800K Banking Facility

[marshbags]

With the kind permission of Thai Visa I would like to submit the following information, hoping it doesn,t break any rules.

A new fixed account with accident insurance cover and avialble for existing current acc. holders with the Kasikorn Bank.

After last years 12 month fixed deposit acc. which was well in access of the paltry current account rates, I have now found another one that IMHO is worthwhile doing.( Last years has now expired so I had to find an alternative )

I would like to offer it for consideration to interested members to maybe check it out and apply for further details at the Kasikorn Bank.

Several members took up the last one that I also posted for anyone interested and LIke me must be pleased with the additional interim payouts it realised.

Some of whom opened new current accounts to qualify.

I,ve downloaded the basics here with the URL so it can be read in more detail.

First the url ref:-

http://www.kasikornbank.com/EN/Personal/BankAccounts/Fixed/Pages/HappySeniorFixedDeposit.aspx

Part quote of the actual account :-

Happy Senior Fixed Deposit

This is a new deposit product catering to depositors aged 55 and above, especially those nearing retirement or already retired, who have a pension or savings.

This product provides higher returns than other general fixed deposit accounts.

Get a monthly interest payment for your routine spending, plus free personal accident insurance and coverage for bone fractures and accident-related medical expenses, for a leisurely life!

Key Features

The 30-month fixed deposit product caters to depositors aged 55 and above.

Its deposit rate is equal to the deposit rate of a 24-month fixed deposit (at the lowest deposit limits for a natural person) + 0.15 percent, p.a. or as the Banks announcement.

The monthly interest will be automatically transferred to a linked savings or current account.

Depositors enjoy tax-free interest payment (The combined interest of all types of fixed accounts must be up to 30,000 Baht per year in accordance with the Revenue Departments regulations).

This product offers personal accident insurance coverage equal to the outstanding balance of Happy Senior Fixed Deposit or up to 1,000,000 Baht, plus bone fracture coverage up to 10,000 Baht and accident-related medical expenses up to 5,000 Baht per accident/incident.

Unquote.

Please go to the ref url for all the details in English that I,ve downloaded.

Others may say there are more options out there but for me this is a decent return considering I used to get 0.5% while it was in my current acccount and I am very satisfied.

It can by the way like my other one be accessed anytime and should be O.K. for immigration when you go for your extention as it is similar to the last.

I,ll confirm this on my next 90 day report.

Just remember to take into account the qualifying periods 2 months for new appicants and 3 months for existing visa holders.

I did mine today and was immediately covered for the insurance.

Should in the future it doesn,t meet Imm. requirements it can be transferred back into your current acc. 3 months before renewal and you still get favourable interest

Personally if this is the case I,ll leave 100K in the fixed acc which is acceptable as a lower limit for keeping it open and move 700k to my current acc for the qualifying period, then put it back after getting my extension....no problem.

marshbags

Edited September 25, 2012 by marshbags

[JetsetBkk]

Cheers, Marshbags, very interesting.

Next year I'll top up my 0% Krung Thai account to 800,000 and might also transfer 800,000 into this account at the same time. Then I'll present the Kasikorn account documentation at Immigration for my extension and see if they reject it, like I know they have a tendency to.

If they don't reject it, I'll live on the money in the Krung Thai account until it's gone and stay with Kasikorn.

[davejones]

Thankfully, I'm too young for this.

[JackisBack]

Thanks for the information,

just a few points I'm not too sure on having never ventured into Thai banking fixed account schemes before .

( Its deposit rate is equal to the deposit rate of a 24-month fixed deposit (at the lowest deposit limits for a natural person) + 0.15 percent, p.a. or as the Bank’s announcement.)

So if some on deposited One Million ( 1,000.000 ) Baht in this fixed account , what would be the yearly Baht return ?

The combined interest of all types of fixed accounts must be up to 30,000 Baht per year in accordance with the Revenue Department’s regulations

I'm again not too sure what this means .

Would it be possible to open more than one account in the same name?

