New Fixed-deposit Accounts Start Songkran

[marshbags]

The following excerpt of an article in the Nation caught my attention this morning relating to fixed deposits.

Could it be possible to put our required visa deposit into one of these if we wish to do so.

It would make sense if you can afford to leave it alone in one of these while making a reasonable amount of interest.

Quoted from the Nation today 12-04-06 :-

FIXED-DEPOSIT ACCOUNTS High-interest choices growing

Rates range from 4.5 per cent to 5.25 per cent, and with some banks taxes are even waived

More banks have joined the fixed-deposit account fray in the last few weeks, which is giving savers more options for places to stow their money and earn returns that are well above typical savings account rates.

The packages launched by banks in their dash to build up larger deposit bases can be classified into two groups. The first is characterised by accounts that pay interest on a monthly, quarterly or semi-annual basis, while the other group boasts tax-free advantages.

The banks that pay interest on a monthly basis are attractive in the sense that investors do not have to wait very long to see returns. Also, the formula used to calculate interest payments is clear and simple.

Among banks that pay interest on a monthly basis, Thanachart Bank offers the highest rate of return. The small bank pays an annualised rate of 5.25 per cent for its fixed nine-month account, which requires a minimum deposit of Bt100,000.

This offer started last Friday.

Thanachart's special deposit rate is slightly higher and the maturity one month shorter than a similar package at Bangkok Bank, the country's largest financial institution.

Last week TMB Bank launched another account to celebrate the Songkran festival, an eight-month offer that pays an annualised rate of 5 per cent. It pays interest on a monthly basis and the minimum deposit is Bt500,000.

If the minimum deposit for these two accounts is too lofty, savers have many choices at banks, including another option at TMB. Kasikornbank (Kbank), TMB, and Siam City Bank (SCIB) have set minimum deposits of only Bt1,000 for their fixed-deposit accounts.

These three banks are paying an annual interest rate of 4.5 per cent, but their maturity lengths vary. Kbank and TMB set their deposit periods at eight months, while SCIB set it at seven months.

For the full article please go to :-

http://www.nationmultimedia.com/2006/04/10...ss_30001379.php

There must be lots like me who leave it all year round in a current savings acc. without touching it.

I personally make additional arrangements for my spending requirements then I do not need to top it up/transfer from home every time.

The deposits can start at some banks at less than 100,000 by the way.

I,m not sure which forum this Post would be suitable for as it can apply to several ????

Imput from the resident visa mods would be appreciated on the acceptance of this type of funding would obviously be appreciated.

Thanks in advance

marshbags

[lopburi3]

Not accepted. If you have money in an account here for visa reasons (other than investment) it must be in a passbook type savings account that you access to pay your bills. The idea is to prove you have the money to live on during the period of your visa extension (just as you are required to have 20,000 bant for a normal tourist visit). If it were a fixed account you could not use it to support yourself.

[marshbags]

Not accepted. If you have money in an account here for visa reasons (other than investment) it must be in a passbook type savings account that you access to pay your bills. The idea is to prove you have the money to live on during the period of your visa extension (just as you are required to have 20,000 bant for a normal tourist visit). If it were a fixed account you could not use it to support yourself.

Thanks lopburi for your observations..

I was getting confused by comparing it to being able to using a condominium as visa requirement and could also be classed as an investment.

Thanks again for your legal imput.

marshbags

[ThaiPauly]

I was wondering the same thing myself MB.

Lucky for us we have our very own "Legal Eagle" in Lopburi 3

Thanks for posting this topic

TP

[tuky]

Lop, we just put some money in a 10 month term dep with BKK Bank. 5. something interest. Would it work to move it back after the 10 months?

[PeaceBlondie]

So, if I have 6 million baht stashed under the mattress, from when I was a double agent for the CIA/KGB before I was an SAS agent and after I was Special Forces Delta Ranger Kill Force, can I put it all in the bank and get interest on it? And will they let me put all my medals and honors and dried skulls in the safety deposit box?

[Rooo]

I don't see any reason why once you showed the bank book to immigration,you can then lock up the money in the investment account for 7 to 9 months.

Edited April 12, 2006 by Rooo

[lopburi3]

Taking the money out to put elsewhere would probably not be a problem with retirement extensions but the support Thai wife "may" entail yearly review of your spending pattern.

Am not sure of the restrictions on opening such an account but believe they all require a tax number.

For tuky: We? Visa money should be yours and sourced outside of Thailand if no work permit. It may not be questioned; but then again it might be.

[tuky]

Taking the money out to put elsewhere would probably not be a problem with retirement extensions but the support Thai wife "may" entail yearly review of your spending pattern.

Am not sure of the restrictions on opening such an account but believe they all require a tax number.

For tuky: We? Visa money should be yours and sourced outside of Thailand if no work permit. It may not be questioned; but then again it might be.

Lop, I was just throwing the idea out there for the help of others.

I have yet to apply for a visa, due to my work circumstances I only ever stay on transit visas so far.

Infact, I am not an official resident anywhere in the world for tax purposes, helps a lot, yet is a hindrance too.

[Guest endure]

Not accepted. If you have money in an account here for visa reasons (other than investment) it must be in a passbook type savings account that you access to pay your bills. The idea is to prove you have the money to live on during the period of your visa extension (just as you are required to have 20,000 bant for a normal tourist visit). If it were a fixed account you could not use it to support yourself.

My friend in Chiang Mai presents a combination of savings account passbook and 3 month term deposit passbook at Immigration each year as proof of his 800,000bt.

[lopburi3]

Not accepted. If you have money in an account here for visa reasons (other than investment) it must be in a passbook type savings account that you access to pay your bills. The idea is to prove you have the money to live on during the period of your visa extension (just as you are required to have 20,000 bant for a normal tourist visit). If it were a fixed account you could not use it to support yourself.

My friend in Chiang Mai presents a combination of savings account passbook and 3 month term deposit passbook at Immigration each year as proof of his 800,000bt.

The retirement is not as closely checked and the fact he has an account to use for daily expense may help, so that may well be possible. Although the question was asked in public forums directly to immigration over the years and the answer I always recall seeing is that fixed deposits are not allowed. As we know not everyone has used the same playbook in the past and things can change. If anyone is interested in doing this I would urge them to ask the immigration unit they deal with rather than possibly face a problem during there next renewal.