KTB fixed deposit 3.7 %

[MichaelSong]

KTB is giving 3,7 % interest (minus 15 % tax) on fixed deposits for 37 months. Interest is paid monthly. Seems like a good deal to me, or is there anything similar and better ?

[falang07]

37 months is quite a long time, you can get around 3 % for 12 months in SCB

[phutoie2]

37 months is quite a long time, you can get around 3 % for 12 months in SCB

He's getting his interest monthly, why wait for 12 months?

Sent from my i-mobile IQ 2 using Thaivisa Connect Thailand mobile app

[worgeordie]

37 months too long to tie your money up ,too many things can

happen and you can bet they will not be good,but if like to take

a gamble OK do it, I suppose if you withdraw the money they will

claw back all the interest they have already paid you.

regards Worgeordie

[falang07]

37 months is quite a long time, you can get around 3 % for 12 months in SCB

He's getting his interest monthly, why wait for 12 months?

 

The monthly interest is a ridiculous thing in this case. He must keep the money for 37 months in the bank otherwise the monthly interest would be taken away from him anyway. More of a marketing thing than a real advantage.

[MichaelSong]

Ofcourse I would invest only what I will not need for the next 37 months.

I dont see that as a gamble, on the contrary, I know exactly in advance what I will receive monthly.

[fletchsmile]

Seems a reasonable rate in today's terms for THB cash if you have the view that THB interest rates are not going to rise significantly over that period.

Look into the penalties should you need to cash it early for whatever reason. May be suitable for visas/ extensions of stay where people need to park 400k or 800k.

My own view I'd rather have around 3% with better access and shorter term.

Cheers

Fletch

[bigwilly]

TMB Bank Quick interest of 3% on a 12 month fixed term interest paid in advance, within 7 days of opening the account! good deal in my book.

Or 2.75% interest in the No Fixed account, funds available at call. Ideal for visa moneys, relatively high interest and ok for Immigration.

BW.

[pastafarian]

Islam Bank of Thailand (ibank) had 3.3% for 6mnths last week and even higher for longer duration.

[infinity11]

Long term i am apprehensive as there is much indication that the LOW interest rate ride can last only for sooooo long but i am still a neophyte.

Some good posts here!

[JSixpack]

Islam Bank of Thailand (ibank) had 3.3% for 6mnths last week and even higher for longer duration.

Where are the branches in Pattaya?

[FiftyTwo]

TMB Bank Quick interest of 3% on a 12 month fixed term interest paid in advance, within 7 days of opening the account! good deal in my book.

Or 2.75% interest in the No Fixed account, funds available at call. Ideal for visa moneys, relatively high interest and ok for Immigration.

BW.

You can get 3.5% on TMB No Fixed Account.

You just have to increase your balance each month to earn the bonus .75% on top of the normal 2.75%.

[meatboy]

Ofcourse I would invest only what I will not need for the next 37 months.

I dont see that as a gamble, on the contrary, I know exactly in advance what I will receive monthly.

perfect for me and for anyone that leave's their extension money in a fixed acc.only trouble mine is untouchable till jan 2014.then have to find a new home for it.3.7% thats almost the best i have had the last 4yrs.and interest paid monthly to so thats 3yrs without having to worry that your acc.balance wont show the balance before your trip to immigration.

[KittenKong]

TMB's No Fixed rate goes up and down like a yoyo. This annoyed me and I closed my account.

[sfokevin]

Will immigration accept fixed term deposit accounts for the retirement 800K bank deposit requirement?

[KittenKong]

Will immigration accept fixed term deposit accounts for the retirement 800K bank deposit requirement?

At Jomtien? Definitely as long as the account allows you to withdraw at any time (possibly with a penalty). All TDs I have had here allowed me to do this, even the step TDs, so I have never had any problems.

Elsewhere? It will surely depend on the individual office.

[meatboy]

Will immigration accept fixed term deposit accounts for the retirement 800K bank deposit requirement?

At Jomtien? Definitely as long as the account allows you to withdraw at any time (possibly with a penalty). All TDs I have had here allowed me to do this, even the step TDs, so I have never had any problems.

Elsewhere? It will surely depend on the individual office.

never had a problem at korat.yet i have read that some will ask what are you living on,so always take my current acc.along but never been asked the question.

[12DrinkMore]

TMB Bank Quick interest of 3% on a 12 month fixed term interest paid in advance, within 7 days of opening the account! good deal in my book.

Or 2.75% interest in the No Fixed account, funds available at call. Ideal for visa moneys, relatively high interest and ok for Immigration.

BW.

You can get 3.5% on TMB No Fixed Account.

You just have to increase your balance each month to earn the bonus .75% on top of the normal 2.75%.

Are you 100% certain about that?

Their website says maximum interest rate is 2.75%

https://www.tmbbank.com/rates/interestrate-en.php

The conditions on this account have changed several times, which annoys me.