Thanks

[thrilled]

I have heard of getting 3-5% interest on A deposit of over A million baht.Maybe have to leave it it there 2 or 3 years.

[JetsetBkk]

I have heard of getting 3-5% interest on A deposit of over A million baht.Maybe have to leave it it there 2 or 3 years.

But you must check that that type of account is acceptable to Immigration for use as the 800,000 needed for a one year extension.

I know someone who was talked into opening such an account at a bank, with assurances from the bank that the account type was acceptable to Immigration. On applying or a one year extension he was told the account was not acceptable. He moved the money to an acceptable account and either had to pay a fine or tea money to sort it out. I'll try to find out more details.

[JetsetBkk]

<snip>

The combined interest of all types of fixed accounts must be up to 30,000 Baht per year in accordance with the Revenue Department’s regulations

I'm again not too sure what this means .

<snip>

I'm guessing "up to 30,000 Baht per year" means "no more than 30,000 Baht per year".

[marshbags]

I have heard of getting 3-5% interest on A deposit of over A million baht.Maybe have to leave it it there 2 or 3 years.

But you must check that that type of account is acceptable to Immigration for use as the 800,000 needed for a one year extension.

I know someone who was talked into opening such an account at a bank, with assurances from the bank that the account type was acceptable to Immigration. On applying or a one year extension he was told the account was not acceptable. He moved the money to an acceptable account and either had to pay a fine or tea money to sort it out. I'll try to find out more details.

AS my OP mentions, I did a similar one last year and it was acceptable by immigration at the 2 offices I used.

I was also told so long as I can access the fixed account it was acceptable.

I will on my 90 day report confirm this and post it on this thread.

Obviously i cannot vouch for all offices but it should be easy to ascertain prior to opening an account by getting a print off of the brochure in Thai which the Kasikorn should kindly do as in my case.

I will take it for my office to read when I report.

Regarding the interest, I will post what interest is transfered into my a my account next month.

Cheers

marshbags

Edited September 26, 2012 by marshbags

[marshbags]

Thanks for the information,

just a few points I'm not too sure on having never ventured into Thai banking fixed account schemes before .

( Its deposit rate is equal to the deposit rate of a 24-month fixed deposit (at the lowest deposit limits for a natural person) + 0.15 percent, p.a. or as the Bank’s announcement.)

So if some on deposited One Million ( 1,000.000 ) Baht in this fixed account , what would be the yearly Baht return ?

The combined interest of all types of fixed accounts must be up to 30,000 Baht per year in accordance with the Revenue Department’s regulations

I'm again not too sure what this means .

Would it be possible to open more than one account in the same name?

Thanks

You are only allowed one account in your name.

When I get my first months interest I will post the amount I get transfrered into my current account.

Cheers

marshbags

Edited September 26, 2012 by marshbags

[Colabamumbai]

Thanks Marshbags. It says the account must be in the name of a natural person. Does that mean it has to be in the Thai wifes or girlfriends name? Or can it be done only in the name of the foreigner opening it.?

[marshbags]

Thanks Marshbags. It says the account must be in the name of a natural person. Does that mean it has to be in the Thai wifes or girlfriends name? Or can it be done only in the name of the foreigner opening it.?

In my case it is done in my name and takes into account my visa status with permission to extended stay.

My passport and a signed copy of my wifes blue house book was accepted as proof of my abode and I.D. qualifications.

Cheers

marshbags

[lopburi3]

Not in a company name is what that means.

[Colabamumbai]

Thanks now, will visit Kasikorn in the coming weeks about that, am presently on first 90 days of B, with extension due in November. I go between nonB's and retirement visas (monthly income method) when in between work. My ING account in Canada is only paying 1.35% compared to 3.5% 3 years ago, so It may be a good investment as such. Kasikorn does seem to offer good rates in general.

[Colabamumbai]

Not in a company name is what that means.

Thanks again Lopburi.

