Opening A Fix-deposit Account .........

[Burgernev]

Hi chaps,

Done an extensive search but could not find the answer to the following:

Can a farang living over here open one of the 'fixed term deposit' accounts that give savings rates up to 4.75% ??

If yes, what documents are required, ie: work permit, marriage cert etc.

Thanks for any info,

Burger

[jingjingna]

Yes, you can. I recently opened a fixed deposit account at the same bank where I hold a normal savings account. Passport and money required. Requirements may differ from bank to bank, best to check out the various Thai bank websites or better still go in and ask.

[george]

Bangkok Bank now gives 5.125 / 10 months:

5.125 % interest for 10-month deposit launch

Bangkok Bank has offered a new 10-month fixed deposit rate of 5.125 percent p.a. The highly attractive rate is available for one month only. Bangkok Bank will begin accepting deposits on March 31, with the offer available up until April 30.

http://www.bangkokbank.com/Bangkok+Bank/We...posit+Rates.htm

Saw on Thai TV3 this morning that a Govt Bank is giving 5% for 3 months. Didn't hear what bank it was, something like 'Tarnakarn Akarn Songkro".

[Burgernev]

Thanks for your replies chaps, but are these accounts open to 'non-Thais', ie: farangs ?

Burger

Edited April 21, 2006 by Burgernev

[Tywais]

Thanks for your replies chaps, but are these accounts open to 'non-Thais', ie: farangs ?

Burger

Bangkok Bank does for sure. Everytime I go to deposit my monthy check the clerk looks at my balance and suggests I put some in a fixed deposit account.

[Sunbelt Asia]

Thanks for your replies chaps, but are these accounts open to 'non-Thais', ie: farangs ?

Burger

Yes In fact you'll find a BIG push going on. I get called at least once a week to put money in a fixed deposit at my bank. When I say "OK" they even visit me in the office to get my signature. At first thought my banker was trying to win a contest but understand now it has to do with the reserves of the banks. Lots of "priming the pump" before in the government and the spending now has slow. The banks now need the cash. This is why you find a big competition going on with the banks, which one will pay the higher interest rates.

www.sunbeltasia.com

[Oswulf]

I recently opened a deposit account at Krung Thai Bank.

Actually, I first had to open a savings account with them and transfer money into that. Only then could I open the deposit account with money from the savings account.

The only documents required were my passport, work permit and driving licence.

[Burgernev]

Thanks for the replies chaps, very helpful.

Burger

[taxexile]

i opened a new savings account and a time deposit 5.125% account at the bangkok bank head office on silom yesterday.

they told me that only those on work permits or with 1 year visas can open bank accounts in thailand after some recent changes to the laws.

tourist visa holders are now not permitted to open bank accounts in thailand.

i have 9 months left on my one year visa , and the desk clerk there told me that the accounts couldnt be opened because there wasnt a year left on the visa , i asked her to call her superior , and after some discussion the accounts were opened.

i dont know anything about this "new rule" , although i remember reading something in this forum recently about someone having a similar experience.

to open these accounts i had to fill in loads of forms and was passed from desk to desk whilst the forms were checked and processed etc.

at each stage of this long process my passport was checked to ensure that my visa was not a tourist visa , and was told that "from last month , no more tourist visa now" , and this was at bangkok bank head office.

[jingjingna]

Konkeror,

It was Kasikorn bank but all banks are now offering fixed deposits. These accounts are available whether you are Thai or Farang.

[mark45y]

Bangkok Bank now gives 5.125 / 10 months:

5.125 % interest for 10-month deposit launch

Bangkok Bank has offered a new 10-month fixed deposit rate of 5.125 percent p.a. The highly attractive rate is available for one month only. Bangkok Bank will begin accepting deposits on March 31, with the offer available up until April 30.

http://www.bangkokbank.com/Bangkok+Bank/We...posit+Rates.htm

Saw on Thai TV3 this morning that a Govt Bank is giving 5% for 3 months. Didn't hear what bank it was, something like 'Tarnakarn Akarn Songkro".

Are the fixed deposits in set amounts like 100,000 baht or in any amount you want?

Thanks

[lopburi3]

The amount can be what you want - the fixed part is the time that it is to remain in the bank.

[Firefan]

Is the interest paid out monthly or only every 6 months as a savings account(or at end of the deposit time only?). Cheers!

[daveb1]

How easy is it to take the money back out of Thailand to the UK afterwards if you want to?