I can't be bothered to go the bank today, but I think (yeah) that they give 2.75 if the balance is the same or greater over the month, but you get penalised with a lower rateif you withdraw money.

[jbrain]

Islam Bank of Thailand (ibank) had 3.3% for 6mnths last week and even higher for longer duration.

Where are the branches in Pattaya?

If I'm not mistaken there is a branch on the North bound part of third road, left side if driving North.

[jbrain]

TMB Bank Quick interest of 3% on a 12 month fixed term interest paid in advance, within 7 days of opening the account! good deal in my book.

Or 2.75% interest in the No Fixed account, funds available at call. Ideal for visa moneys, relatively high interest and ok for Immigration.

BW.

You can get 3.5% on TMB No Fixed Account.

You just have to increase your balance each month to earn the bonus .75% on top of the normal 2.75%.

Are you 100% certain about that?

Their website says maximum interest rate is 2.75%

https://www.tmbbank.com/rates/interestrate-en.php

The conditions on this account have changed several times, which annoys me.

I can't be bothered to go the bank today, but I think (yeah) that they give 2.75 if the balance is the same or greater over the month, but you get penalised with a lower rateif you withdraw money.

My experience with TMB is that you need a work permit to open an account.

[12DrinkMore]

TMB Bank Quick interest of 3% on a 12 month fixed term interest paid in advance, within 7 days of opening the account! good deal in my book.

Or 2.75% interest in the No Fixed account, funds available at call. Ideal for visa moneys, relatively high interest and ok for Immigration.

BW.

You can get 3.5% on TMB No Fixed Account.

You just have to increase your balance each month to earn the bonus .75% on top of the normal 2.75%.

Are you 100% certain about that?

Their website says maximum interest rate is 2.75%

https://www.tmbbank.com/rates/interestrate-en.php

The conditions on this account have changed several times, which annoys me.

I can't be bothered to go the bank today, but I think (yeah) that they give 2.75 if the balance is the same or greater over the month, but you get penalised with a lower rateif you withdraw money.

My experience with TMB is that you need a work permit to open an account.

I dunno why we keep getting this.

The requirements to open a bank account are dependent on the bank official standing in front of you.

I have opened two accounts with TMB based on my UK passport and a retirement visa, although according to their website all they require is

"A copy of a citizen ID card or an ID card with a photograph issued by a government agency."

So presumably I could have taken my Thai driving licence, but doubtless the passport would be required.

[Phronesis]

Seems a reasonable rate in today's terms for THB cash if you have the view that THB interest rates are not going to rise significantly over that period.

Look into the penalties should you need to cash it early for whatever reason. May be suitable for visas/ extensions of stay where people need to park 400k or 800k.

My own view I'd rather have around 3% with better access and shorter term.

Cheers

Fletch

I seldom agree with Fletch, indeed I count him as a nemesis, however he is right in this case.

I have a couple of million baht parked in Ayudah (yellow bank) Mai tee Dai accounts. At call, interest paid monthly, 2.65%, no tax. On this no tax issue there have been conflicting reports here on TV. Some have posted that no tax is payable if the amount earned is less than 20K. However, when I spoke with my bank manager she told me that if the total deposited in the account is less than 700K then no tax is payable. So she assisted me to open 3 mai tee dai accounts. All of them are passbook only with no atm card or online banking to reduce the risk of skimming.

Edited September 20, 2013 by Phronesis

[KittenKong]

The requirements to open a bank account are dependent on the bank official standing in front of you.

I have opened two accounts with TMB based on my UK passport and a retirement visa, ....

That's right. Passport and any long visa or extension is all that is required with TMB, but it depends totally on whether the bank employee wants to do it or not. If they dont want to do it they will find some excuse not to.

[meatboy]

Seems a reasonable rate in today's terms for THB cash if you have the view that THB interest rates are not going to rise significantly over that period.

Look into the penalties should you need to cash it early for whatever reason. May be suitable for visas/ extensions of stay where people need to park 400k or 800k.

My own view I'd rather have around 3% with better access and shorter term.

Cheers

Fletch

I seldom agree with Fletch, indeed I count him as a nemesis, however he is right in this case.

I have a couple of million baht parked in Ayudah (yellow bank) Mai tee Dai accounts. At call, interest paid monthly, 2.65%, no tax. On this no tax issue there have been conflicting reports here on TV. Some have posted that no tax is payable if the amount earned is less than 20K. However, when I spoke with my bank manager she told me that if the total deposited in the account is less than 700K then no tax is payable. So she assisted me to open 3 mai tee dai accounts. All of them are passbook only with no atm card or online banking to reduce the risk of skimming.

a lot of banks will confuse you about what you can earn before you pay tax,all mine and the wf.fixed acc.'s are taxed at maturity.the 20k what they mention is the what you can claim back[tax paid].

eg.if you have a fixed acc.that earned you 150,000bht.interest in any one tax year you will pay x 15% =22,500bht.of that you claim back 20k and pay the tax dept.2,500bht.bangkok bank and siam com.dont take tax on current acc,'s that you use for every day use athough the pass book says savings accounts.

