Bank Savings Interest Rates

[Choonpon]

Bangkok bank fixed deposit promotion: 2.75% for 10 months.

Sent from my GT-I9300 using Thaivisa Connect Thailand mobile app

[Salapoo]

For a Special Savers a/c

Krungsri Bank has 2.65% with a minimum of 100,000bt and permission of two withdrawals

per month.

Interest is paid monthly and is taxable at 15% only when or if it exceeds 20,000bt in a year.

I'll probably open one of these soon.

How much would you need in the account for it to exceed 20,000b tax p/a?

[topt]

For a Special Savers a/c

Krungsri Bank has 2.65% with a minimum of 100,000bt and permission of two withdrawals

per month.

Interest is paid monthly and is taxable at 15% only when or if it exceeds 20,000bt in a year.

I'll probably open one of these soon.

How much would you need in the account for it to exceed 20,000b tax p/a?

By my calculation about 755k

[sotsira]

Bangkok bank fixed deposit promotion: 2.75% for 10 months.

Sent from my GT-I9300 using Thaivisa Connect Thailand mobile app

If memory serves me right SCB offers 3.1% for 10months,

don't forget that all fixed rate a/c's deduct 15% tax.

[sotsira]

I think they are below 2.65% already.

When I opened my account 2 months ago it was 2.65%, but if I'm not mistaken it dropped to 2.35 last month in line with the Central Bank lowering interests.

No need to think

They did not drop from 2.65%

Ayudhya posts their rates every month here

http://www.krungsri.com/en/banking-rates.aspx

Their July 9th statement is the latest

This account is 1st on 2nd page of pdf file

Correct, i opened one of these a/c's this week and it's still

2.65% interest paid monthly.

Min 100k, and max 2 withdrawals per month.

Currently the best instant access a'c available.

[mania]

For a Special Savers a/c

Krungsri Bank has 2.65% with a minimum of 100,000bt and permission of two withdrawals

per month.

Interest is paid monthly and is taxable at 15% only when or if it exceeds 20,000bt in a year.

I'll probably open one of these soon.

How much would you need in the account for it to exceed 20,000b tax p/a?

By my calculation about 755k

A million baht in the 2.65% is bringing in about 2000-2400 baht a month these days depending on how many

days between.

But it is no problem & Ayudhya are not only happy to open & shift it to another

2.65% account they will even alert you to it being close to going over if they look at your account.

Edited August 1, 2013 by mania

[sotsira]

For a Special Savers a/c

Krungsri Bank has 2.65% with a minimum of 100,000bt and permission of two withdrawals

per month.

Interest is paid monthly and is taxable at 15% only when or if it exceeds 20,000bt in a year.

I'll probably open one of these soon.

How much would you need in the account for it to exceed 20,000b tax p/a?

By my calculation about 755k

Yes, to avoid the tax threshold you need to have a max of 750k untouched for a year.

Alternatively, you can put in more but every few months you can update your book,

check the interest amount, and once it reaches near 20k, close the a/c and reopen

a new one.

[mania]

Actually it is fine & I have had a few of these open since the start.

What you do is if say you have a million or more...when it gets to 16-19k interest you open another

& move most if not all to it.

Then when that one gets up you either move it back or to yet another

So don't close the accounts. Costs nothing to keep open & if you leave 100k in it you still get the 2.65%

which is 220 baht a month roughly

Sounds harder than it is & is done very quickly if you have a good branch office.

Edited August 1, 2013 by mania

[55Jay]

Finally visited Krungsi to ask about this 2.65 instant access acct.

She did advise me to spread it over a few accts @ 700k ea to avoid tax as described here.

Anyone have a number of accounts, and do you get ATM cards for all of them to skim the monthly interest off?

Was thinking open a 4th "dump" account, on-line transfer monthly interest into it, and only have an ATM for the dump acct.

[chiang mai]

Bangkok bank fixed deposit promotion: 2.75% for 10 months.

