Bank Savings Interest Rates

[thairookie]

37,000bht,anually dont know is it paid on maturity if so that will be 114,083bht.wait for it minus 17,112bht tax.which you can claim back.

Could someone elaborate on the claiming back of interest ? Do you need a WP in order to be eligible ?

[meatboy]

37,000bht,anually dont know is it paid on maturity if so that will be 114,083bht.wait for it minus 17,112bht tax.which you can claim back.

Could someone elaborate on the claiming back of interest ? Do you need a WP in order to be eligible ?

myself and the wf.can earn around 135,000bht each a year before you pay tax.i or my wf.dont work the income comes from savings interest all fixed accounts so you dont need a wp.although we are taxed on these accounts[15%] if the totals dont reach 40,000bht we claim it back every january.anyone wanting more info there is plenty in this topic.

[pastafarian]

Checked all the rates last week and, unless I missed one, ibank (Islamic Bank of Thailand) had the best rates. Just 6mnths had a 3.3% rate and longer durations were higher.

[thairookie]

Checked all the rates last week and, unless I missed one, ibank (Islamic Bank of Thailand) had the best rates. Just 6mnths had a 3.3% rate and longer durations were higher.

Does Islamic bank insist on a WP or some long term visa before they allow you to open an account ?

[chiang mai]

37,000bht,anually dont know is it paid on maturity if so that will be 114,083bht.wait for it minus 17,112bht tax.which you can claim back.

Could someone elaborate on the claiming back of interest ? Do you need a WP in order to be eligible ?

No WP needed, just get a tax certificate at the end of the year and take to the local tax office, cheque comes back in around three weeks.

[chiang mai]

Bangkok Bank showing 3.25% for 15 months.

UOB 2.75% instant, no tax

UOB 2.95% for one year, taxed

CIMB, up to 3.40% for various durations.

[chiang mai]

I'll repeat this because so few people seem to understand:

A fixed rate in Thailand means just that, the rate is fixed for the period you select.

A fixed rate does not mean that your money is locked in until the end of the agreed term, you can withdraw your funds from a fixed rate deal at any time, the penalty will be the difference between the rate you agreed at the outset versus the normal savings rate in use at the time of funds withdrawl.

So, if you agree for example a fixed rate for 1 million Baht at 3% for ten months, you can expect monthly interest payments of about 2,500 Baht per month (less tax).

If you decide to withdraw your funds part way through the deal you will have to refund any interest paid thus far and in exchange you'll recieve your principle ammount plus an interest payment equall to the current savings rate, typically about 0.75% at present.

For anyone who is undecided about which way to go on their investments it's a pretty good sceanario because you don't loose anything, you always gain.

[meatboy]

hi cm.i dont go to the banks that often,got a 555 fixed at the scb.which matures next week,whats on offer at the moment.

some of the banks dont advertise on their web-sights.scb,gov.sav.bank.do you know if there's any stepped accs.havnt seen any lately.

[chiang mai]

hi cm.i dont go to the banks that often,got a 555 fixed at the scb.which matures next week,whats on offer at the moment.

some of the banks dont advertise on their web-sights.scb,gov.sav.bank.do you know if there's any stepped accs.havnt seen any lately.

I posted everything I've seen a couple of posts back, there's nothing stunning out there as far as I can see. UOB is playing it safe 2.95% for 10 months, they don't need the funds and they're a very stable bank. CIMB is looking risky at 3.30% but probably one of the best rates going.

As an aside, I reinvested some funds yesterday with UOB and that very simple task took us almost 90 minutes, the same scenario a few weeks earlier at CIMB, it took forever whilst they fiddled and farted about, got things wrong, did them over again, it's a nonesence, you'd think these are tasks that only get done once in a lifetime the way the staff behave!

[KittenKong]

As an aside, I reinvested some funds yesterday with UOB and that very simple task took us almost 90 minutes, the same scenario a few weeks earlier at CIMB, it took forever whilst they fiddled and farted about, got things wrong, did them over again, it's a nonesence, you'd think these are tasks that only get done once in a lifetime the way the staff behave!

My local branch of CIMB rolls over my TD in under 10 minutes. This involves closing one account, applying the interest, applying the interest earned between the last day of the TD and today (different rate), and starting a new TD (same book). They dont seem to find it very difficult. They are slower than Kbank though, who do it in just a couple of minutes (new book).

[chiang mai]

UOB and CIMB at airport plaza in CM are abolutely dire, staff at other branches around town are much more knowledgable efficient. The previous manager at CIMB airport plaza was excellent, he was promoted to head up the muang branch, sadly for me.

I once did a funds transfer back to the UK, THB to GBP and send, using CIMB at airport plaza, it was the first one they'd ever done and I was there for two hours and they still managed to get it wrong, they udercharged me for the transaction and the branch had to eat the difference - fortunately in that location I can go do some shopping, have a meal, take in a movie etc whilst they do there thing and I can check back on progress every now and again!

[meatboy]

hi cm.i dont go to the banks that often,got a 555 fixed at the scb.which matures next week,whats on offer at the moment.

some of the banks dont advertise on their web-sights.scb,gov.sav.bank.do you know if there's any stepped accs.havnt seen any lately.

I posted everything I've seen a couple of posts back, there's nothing stunning out there as far as I can see. UOB is playing it safe 2.95% for 10 months, they don't need the funds and they're a very stable bank. CIMB is looking risky at 3.30% but probably one of the best rates going.

