Bank Savings Interest Rates

[NCC1701A]

Is there any history of a Thai bank failing and the government not paying out to cover the loss?

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[KittenKong]

I presume the tax office requires some more things - passport (copies) comes to mind.

Yes.

Still, no one yet (as far as I can see) has explained/answered as to whether folk WITHOUT a work permit (i.e. the retirement mob, tourists of one kind or another, etc), can also get a tax number and bank tax returned.

I got mine on a retirement extension.

You can claim outside the beginning of the year window but if you do there is a fee or penalty of a few tens of Baht.

[meatboy]

^ Thanks for the info!

I presume the tax office requires some more things - passport (copies) comes to mind.

Still, no one yet (as far as I can see) has explained/answered as to whether folk WITHOUT a work permit (i.e. the retirement mob, tourists of one kind or another, etc), can also get a tax number and bank tax returned.

Cheers for any more good info

i am retired and live here with my thai wife and this will be my 5yr.of tax refunds.my wife done it all for me i didnt even have to go there.they will also need proof of residence.when you do register the second yr.you can do it on line,but its much easier to go there[cant scan].

[meatboy]

for anyone looking for a guaranteed rate krung thai bank are offering 4% fixed for 5yrs.min.200,000bht.max.10,000,000bht.

this offer is till 31march 2014.interest paid monthly or yearly.current acc.needed.

2 more banks are slashing their saving rates on monday,scb have already done it and bangkok bank and kasikorn bank will follow suit.

thai gov.savings bank are advertiseing 11month deposit acc.min.dep 10,000bht and after min.of 1,000bht can be added.

now the confusing part 3.15% equivalent to 3.70 on a fixed acc.

i wonder if krung thai will honour the above?

[John 1]

Is there any history of a Thai bank failing and the government not paying out to cover the loss?

Sent from my iPhone using Thaivisa Connect Thailand mobile app

No

[chiang mai]

UOB 3% for 12 months

BB 3.25% for 15 months

CIMB 2.80% instant, no tax (speed savings/mothers day)

CIMB various months up to 3.60%, still valid thru Dec.

UOB 2.7% instant now 1.75%!!

[meatboy]

for anyone looking for a guaranteed rate krung thai bank are offering 4% fixed for 5yrs.min.200,000bht.max.10,000,000bht.

this offer is till 31march 2014.interest paid monthly or yearly.current acc.needed.

2 more banks are slashing their saving rates on monday,scb have already done it and bangkok bank and kasikorn bank will follow suit.

thai gov.savings bank are advertiseing 11month deposit acc.min.dep 10,000bht and after min.of 1,000bht can be added.

now the confusing part 3.15% equivalent to 3.70 on a fixed acc.

i wonder if krung thai will honour the above?

bkk.bank 10month and 15month fixed stay as they were.

24 and 36month slashed to 2.50%

thanachart 2.85% fixed for 5month and 3.30% fixed for 15month.

[elliottm]

Hi, I'll be making my first withheld interest claim shortly and had following questions:

- does this have to be made in Jan-Mar of the following year as part of a tax return or can it be claimed separately in current year upon maturity (I have one maturing on 1/1/14 which would mean Jan-Mar 2015!)

- can you use your local tax office at the time of the claim if some of the interest claimed was paid at another province

- not everyone has posted about proof of address - will this depend on your local office, would rental agreement in my wife's name be sufficient (I'll also have documentation for TM28 for changing address end of this month as well); utility bills are in name of landlord altho I may be able to get Internet invoice in my name but I have read this may lead to higher set-up cost than a Thai name?

- once tax registered (yellow tax card), what has been people's experience of submitting tax online or getting their bank to pay gross interest if confirming no other income

Many thanks.

Edited December 11, 2013 by elliottm

[elliottm]

mis-post

Edited December 11, 2013 by elliottm

[shaun77]

Just to remind holders of the Krungsri Mee Thai Dia account @2.6 percent

Keep a check on your interest ,dont forget like did and let the interest go over 20,000 Baht

Once it goes over 20,000 Baht the monthly interest is zero.

Close the account and then open a new Mee thai Dia account

[johng]

Do you mean total interest ever or do you mean interest per year ?

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[shaun77]

Do you mean total interest ever or do you mean interest per year ?Sent from my V370 using Thaivisa Connect Thailand mobile app

I am fairly sure,once they have paid 20,000 Baht on the account they stop paying interest on that account

[chiang mai]

I very much doubt that! Typically banks will pay interest free of tax up to 20k per year and thereafter the account becomes taxable at basic rate.

[shaun77]

I very much doubt that! Typically banks will pay interest free of tax up to 20k per year and thereafter the account becomes taxable at basic rate.

The account was opened on the12/12/12 with interest being paid between the 27th and 30th of the month

To my loss i did not check the November interest till the13/12/13.The book showed 28/11/13 interest1,728฿

Then 28/11/13 tax 1,728฿ then 13/12/13 interest 892.66฿ then 892.66฿ tax

The interest went just over the 20,000฿ on the 28/11/13

[chiang mai]

And that makes perfect sense except that the tax year is the same as the calendar year hence the counter rests on 1 January each year.