Sent from my GT-I9300 using Thaivisa Connect Thailand mobile app

If memory serves me right SCB offers 3.1% for 10months,

don't forget that all fixed rate a/c's deduct 15% tax.

And don't forget that 15% tax can be recovered each year from the tax office.

[ESCAPIS]

Chiang mai,

Where can i find info, procedure, required documentation for recuperating the 15% tax?

Edited August 5, 2013 by ESCAPIS

[chiang mai]

Chiang mai,

Where can i find info, procedure, required documentation for recuperating the 15% tax?

Your tax is sick? sorry.

If you read through this thread you'll see several discussions of how to reclaim the tax, it's a quick and painless procedure that requires you to get a letter/certificate from the bank each year and to get a tax ID at the local tax office.

[ESCAPIS]

I do beg your pardon, i just stumbled on your thread and was not following from the beginning.

I will do my homework next time

[chiang mai]

I do beg your pardon, i just stumbled on your thread and was not following from the beginning.

I will do my homework next time

No problem, but as you'll see when you read through the pages it's a question that gets asked frequently hence the answer needs to be consistent.

[ESCAPIS]

One question: is there any geographical constraints regarding the twx claim i.e. if I live in Chonburi but my bank account is in Bangkok, do I apply with the Tax revenue office, in Chonburi or in Bangkok?

[yankee99]

can someone translate this offer? from cimb

ตอบแทนพ่อแม่ พาท่านมาเปิดบัญชีฝากประจำพิเศษซีเนียร์ ดบ.สูง 3.35%ต่อปีไม่เสียภาษี 1-31ส.ค.56ทุกสาขา เงื่อนไขตามธนาคารกำหนดโทร026267777

[chiang mai]

One question: is there any geographical constraints regarding the twx claim i.e. if I live in Chonburi but my bank account is in Bangkok, do I apply with the Tax revenue office, in Chonburi or in Bangkok?

You will need to get the certifcate of tax with held from the branch where your accounht is based, it shouldn't matter which tax office you use. Having said that it may be easier to use the less crowded Chonburi tax office, I would imagine the BKK offcie is nightmareish.

[johng]

can someone translate this offer? from cimb

ตอบแทนพ่อแม่ พาท่านมาเปิดบัญชีฝากประจำพิเศษซีเนียร์ ดบ.สูง 3.35%ต่อปีไม่เสียภาษี 1-31ส.ค.56ทุกสาขา เงื่อนไขตามธนาคารกำหนดโทร026267777

It says its a special savings account for "seniors" high interest of 3.35% per year no tax deducted

( that means it's not a fixed rate ) applies from 1 -31st August 2013

They probably want a large amount of money deposited > 10 or 20 million.

Edited August 6, 2013 by johng

[yankee99]

can someone translate this offer? from cimb

ตอบแทนพ่อแม่ พาท่านมาเปิดบัญชีฝากประจำพิเศษซีเนียร์ ดบ.สูง 3.35%ต่อปีไม่เสียภาษี 1-31ส.ค.56ทุกสาขา เงื่อนไขตามธนาคารกำหนดโทร026267777

It says its a special savings account for "seniors" high interest of 3.35% per year no tax deducted

( that means it's not a fixed rate ) applies from 1 -31st August 2013

They probably want a large amount of money deposited > 10 or 20 million.

>10 million they got the wrong falang on their sms list......thanks

[connda]

can someone translate this offer? from cimb

ตอบแทนพ่อแม่ พาท่านมาเปิดบัญชีฝากประจำพิเศษซีเนียร์ ดบ.สูง 3.35%ต่อปีไม่เสียภาษี 1-31ส.ค.56ทุกสาขา เงื่อนไขตามธนาคารกำหนดโทร026267777

It says its a special savings account for "seniors" high interest of 3.35% per year no tax deducted

( that means it's not a fixed rate ) applies from 1 -31st August 2013

They probably want a large amount of money deposited > 10 or 20 million.