[mahjongguy]

Some notes on this topic:

- In general, the interest on fixed accounts is subject to 15% withholding, so the amount received will be less than what you expect based on the published APR. In theory, the withheld money can be recovered by filing an income tax return if the amount is small and you have no other Thai income. Americans and others from countries with tax treaties will prefer to let the Thai government keep the withheld money and just claim it as Foreign Tax Paid.

- Although I too like Kasikornbank, all the banks are competitive and offer good promotions on fixed accounts. All the deals are different and it requires some math to evaluate them. Just ask how often the interest is paid, how badly you will get stung if you withdraw early, and avoid anything with the word "fund" in it.

- The Happy Senior deal is okay but Kbank currently offers a better deal: an 18-month stepper that pays 3.61 APR (minus 15%).

- The Government Savings Bank (GSB) offers a 399-day account that pays 3.30% that is not subject to withholding so it can be said to have an effective APR of 3.63%.

Edited September 26, 2012 by mahjongguy

[Pib]

See this Link for the various K-Bank Deposit rates. The current 24 month rate is 3% and the Happy Senior rate 3.15%.

[JetsetBkk]

Excellent information, Marshbags et al. My old landlord is the manager of Kasikorn in Phuket town and he always wanted me to move my money to his bank. I'll go see him sometime soon and see what he has to offer.

Anything is better than the 0% that Krung Thai gives.

[mahjongguy]

I think you will like Kasikornbank's offers but all banks offer fixed accounts that are competitive to one degree or another, including Krung Thai.

[ThaiLife]

Some notes on this topic:

- In general, the interest on fixed accounts is subject to 15% withholding, so the amount received will be less than what you expect based on the published APR. In theory, the withheld money can be recovered by filing an income tax return if the amount is small and you have no other Thai income. Americans and others from countries with tax treaties will prefer to let the Thai government keep the withheld money and just claim it as Foreign Tax Paid.

- Although I too like Kasikornbank, all the banks are competitive and offer good promotions on fixed accounts. All the deals are different and it requires some math to evaluate them. Just ask how often the interest is paid, how badly you will get stung if you withdraw early, and avoid anything with the word "fund" in it.

- The Happy Senior deal is okay but Kbank currently offers a better deal: an 18-month stepper that pays 3.61 APR (minus 15%).

- The Government Savings Bank (GSB) offers a 399-day account that pays 3.30% that is not subject to withholding so it can be said to have an effective APR of 3.63%.

The GSB looks interesting , ive looked at their web site but its very sparse on information, does any one have more info on the GSB accounts ?

http://www.gsb.or.th/contact/index-en.php

[Colabamumbai]

Some notes on this topic:

- In general, the interest on fixed accounts is subject to 15% withholding, so the amount received will be less than what you expect based on the published APR. In theory, the withheld money can be recovered by filing an income tax return if the amount is small and you have no other Thai income. Americans and others from countries with tax treaties will prefer to let the Thai government keep the withheld money and just claim it as Foreign Tax Paid.

- Although I too like Kasikornbank, all the banks are competitive and offer good promotions on fixed accounts. All the deals are different and it requires some math to evaluate them. Just ask how often the interest is paid, how badly you will get stung if you withdraw early, and avoid anything with the word "fund" in it.

- The Happy Senior deal is okay but Kbank currently offers a better deal: an 18-month stepper that pays 3.61 APR (minus 15%).

- The Government Savings Bank (GSB) offers a 399-day account that pays 3.30% that is not subject to withholding so it can be said to have an effective APR of 3.63%.

The GSB looks interesting , ive looked at their web site but its very sparse on information, does any one have more info on the GSB accounts ?

http://www.gsb.or.th...ct/index-en.php

Will visit them next week when off work with Thai girlfriend, I speak Thai but she speaks English also, there is a branch across the highway. Will advise any info after visiting.

[IMA_FARANG]

Yes, but before you commit yourself to a long-term fixed deposit and maybe higher interest rate be absolutely SURE that your local immigration will accept this for your 800K account.

I lnow many immigrations offices do accept these accounts....but NOT all.

