50M Baht Thai Bank Deposit Ins. Extended To 2015

[TallGuyJohninBKK]

Dunno what happened with this, but it seems the Thai government insurance on consumers Thai bank deposits -- which had been slated to fall to 1 million baht per accountholder per bank in August 2012 -- somehow has now been extended at the original 50 million baht amount until Aug 10, 2015.

Last August, four months ago, was the date the deposit insurance against bank failures (not fraud or theft) was due to decline to a pretty puny amount.

http://www.thailawforum.com/thai-deposit-insurance-law.html

But this morning, in noodling around, I noticed this mention on a BKK Bank website:

Deposit protection up to Baht 50 million

Thai baht deposit accounts at Bangkok Bank are protected under the Deposit Protection Agency Act – up to a maximum of 50 million baht until 10 August 2015. Click here to find out more about the Deposit Protection Agency Act.

And then I followed their link to the official governent DPA website, which now shows the new schedule for deposit insurance.

Coverage of insured deposits

The Coverage of insured deposits according to The Royal Decree on an extension of deposit coverage, is as follows:

Period

Coverage

11 Aug 2012 – 10 Aug 2015

Baht 50 million

11 Aug 2015 – 10 Aug 2016

Baht 25 million

11 Aug 2016 – Onwards

Baht 1 million

Deposits exceeding the coverage amount could be claimed from the liquidation process.

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

Maybe I missed it, but I never saw anything about this change (reversal) in the news or here on ThaiVisa...

I still wouldn't put any substantial money in Thai banks, because the consumer protections and recourse here in the event of theft or fraud here are ZERO....

But at least for those who keep their retirement extension deposits here in Thai banks or have substantial deposits, this is a bit of welcome news.

[BlackPuddingBertha]

There was some mention of this a few months ago in the newspapers.

[TallGuyJohninBKK]

Thanks BPB... I did a search here on TV for "deposit insurance" prior to posting, and found no recent mention as a standalone post....

[Pib]

Good to hear...I'm going to bump-up my deposits to 50M baht tomorrow--or not!

[Ray2020]

Any recent updates? Links to major bank websites and governmental authroities on this issue?

[TallGuyJohninBKK]

http://www.dpa.or.th/main.php?filename=index___EN