SCB SFF Fund Book as part of 800K Balance in Chiang Mai?

[tomdfc]

I understand the need to have the minimum balance for a specified time period in a dedicated account (or accounts?) - and probably not being able to include 50% of joint account balances My specific question arises because of having been "here" for some years, but always until now being on an annual non-Immigrant Multiple Entry O visa ...

That visa allowed me to open various bank accounts and make investments, with SCB amongst others. The money was invested in 3, 6, 12 month funds and in many cases, the matured funds were automatically transferred not back to the conventional savings account from which they originated but into a fund entitled SCBSFF (Fixed Income Open-Ended Fund). For me, this works because the SFF Fund pays about 2% as opposed to 0.6 / 0.7% on a normal savings account. I have a passbook which can be updated daily to reflect the units x unit price and resultant accruing balance. I can draw unlimited funds on a next day basis. In other words, these funds are readily available to me.

The question is whether that passbook would be acceptable locally at the CM Immigration office as part of the 800k. I know I can go to the local office and ask but meantime, has anyone got experience of this? Thanks.

[mahjongguy]

I can't say if CM Immigration will accept it or not but technically they shouldn't. It is a fund, not a deposit. Though the money meets the accessibility requirement, the principal is not secure. In other words, the balance could go down. Per the SCB website:

Risk Involved - 1. Interest Risk 2. Credit Risk 3. Liquidity Risk 4. Currency Risk

http://www.scbam.com/v2/user_upload/FUND_DOC/Portfolio/Port_SCBSFF_EN.pdf

[TerryLH]

The law does not require your money to be 'secure'. It just requires it to be 800k or more for a specific time frame.

I can't be certain what CM will say, of course, but it appears to meet the criteria of balance and availability.

[lopburi3]

Funds no not meet requirements and would not normally be accepted at any location. The requirement is a cash deposit account of savings type be it passbook/statement or fixed deposit for a set time but with only loss of interest for early withdrawal. From the name of above as "fund" do not believe it would be accepted. And joint accounts are also not normally accepted for any amount. Account must be in the name of applicant only.

But at 2% interest am not sure what you have as normal fixed deposit accounts should be paying at least that much currently.

[IMA_FARANG]

As others have posted it is impossible to say exactly what any immigration office will decide in such a case,

But the rule of thumb they like to apply is how accessible the funds are.

They prefer accounts where the funds are available with no time limits on how they can be taken out.

So any funds that require a waiting time before you have access to them are always a question.

Those with a specified waiting time before you have access to them in an emergency are often not accepted.

Ask someone at immigration before you use such funds as part of your financial requirement.

Otherwise you might be unhappy if they are not allowed.

[A. BOOZER]

My local Immigration Office in Mataphut (Rayong), will not accept a fund book as evidence towards the 800,000 Bht required for an annual Visa Extension, based on retirement.

[tomdfc]

Many thanks for inputs. Will run this by Immigration before submission and revert here.

[tomdfc]

Made the visit to Chiang Mai Immigration yesterday with the Savings passbook as well as the "SFF" Fund passbook. I also had a simple print-out to show that access to the balance in the SFF pot was one working day - meaning that I could show many examples of the transfer out and transfer in respectively between the two passbook accounts.

Yes, there was a moment's hesitation as the official could clearly see that by any reasonable standard the money was available to me almost immediately and that of course it was in keeping with the intent of the funding requirement rule. The decision however was that such a "fund" balance would not be acceptable as part of the 800k. End of story.

[mahjongguy]

Thanks for the feedback. It's not a surprise but it is unfortunate, especially given that deposit rates went down again yesterday.