[meatboy]

The requirements to open a bank account are dependent on the bank official standing in front of you.

I have opened two accounts with TMB based on my UK passport and a retirement visa, ....

That's right. Passport and any long visa or extension is all that is required with TMB, but it depends totally on whether the bank employee wants to do it or not. If they dont want to do it they will find some excuse not to.

i had that done to me[by assistant manager] of thai gov.savings bank,a quick call by the wf.to head office soon sorted him out.

he now calls me mr.

[personchester]

Seems a reasonable rate in today's terms for THB cash if you have the view that THB interest rates are not going to rise significantly over that period.

Look into the penalties should you need to cash it early for whatever reason. May be suitable for visas/ extensions of stay where people need to park 400k or 800k.

My own view I'd rather have around 3% with better access and shorter term.

Cheers

Fletch

Well, 3.70 % less 15 % tax is 3.145 % net, this is currently not bad and keeping the money invested for 37 months with monthly interests payout to the current A/c is not bad except for one thing...

During 3 years plus 1 month general bank interests could rise to a higher level, and that is the only reason why the time factor of 37 months at 3.145 % might not be a successful input.

I deposited in KTB last year for 22 months at 4 % the A/c ends early in 2014. obviously no problem in terms of higher interests, but since then interests have gone down a little, and might rise again within a period of 37 months, but it is impossible to know, thus 37 months at 3.145 % might be alright.

[meatboy]

Seems a reasonable rate in today's terms for THB cash if you have the view that THB interest rates are not going to rise significantly over that period.

Look into the penalties should you need to cash it early for whatever reason. May be suitable for visas/ extensions of stay where people need to park 400k or 800k.

My own view I'd rather have around 3% with better access and shorter term.

Cheers

Fletch

Well, 3.70 % less 15 % tax is 3.145 % net, this is currently not bad and keeping the money invested for 37 months with monthly interests payout to the current A/c is not bad except for one thing...

During 3 years plus 1 month general bank interests could rise to a higher level, and that is the only reason why the time factor of 37 months at 3.145 % might not be a successful input.

I deposited in KTB last year for 22 months at 4 % the A/c ends early in 2014. obviously no problem in terms of higher interests, but since then interests have gone down a little, and might rise again within a period of 37 months, but it is impossible to know, thus 37 months at 3.145 % might be alright.

dont you claim the tax back its easy.

[teacherofwoe]

I've thought about putting my extension funds into an account that pays interest and I've seen fixed deposit accounts. I assumed you pay in a lump sum for a fixed term, but the wife has looked at several bank websites and, after reading the Thai, told me that you have to deposit the same amount every month to get the interest. So you would have to open the account with 66,666 and then deposit the same amount each month for twelve months for a full deposit of 800,000. Can anyone confirm this is the case for fixed deposit accounts?

[personchester]

Seems a reasonable rate in today's terms for THB cash if you have the view that THB interest rates are not going to rise significantly over that period.

Look into the penalties should you need to cash it early for whatever reason. May be suitable for visas/ extensions of stay where people need to park 400k or 800k.

My own view I'd rather have around 3% with better access and shorter term.

Cheers

Fletch

Well, 3.70 % less 15 % tax is 3.145 % net, this is currently not bad and keeping the money invested for 37 months with monthly interests payout to the current A/c is not bad except for one thing...

During 3 years plus 1 month general bank interests could rise to a higher level, and that is the only reason why the time factor of 37 months at 3.145 % might not be a successful input.

I deposited in KTB last year for 22 months at 4 % the A/c ends early in 2014. obviously no problem in terms of higher interests, but since then interests have gone down a little, and might rise again within a period of 37 months, but it is impossible to know, thus 37 months at 3.145 % might be alright.

dont you claim the tax back its easy.

I have not claimed it due to being unaware, please outline the >tax back procedure< in order to activate the claim.

[meatboy]

I've thought about putting my extension funds into an account that pays interest and I've seen fixed deposit accounts. I assumed you pay in a lump sum for a fixed term, but the wife has looked at several bank websites and, after reading the Thai, told me that you have to deposit the same amount every month to get the interest. So you would have to open the account with 66,666 and then deposit the same amount each month for twelve months for a full deposit of 800,000. Can anyone confirm this is the case for fixed deposit accounts?

dont know what your wf.has been looking at but its definately not fixed accs.you take your id.passport and proof of address deposit the amount 800,000bht.if you dont need it open a 12month or longer which ever suits your needs.dont open a fixed acc.at kasikorn as they dont update your pass book until it matures.you will pay 15%tax on the interest which you can claim back.[go to bank interest details in this forum for how to register.you will need a letter from the bank confirming that you have the relervant amount for your extension and they will up date your pass book the same time try ang get this the day before.if i was you doing this for the first time go to bangkok bank at the moment they are giving 3.25% for 12month fixed.