So before you open the account....if you intend to use that account for your 800K retirement account....visit your local immigration....and ask that question about the account you're hoping to use....from one of the local supervisors at that particular immigration office if possible.

That will avoid any unpleasent surprises for you later on.

For many immigration offices they interpret the immigration policy as meaning that the 800K must be able to be withdrawn on notice....those fixed term accounts, exspecially those that require a prior notice period before funds can be withdrawn are sometimes rejected.

So check first, and then act based on what information you get when you check.

[lopburi3]

A normal fixed deposit account should be accepted as they do not require notice to withdraw - only interest is lost so full amount is available. What will not be accepted are fund type accounts that are often called almost the same thing. In every case I have seen reported as not accepting it has turned out to be a non cash account rather than a normal timed fixed deposit when poster answered further questions. But agree it could be an issue so best to confirm with immigration as to the exact status - or plan to have alternate combination of bank account and Embassy letter of income so no seasoning would be required if have to convert account at last minute.

[ThaiLife]

Some notes on this topic:

- In general, the interest on fixed accounts is subject to 15% withholding, so the amount received will be less than what you expect based on the published APR. In theory, the withheld money can be recovered by filing an income tax return if the amount is small and you have no other Thai income. Americans and others from countries with tax treaties will prefer to let the Thai government keep the withheld money and just claim it as Foreign Tax Paid.

- Although I too like Kasikornbank, all the banks are competitive and offer good promotions on fixed accounts. All the deals are different and it requires some math to evaluate them. Just ask how often the interest is paid, how badly you will get stung if you withdraw early, and avoid anything with the word "fund" in it.

- The Happy Senior deal is okay but Kbank currently offers a better deal: an 18-month stepper that pays 3.61 APR (minus 15%).

- The Government Savings Bank (GSB) offers a 399-day account that pays 3.30% that is not subject to withholding so it can be said to have an effective APR of 3.63%.

The GSB looks interesting , ive looked at their web site but its very sparse on information, does any one have more info on the GSB accounts ?

http://www.gsb.or.th...ct/index-en.php

Will visit them next week when off work with Thai girlfriend, I speak Thai but she speaks English also, there is a branch across the highway. Will advise any info after visiting.

What you may find out will be very interesting , thanks for letting us know , its appreciated

[TallGuyJohninBKK]

Here's the link to the GSB 399 day account. It's in Thai language, but can be Google translated...

It does appear to say income tax will be withheld.

But more broadly, I haven't heard much in the way of farangs trying to open new accounts with GSB. How receptive are they about that???

http://www.gsb.or.th/products/personal/deposits/special-399day.php

Google translation:

ฝakeผืeaeriik money for 399 days, a new type of high interest. 3.30%. per year. Saving you time and money spent circulation.

Highlights of the service.

• To return. As collateral. And reserves in the future.
  
• ฝakeผืeaeriik special interest money for up to 3.30% per annum.
  

Objective

• In order to have the current time.
  
• Focus on deposit in the form of higher benefits.
  

Time deposits.

• Since July 2, 2555 - December 31, 2555.
  

The depositor.

• Persons aged 7 years and over.
  
• Firms of all kinds.
  

Conditions of deposit.

• Minimum initial 10,000 Baht
  
• Leave a period of not less than 1,000 Baht
  
• A deposit account for trigger type. Were transferred to the account balance and interest due on the deposit period.
  

Conditions for withdrawal.

Time deposits. Interest rate received. 1-90 days. 0.90 percent per year of the amount withdrawn. 91 to 180 days. 2.25 percent per year of the amount withdrawn. 181 to 270 days. 2.50 percent per year of the amount withdrawn. 271 to 398 days. 2.75 percent per year of the amount withdrawn.

• Any withdrawal.
  
• Withdrawals or close the account before the end of 399 days interest on the amount withdrawn will be based on length of deposit is as follows.
  

The interest / return.

• 3.30% per year.
  

The interest.

• Interest is calculated daily from the date of deposit.
  
• The interest rate on a term deposit. The balance transfer interest and deposit accounts were transferred to the account the next day.
  

