing a fixed rate account that matures on the 5th and we were looking at options, it was reaffirmed to me then that the offer would close in January. Another reason why I think that's true is because it is a no tax account, meaning they do not deduct tax on the interest payments, the only way they can do that is if the amount deposited and the time period involved means that no customer would exceed the tax threshold for the life of the account, that was why I said earlier that the maximum was 1.3 mill.

[mania]

Sorry for the multiple posts & answering my own question,

but I thought other might want the info also.

Regarding BAY Mee Tae Dai instant non-fixed account I just got off the phone with them.

They said the offer will stand till Aug 31st 2013

Interesting, I was in BAY this morning discussing a fixed rate account that matures on the 5th and we were looking at options, it was reaffirmed to me then that the offer would close in January. Another reason why I think that's true is because it is a no tax account, meaning they do not deduct tax on the interest payments, the only way they can do that is if the amount deposited and the time period involved means that no customer would exceed the tax threshold for the life of the account, that was why I said earlier that the maximum was 1.3 mill.

Yes well as you know TIT so what the person told me on the phone could be wrong

I used their 1572 # to call & had a person speaking decent english

He also mentioned if you already had an account it would continue after the cut off.

Of course that does not mean much as there may be better offers by then?

Yes on the 1.3 million I saw on their Oct 2012 interest statement I linked it was good till 10 mill

I can report back in 30 days as I recently increased past the amount you mentioned.

You know I just had a few 4 month fixed accounts mature at BKB.

Was not that happy that they only pay interest once at the end & only based on the initial deposit.

I had equal amount in theirs & BAY & did much better at BAY due to the monthly compounding interest affecting the balance.

Plus of course no tax taken out.

I have heard though that it is not too much trouble to claim taxes on deposits back at the end of the year.

but am not up on the details.

[chiang mai]

My best guess is that as soon as you exceed the tax threshold amount they will start to deduct tax, be interesting to see what happens.

[fletchsmile]

In the past I've mentioned StanChart's 'Marathon accounts' as being useful and with reasonable rates. They used to be promotional rates that ran from Sep-Nov each year for opening dates and ran for 12 months. The rates were stepped and permitted 2 withdrawals per month. Last year I got 3.54% on average, and it was useful as a visa account.

Unfortunately this year, they changed the ball game. The rates have gone down a little from last year to an average of 3.36% over the term on over THB 200k. Not too bad as rates are generally lower. But unlike previous years the account now only runs for 6 months. (They pay 2.75% on the first 3 months, 3% on the next 2 and 6% in the final month = average 3.36% annualised rate)

http://www.standardc...20121001_WM.pdf

So it's still OK vs those above if you're look for a 6 month rate, and a greater degree of flexibility than a fixed deposit.

But be careful if you want to use it for a Visa though. Mine will expire a couple of months before my visa renewal. At expiry it converts into their usual crap standard rate of (currently) 0.65%. As the visa rules require you to have the money in the account a couple of months before your visa renewal, you may get caught with a crap rate for a couple of months just to show continuity.

I now prefer their online saver at 3% which has much more flexibility and no fixed term. Just a flat 3% from day 1, with no restrictions on online withdrawals and additions, and that rate is paid on balances over 1 THB, so no worries on a minimum balance . It is a variable rate though so not guaranteed.

[chiang mai]

Does anyone know what is the maximum amount of tax that can be reclaimed from the tax authorities on savings account interest, presumably it is linked to the Thai tax scales and should be the level at which tax begins to be paid by locals, anyone?

[mania]

I now prefer their online saver at 3% which has much more flexibility and no fixed term. Just a flat 3% from day 1, with no restrictions on online withdrawals and additions, and that rate is paid on balances over 1 THB, so no worries on a minimum balance . It is a variable rate though so not guaranteed.

Thanks! I like these types of account that calculate interest daily & paying monthly.

[fletchsmile]

I now prefer their online saver at 3% which has much more flexibility and no fixed term. Just a flat 3% from day 1, with no restrictions on online withdrawals and additions, and that rate is paid on balances over 1 THB, so no worries on a minimum balance . It is a variable rate though so not guaranteed.

Thanks! I like these types of account that calculate interest daily & paying monthly.

The ESaver is a good online account. Interest is calculated daily, but paid half yearly. The Marathon account I mentioned calculates daily and pays monthly though...

[mania]

The ESaver is a good online account. Interest is calculated daily, but paid half yearly. The Marathon account I mentioned calculates daily and pays monthly though...

Yes thanks I thought it was this one

http://www.standardchartered.co.th/personal-banking/deposits/savings-account/justone-savings-account/en/

Which sounded good but after reading their pdf I see it is some kind of payroll account that needs monthly deposits

[nong38]

I was in Ayudyha today and the manager gave me notice of a new product.

You have to invest in multiples of 100,000bts up to 20,000,000.

Its for 10 years although after 5 years and on each subsequent anniversary you can cancel and at the end of the period you get your principle back.

The interest rate is 4.70% payable quarterly into your chosen account.