As an aside, I reinvested some funds yesterday with UOB and that very simple task took us almost 90 minutes, the same scenario a few weeks earlier at CIMB, it took forever whilst they fiddled and farted about, got things wrong, did them over again, it's a nonesence, you'd think these are tasks that only get done once in a lifetime the way the staff behave!

thanks cm.we seem to stick with either bkkb,scb and last dec.got 3.30% x 399days with gov.savings bank,so if nobody beats

bkk at 3.25 x 15months it will go there.it will be january gsb bank matures and that will give us a big headache.

[55Jay]

Deleted.

[pastafarian]

Any reason why people aren't going with the higher rates that ibank offer?

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

[chiang mai]

Any reason why people aren't going with the higher rates that ibank offer?

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

Quite a few people do use Bangkok Bank, it's often down to personal preference..

[meatboy]

Any reason why people aren't going with the higher rates that ibank offer?

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

Quite a few people do use Bangkok Bank, it's often down to personal preference..

its allright going for the bank with the highest rates but unless its bkkb,scb,tgsb it means opening another current acc.plus the dep.acc you end up with a bag full of pass books.

i will stick to those three.

[pastafarian]

Any reason why people aren't going with the higher rates that ibank offer?

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

Quite a few people do use Bangkok Bank, it's often down to personal preference..

ibank is the Islamic Bank Of Thailand and currently offer the highest savings rates, I just opened a 6mnth account with 3.35% which was considerably higher than any of the others and the rates were even higher for longer durations yet the only ones I see mentioned here are BKK Bank, KTB, SCB, TMB, CIMB and UOB.

[metisdead]

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[chiang mai]

My apologies, purely an oversight on my part.

[prepress]

ibank is the Islamic Bank Of Thailand and currently offer the highest savings rates, I just opened a 6mnth account with 3.35% which was considerably higher than any of the others and the rates were even higher for longer durations yet the only ones I see mentioned here are BKK Bank, KTB, SCB, TMB, CIMB and UOB.

I checked the webside of the Islamic bank of Thailand. It says: The bank operates in accordance with the rules of Sharia, or the Islamic rules on transactions. The basic principle of Islamic banking is the sharing of profit and loss and the prohibition of the payment of fees for the renting of money, or businesses related to profiteering, monopolizing, or vices.

That means to me, according to their religion - they can not charge interest and don't pay interest.

How does it work?

[chiang mai]

I don't know but it's one of the riskier banks here by a long shot, the governement bailed them out once this year.

On other fronts:

CIMB - 3.60% 18 months.

[12DrinkMore]

ibank is the Islamic Bank Of Thailand and currently offer the highest savings rates, I just opened a 6mnth account with 3.35% which was considerably higher than any of the others and the rates were even higher for longer durations yet the only ones I see mentioned here are BKK Bank, KTB, SCB, TMB, CIMB and UOB.

I checked the webside of the Islamic bank of Thailand. It says: The bank operates in accordance with the rules of Sharia, or the Islamic rules on transactions. The basic principle of Islamic banking is the sharing of profit and loss and the prohibition of the payment of fees for the renting of money, or businesses related to profiteering, monopolizing, or vices.

That means to me, according to their religion - they can not charge interest and don't pay interest.

How does it work?

They pay interest but call it "profit sharing at a fixed rate".

[meatboy]

I don't know but it's one of the riskier banks here by a long shot, the governement bailed them out once this year.

On other fronts:

CIMB - 3.60% 18 months.

this will do 3.60% only scb 555 @ 3.65% fixed for 18.5months ago betters it..

if anyone is interested in this fixed acc.the english web.says acc.valid till 31dec.

thai page says valid till 31 oct.

[Billy The Kid]

Anybody here have any information about deposit interest rate at Kasikorn Bank. 6 mths, 12 mths and 18 mth. Thanks in advance.

[chiang mai]

Anybody here have any information about deposit interest rate at Kasikorn Bank. 6 mths, 12 mths and 18 mth. Thanks in advance.

Here:

http://www.kasikornbank.com/EN/RatesAndFees/Deposit/Pages/Deposit.aspx

[Billy The Kid]

Anybody here have any information about deposit interest rate at Kasikorn Bank. 6 mths, 12 mths and 18 mth. Thanks in advance.

Here:

http://www.kasikornbank.com/EN/RatesAndFees/Deposit/Pages/Deposit.aspx

Thank You.

[up-country_sinclair]

My wife and I went into our local Bangkok Bank branch on Friday to collect the form to claim back the tax, and the staff told us that they wouldn't be issuing the forms for 2013 until January 2014.

Has anyone else encountered this, or is it a case of the bank staff not knowing what they're talking about?

By the way, on the same day we had no problem getting the form for an account we had at SCB.

[paz]

Anybody here have any information about deposit interest rate at Kasikorn Bank. 6 mths, 12 mths and 18 mth. Thanks in advance.

Fixed Deposit Last Updated : 04 Oct 2013

Type Rate 3 Months 6 Months 12 Months 24 Months

< 1.0 million 1.60 1.95 2.30 2.55

1.0 million to < 10.0 million 1.70 1.95 2.30 2.55

I've omitted rates for > 10 Mil. One with that kind of money wouldn't be reading this, and would not use Fixed deposit.

[Rimmer]

I got 3.15% one year specific foreign investment fund at KBank this morning.

Can not use for retirement visa.

[binnsy1]

Have a SCB 555 fixed account for 15 months which is up tomorrow.Which banks are offering the best deals at the moment?Not for big money only 1 Million.

Looking forward to any ideas.