[elliottm]

Hi, just quick follow up to my earlier post - does the interest claim have to be made in Jan-Mar of the next year as part of a tax return filing, can you claim interest paid at banks in different provinces at the same tax office & is proof of address mandatory or up to that office, thanks!

[meatboy]

Hi, just quick follow up to my earlier post - does the interest claim have to be made in Jan-Mar of the next year as part of a tax return filing, can you claim interest paid at banks in different provinces at the same tax office & is proof of address mandatory or up to that office, thanks!

not to get confused i have many fixed accs.going back over 4yrs.although i claim tax deducted back every year,it doesnt matter if you are registered the banks will still take tax.me and the wife have 2 big ones maturing jan 14th 2014[tgsb bank] it does say tax will not be deducted if so that will be a first if so.its also the first fixed accs.we have had with this bank.

to answer your question if your acc.matures in say 2013 you can claim a refund 2014.

but if like ours maturing jan 2014 you have to wait till 2015.

i would think tax paid at diff.banks in diff.provinces shouldnt be a problem but dont forget T.I.T.but the tax office that you register at will want proof of address and your visa status and copies of your passport.you will get a tax i.d.card which for future claims which can be done on line we have always claimed at the local office has we cant scan the tax certificates.

make sure you get and keep all the certificates from the banks on how much tax you paid and the pass books when the accs.mature.if you have a thai gf.or a wife she can do it all for you the tax dept.are very helpfull.

[thailandbeachisland]

I've been spreading cash around various banks to keep below the 1MB deposit protection ceiling in all of them and was running out of options. That account will do.

Standard Chartered offer a slightly higher rate with fewer restrictions but they don't have branches anywhere I want to go to.

Hello,

Why 1 Mthb ? Can you explain ?

Thank you.

[Obb]

Anyone with a high-interest savings account (not a term or fixed deposit) who has observed no tax deducted in their passbook updates please reply with the name of the bank and the name of the account.

Thanachart has again deducted tax from my (small) interest payments in their Ultra-Savings Account. Their call center said they will not deduct tax in the accounts of THAI PERSONS ONLY. Foreigners must pay the tax (despite not actually OWING the tax (on annual interest in amounts totaling less than 20,000 baht)).

I am, again, taking this up with senior staff and your input might help to get this bank to change their foreigner-unfriendly policy. Thx in advance.

Edited January 2, 2014 by Obb

[John 1]

. Their call center said they will not deduct tax in the accounts of THAI PERSONS ONLY. Foreigners must pay the tax (despite not actually OWING the tax (on annual interest in amounts totaling less than 20,000 baht)).

I am, again, taking this up with senior staff and your input might help to get this bank to change their foreigner-unfriendly policy. Thx in advance.

So what's the problem you have the info. Foreigner must pay the tax. You don't have a leg to stand on.

[chiang mai]

Anyone with a high-interest savings account (not a term or fixed deposit) who has observed no tax deducted in their passbook updates please reply with the name of the bank and the name of the account.

Thanachart has again deducted tax from my (small) interest payments in their Ultra-Savings Account. Their call center said they will not deduct tax in the accounts of THAI PERSONS ONLY. Foreigners must pay the tax (despite not actually OWING the tax (on annual interest in amounts totaling less than 20,000 baht)).

I am, again, taking this up with senior staff and your input might help to get this bank to change their foreigner-unfriendly policy. Thx in advance.

Regular (unadulterated) savings accounts are taxable at source for everyone, regardless of nationality (and regardless of what the call centre may have told you) and that tax cannot be reclaimed.

Hybrid products vary when it comes to tax deductions, a favorite ploy is to advertise the account as "no tax" although this is nearly always misleading, the tax is paid somewhere along the line because there are tax laws that must be followed.

Fixed term/rate products deduct tax which can be reclaimed at year end.

That's the way it is. Good luck taking up this matter with anyone.

Edited January 3, 2014 by chiang mai

[Obb]

So what's the problem you have the info. Foreigner must pay the tax. You don't have a leg to stand on.

Congratulations on mastering the random key press.

Edited January 3, 2014 by Obb

[Obb]

1) Could you please, then, list the accounts that are not "nearly always misleading".

2) I have, last year, with another high-interest savings account, successfully reclaimed the interest.

3) You have made many good posts on this topic, thank you, but here, your "that's the way it is" is incorrect.

Thank you for your kind words of encouragement as I take the stand on behalf of foreigners in Thailand, as drunken, cowardly, and moronic as they may be.

chiang mai said:

Regular (unadulterated) savings accounts are taxable at source for everyone, regardless of nationality (and regardless of what the call centre may have told you) and that tax cannot be reclaimed.

Hybrid products vary when it comes to tax deductions, a favorite ploy is to advertise the account as "no tax" although this is nearly always misleading, the tax is paid somewhere along the line because there are tax laws that must be followed.

Fixed term/rate products deduct tax which can be reclaimed at year end.

That's the way it is. Good luck taking up this matter with anyone.