[chiang mai]

I was in Ayudyha today and the manager gave me notice of a new product.

You have to invest in multiples of 100,000bts up to 20,000,000.

Its for 10 years although after 5 years and on each subsequent anniversary you can cancel and at the end of the period you get your principle back.

The interest rate is 4.70% payable quarterly into your chosen account.

Could be OK, but I would guess you wont be able to reclaim the tax on the first four years so the true rate is only 4%, anybody care to guess what the bank rate might be in five years time, I would guess that with global inflation being what it is it will be higher than 5%.

[nong38]

I was in Ayudyha today and the manager gave me notice of a new product.

You have to invest in multiples of 100,000bts up to 20,000,000.

Its for 10 years although after 5 years and on each subsequent anniversary you can cancel and at the end of the period you get your principle back.

The interest rate is 4.70% payable quarterly into your chosen account.

Could be OK, but I would guess you wont be able to reclaim the tax on the first four years so the true rate is only 4%, anybody care to guess what the bank rate might be in five years time, I would guess that with global inflation being what it is it will be higher than 5%.

THat is the chance you take when trying to predict the future and tax is not mentioned on the fact sheet or to me, anyway if anyone is interested the subscription period is from 29th Oct to 6th Nov.

Uk rates are rumoured to be heading down.

[nong38]

What is the rate of tax % payable on savings in Thailand please.

[mania]

What is the rate of tax % payable on savings in Thailand please.

15% is what BKB withheld when my fixed accounts matured

[chiang mai]

What is the rate of tax % payable on savings in Thailand please.

15% is what BKB withheld when my fixed accounts matured

Which can be reclaimed from the tax authrorities.

[meatboy]

What is the rate of tax % payable on savings in Thailand please.

15% is what BKB withheld when my fixed accounts matured

Which can be reclaimed from the tax authrorities.

how much are we allowed to claim back?last year me and wf claimed back only 6,000bht.as the interest rates offshore have been scraped on all sides we are wondering wether to have a substantial amount from an investment put in the bank over here.the wf dosnt work.i see bkkb has a 3.3% over 11months,the best i can find offshore is 3.4% over 3yrs.

[nong38]

Thanks for that 15% then, so how do you claim the tax back? Once a year, on each account and where? Is it a worthwhile expercise ( guess that de[ends on how much has been deducted) More information please!

[chiang mai]

Thanks for that 15% then, so how do you claim the tax back? Once a year, on each account and where? Is it a worthwhile expercise ( guess that de[ends on how much has been deducted) More information please!

This aspect gets covered here about once every two months so if you do a search you'll easily find all the information. Meatboy has been through the process which involves a registering at your local tax office and obtaining a letter of interest paid for any particular tax year - note: you can only claim once the tax year has ended and I'm unclear as to the limits of the claim.

[meatboy]

Thanks for that 15% then, so how do you claim the tax back? Once a year, on each account and where? Is it a worthwhile expercise ( guess that de[ends on how much has been deducted) More information please!

This aspect gets covered here about once every two months so if you do a search you'll easily find all the information. Meatboy has been through the process which involves a registering at your local tax office and obtaining a letter of interest paid for any particular tax year - note: you can only claim once the tax year has ended and I'm unclear as to the limits of the claim.

thanks cm.i will have a look at their websight and see if i can understand it,nong 38 my wf.went on her own to the tax office they were very helpfull i cant remember what you need altogether they registered me and wf.you will get a tax id card name and ref.no once you have this the second time you claim your tax refund you do it online.thai tax year jan.to dec.so all tax deducted by your banks you go and ask for a certificate to show how much they have taken,this you will normally get at the end of the tax year.but be aware my wf had one acc.matured in june scb told her she had to get the cert.there and then not at the end of the year like last year.they seem to make their own rules.i will try and find out how much interest we can claim back and post it.

[meatboy]

the tax dept.web.www.rd.go.th/ its in english.i think i read it right that you can claim up to 20,000 bht refund,anymore is taxed at 15%.

[chiang mai]

the tax dept.web.www.rd.go.th/ its in english.i think i read it right that you can claim up to 20,000 bht refund,anymore is taxed at 15%.

Thanks MB, it makes sence that it's around 20K, that would equate to the tax free allowance.

[mania]

the tax dept.web.www.rd.go.th/ its in english.i think i read it right that you can claim up to 20,000 bht refund,anymore is taxed at 15%.

Thanks MB, it makes sense that it's around 20K, that would equate to the tax free allowance.

That sounds plausible & if true then, For folks that have multiple accounts & already collected interest

to 20k . I imagine there would be no point in trying to reclaim anything further then?

[chiang mai]

the tax dept.web.www.rd.go.th/ its in english.i think i read it right that you can claim up to 20,000 bht refund,anymore is taxed at 15%.

Thanks MB, it makes sense that it's around 20K, that would equate to the tax free allowance.

That sounds plausible & if true then, For folks that have multiple accounts & already collected interest

to 20k . I imagine there would be no point in trying to reclaim anything further then?

No, it's tax paid up to 20K, not interest!