Withholding tax.

• Personal income tax is deducted.
  
• Corporate income tax withholding by the Internal Revenue Department.
  

Open the document.

• Copy, ID card and ID card.
  

Benefits received.

• Can be secured passbook loan. Overdraft or not.
  

[ThaiLife]

Here's the link to the GSB 399 day account. It's in Thai language, but can be Google translated...

It does appear to say income tax will be withheld.

But more broadly, I haven't heard much in the way of farangs trying to open new accounts with GSB. How receptive are they about that???

http://www.gsb.or.th...cial-399day.php

Google translation:

ฝakeผืeaeriik money for 399 days, a new type of high interest. 3.30%. per year. Saving you time and money spent circulation.

Highlights of the service.

• To return. As collateral. And reserves in the future.
  
• ฝakeผืeaeriik special interest money for up to 3.30% per annum.
  

Objective

• In order to have the current time.
  
• Focus on deposit in the form of higher benefits.
  

Time deposits.

• Since July 2, 2555 - December 31, 2555.
  

The depositor.

• Persons aged 7 years and over.
  
• Firms of all kinds.
  

Conditions of deposit.

• Minimum initial 10,000 Baht
  
• Leave a period of not less than 1,000 Baht
  
• A deposit account for trigger type. Were transferred to the account balance and interest due on the deposit period.
  

Conditions for withdrawal.

Time deposits. Interest rate received. 1-90 days. 0.90 percent per year of the amount withdrawn. 91 to 180 days. 2.25 percent per year of the amount withdrawn. 181 to 270 days. 2.50 percent per year of the amount withdrawn. 271 to 398 days. 2.75 percent per year of the amount withdrawn.

• Any withdrawal.
  
• Withdrawals or close the account before the end of 399 days interest on the amount withdrawn will be based on length of deposit is as follows.
  

The interest / return.

• 3.30% per year.
  

The interest.

• Interest is calculated daily from the date of deposit.
  
• The interest rate on a term deposit. The balance transfer interest and deposit accounts were transferred to the account the next day.
  

Withholding tax.

• Personal income tax is deducted.
  
• Corporate income tax withholding by the Internal Revenue Department.
  

Open the document.

• Copy, ID card and ID card.
  

Benefits received.

• Can be secured passbook loan. Overdraft or not.
  

This is what I think the Thai web site says , but I may be wrong

ive started a dedicated topic here

http://www.thaivisa.com/forum/topic/590556-thai-government-savings-bank-account-that-pays-330-363/#entry5745780

[marshbags]

Thanks for the information,

just a few points I'm not too sure on having never ventured into Thai banking fixed account schemes before .

( Its deposit rate is equal to the deposit rate of a 24-month fixed deposit (at the lowest deposit limits for a natural person) + 0.15 percent, p.a. or as the Bank’s announcement.)

So if some on deposited One Million ( 1,000.000 ) Baht in this fixed account , what would be the yearly Baht return ?

The combined interest of all types of fixed accounts must be up to 30,000 Baht per year in accordance with the Revenue Department’s regulations

I'm again not too sure what this means .

Would it be possible to open more than one account in the same name?

Thanks

You are only allowed one account in your name.

When I get my first months interest I will post the amount I get transfrered into my current account.

Cheers

marshbags

As promised but delayed until I got my second months interest paid for comparison and confirmation of the payments.

The first month I received 2,071 baht clear. The second months was 2,140 baht clear. ( on the 25th of each month which compliments my official start date )

I,m not sure if this indicates a slight increase as it matures but will again post in a couple of months should the increases continue.

I am as with the last fixed returns, pleased and well satisfied when compared to the pittance it realised in the current account.

I,ve actually had more than what a year paid already in that, interest wise in the 2 months it has been deposited.

That and decent accidental cover with the Kasikorn until the maturity of the policy if you are below a certain age.

( At present it can only cover you until you reach the age limit of 70 ) but i,ll benefit for just under two years at least.as it stands.

marshbags

Edited December 1, 2012 by marshbags