>10 million they got the wrong falang on their sms list......thanks

If Thailand banks ever go the way of Cyprus, those folks with +10m baht in their accounts are going to be in for a rude awakening -- definitely not worth 3.35%. In this day and age, it's not wise to put anymore into an account than is covered by government insurance -- and even then???

By the way, I saw a bank on the right-hand side of Thapae (past Thapae soi 2) offering 3.7% on a 37 month fixed account (written in Thai) if my memory serves me correctly. Not bad. 50K min deposit.

[KittenKong]

They probably want a large amount of money deposited > 10 or 20 million.

On their website (in English):

Higher interest rate of 3.35%* p.a.

Minimum deposit amount of THB 10,000 and THB 500,000 maximum.

1 - 31 August 2013

[chiang mai]

can someone translate this offer? from cimb

ตอบแทนพ่อแม่ พาท่านมาเปิดบัญชีฝากประจำพิเศษซีเนียร์ ดบ.สูง 3.35%ต่อปีไม่เสียภาษี 1-31ส.ค.56ทุกสาขา เงื่อนไขตามธนาคารกำหนดโทร026267777

It says its a special savings account for "seniors" high interest of 3.35% per year no tax deducted

( that means it's not a fixed rate ) applies from 1 -31st August 2013

They probably want a large amount of money deposited > 10 or 20 million.

>10 million they got the wrong falang on their sms list......thanks

If Thailand banks ever go the way of Cyprus, those folks with +10m baht in their accounts are going to be in for a rude awakening -- definitely not worth 3.35%. In this day and age, it's not wise to put anymore into an account than is covered by government insurance -- and even then???

By the way, I saw a bank on the right-hand side of Thapae (past Thapae soi 2) offering 3.7% on a 37 month fixed account (written in Thai) if my memory serves me correctly. Not bad. 50K min deposit.

The BOT doesn't answer to another governement hence that reduces the risk of it emulating Cyprus quite substantially!

Also, the bank guarantees here are higher than 10mill.

http://www.dpa.or.th/ewt_news.php?nid=320&filename=index___EN

[chiang mai]

CIMB just offered me 3.35% on 1.5 mill for one year - 3.40% available to new money.

Also, UOB have 2.75% instant savings with no tax deducted, 0.10% better than BAY.

Edited August 14, 2013 by chiang mai

[KittenKong]

Also, UOB have 2.75% instant savings with no tax deducted,...

That rate seems to be a special bonus rate for just a couple of months.

And the website says that farangs need a work permit to open an account (that may be incorrect, of course).

[chiang mai]

Also, UOB have 2.75% instant savings with no tax deducted,...

That rate seems to be a special bonus rate for just a couple of months.

And the website says that farangs need a work permit to open an account (that may be incorrect, of course).

The part about the work permit is not correct but I'm unsure how long the savings rate will last.

[up-country_sinclair]

I'm forced to raise a cynical eyebrow when I see a CD rate offered by a bank to be so much higher than the BOT's.

[chiang mai]

I'm forced to raise a cynical eyebrow when I see a CD rate offered by a bank to be so much higher than the BOT's.

This warning has been issued several times on the same point, it remains valid today.

[yankee99]

I'm forced to raise a cynical eyebrow when I see a CD rate offered by a bank to be so much higher than the BOT's.

I guess only the bank knows why they prefer to borrow from us as opposed to the bot. It seems bot would be more profitable. Although at the lending rates and non-simple interest i am sure the banks are making big baht!

[55Jay]

I'm forced to raise a cynical eyebrow when I see a CD rate offered by a bank to be so much higher than the BOT's.

Read here before a product too far North of BoT rate could be a whole life insurance investment schemes rather than a CD/fixed account.

[shaun77]

CIMB just offered me 3.35% on 1.5 mill for one year - 3.40% available to new money.

Also, UOB have 2.75% instant savings with no tax deducted, 0.10% better than BAY.

CIMB just rang me to say the 1 year 3.35%account is tax free but only one account per person

and maximum deposit 500,000 Baht available till the 31st August