Edited January 3, 2014 by Obb

[chiang mai]

I don't understand what you mean by the term, "high interest savings account", that's just a marketing name but what is that, is it a standard savings account, a fixed term/rate account, a bill of exchange, a mutual fund or an insurance product. To understand the tax position on your account you will need to be able to classify the account as to which family it comes from because the tax treatment varies from family to family. Also, presumably when you opened the account the tax position was explained to you? Perhaps if you tell us which bank that may also help.

[mania]

Anyone with a high-interest savings account (not a term or fixed deposit) who has observed no tax deducted in their passbook updates please reply with the name of the bank and the name of the account.

I have a few Ayudhya Mee Tae dai accounts

although the interest is now 2.60% down from the original

of a year + ago.

But they do not deduct any interest, They would be required to do so if you went over 20k baht of interest per year

same as any ( non fixed ) savings. But of course you can reclaim it all at the end of the year as many have mentioned.

But Ayudhya went out of their way to let me know when ever I approach the 20k threshold & just open another

account. I now just juggle during the year between the 3 accounts when one gets to 19k interest paid.

also like that they compute daily & pay monthly any interest you have coming.

I know most know this but for those that do not, any fixed account will be taxed automatically

regardless of the 20k per year rule for none fixed accounts. The MTD acct is not a fixed acct.

But, again as others have said reclaiming is no big deal as I also had a Bangkok Bank fixed account & reclaimed

all the tax withheld. The first year you need to go do it. But then you are issued a Thai Tax number & supposedly can do it online

the next year.

Edited January 3, 2014 by mania

[meatboy]

me and mrs. meat have 2 big fixed accs.maturing next week after 399days at t.g.s.b. as of today they have nowt,so whats on offer guys anything over 3% fixed term 12months or longer as long as the interest is paid annually. would prefer bangkok b.or scb.otherwise it means opening another acc.at another bank which normally means one savings and one current we already have 6 pass books each so its time to start closing some.as i always say i am not greedy just 3% plus 1yr.or 5 will do.

[Jack Mountain]

me and mrs. meat have 2 big fixed accs.maturing next week after 399days at t.g.s.b. as of today they have nowt,so whats on offer guys anything over 3% fixed term 12months or longer as long as the interest is paid annually. would prefer bangkok b.or scb.otherwise it means opening another acc.at another bank which normally means one savings and one current we already have 6 pass books each so its time to start closing some.as i always say i am not greedy just 3% plus 1yr.or 5 will do.

I dont know for the longer term deposits but BBK gives 2.875 for 10 months fixed.

[isawasnake]

Anyone with a high-interest savings account (not a term or fixed deposit) who has observed no tax deducted in their passbook updates please reply with the name of the bank and the name of the account.

I have a few Ayudhya Mee Tae dai accounts

although the interest is now 2.60% down from the original

of a year + ago.

But they do not deduct any interest, They would be required to do so if you went over 20k baht of interest per year

same as any ( non fixed ) savings. But of course you can reclaim it all at the end of the year as many have mentioned.

But Ayudhya went out of their way to let me know when ever I approach the 20k threshold & just open another

account. I now just juggle during the year between the 3 accounts when one gets to 19k interest paid.

also like that they compute daily & pay monthly any interest you have coming.

I know most know this but for those that do not, any fixed account will be taxed automatically

regardless of the 20k per year rule for none fixed accounts. The MTD acct is not a fixed acct.

But, again as others have said reclaiming is no big deal as I also had a Bangkok Bank fixed account & reclaimed

all the tax withheld. The first year you need to go do it. But then you are issued a Thai Tax number & supposedly can do it online

the next year.

I liked this account and bank very much, but it will keep dropping (probably).

I just closed that account and put all my funds in the SET via mutual funds. I see it as well worth the risk at this point, with interest rates going down and the set where it is. Great account though, if I were to keep my money in a bank, this is still the account for me.

[meatboy]

me and mrs. meat have 2 big fixed accs.maturing next week after 399days at t.g.s.b. as of today they have nowt,so whats on offer guys anything over 3% fixed term 12months or longer as long as the interest is paid annually. would prefer bangkok b.or scb.otherwise it means opening another acc.at another bank which normally means one savings and one current we already have 6 pass books each so its time to start closing some.as i always say i am not greedy just 3% plus 1yr.or 5 will do.

I dont know for the longer term deposits but BBK gives 2.875 for 10 months fixed.

its got to be around 12months as i use it for my retirement extension dec-jan.

[Jack Mountain]

me and mrs. meat have 2 big fixed accs.maturing next week after 399days at t.g.s.b. as of today they have nowt,so whats on offer guys anything over 3% fixed term 12months or longer as long as the interest is paid annually. would prefer bangkok b.or scb.otherwise it means opening another acc.at another bank which normally means one savings and one current we already have 6 pass books each so its time to start closing some.as i always say i am not greedy just 3% plus 1yr.or 5 will do.

I dont know for the longer term deposits but BBK gives 2.875 for 10 months fixed.

its got to be around 12months as i use it for my retirement extension dec-jan.

It looks to me that you need a 9 months dep. then but that's an other (visa) subject ...