Fixed Term Deposit Nonthaburi Immigration

[lujanit]

Hi All,

My retirement extension is up for renewal late next February so I am thinking of relocating the 800k to Thailand. I have read a lot of the previous posted topics on the subject. I read that:

1. If the money is in a fixed term deposit, it must be able to be withdrawn immediately (preferably with no penalty)

2. The bank will withhold 15% of the interest on maturity which I can claim back from the tax department.

3. If I provide the bank with a tax number, which I have/had? when I was working here (last tax return 4 years ago) the bank will not withhold any interest.

I live in the Nonthaburi Immigration district and they do not (yet?) accept 90 day reporting online so who knows if a fixed term deposit will work.

My questions are:

1. Has anyone successfully renewed their retirement extension at Nonthaburi Immigration using a fixed term deposit account?

2. I yes what type of fixed term account?

3. Given that my last tax return was four years ago is my tax number still 'active'?

Any other information on the subject of the current acceptability of term deposits gratefully accepted, particularly which bank is easiest to deal with both in terms of opening an account (currently with Kasikorn) and getting the necessary paperwork when applying for the extension. Naturally interest rate is one reason why I am asking these questions.

TIA

[jacksam]

Why not just place money into savings account then AFTER your extension moved into fixed term account. Can also do what you suggest but we are talking about 3 months interest.

[lujanit]

Why not just place money into savings account then AFTER your extension moved into fixed term account. Can also do what you suggest but we are talking about 3 months interest.

Thank you for the reply. I have read in previous posts that other people have successfully renewed their retirement extensions many times using the same term deposit. I don't need the hassle of transferring money between fixed term and savings accounts.

[jacksam]

Perhaps place bit more than the exact 800k, in the FD. There is recent thread where a member is using the FD successfully for some years. He actually has a second account for transferring funds in etc and using for expenses. Claims back tax on interest etc. Seems very sensible idea.

[mahjongguy]

"3. If I provide the bank with a tax number, which I have/had? when I was working here (last tax return 4 years ago) the bank will not withhold any interest."

I've never heard that, kinda doubt if it's true.

[wilkis333]

If my a/c is a saving and do i need to inform thai govt the interest i got for taxation?

[mahjongguy]

"If my a/c is a saving and do i need to inform thai govt the interest i got for taxation?"

If your total Thai-sourced income including that interest is less than 150,000 baht, there's no need to file a tax return.

[wilkis333]

thanks for your info.

[JAS21]

I've used fixed term deposits with Nonthaburi Imm for the last 4 years. You need to be able to 'force an update' on the account on the day that you go to do your extension and of course have a letter from that bank confirming the amount. Immigration want to see both the updated bank book and the bank letter. Actually they also ask for copies of your bank book pages.

Bangkok Bank is fine for this, you just need to check with the bank that they can do the above.

You can hold the money in more than one account if you wish and have it totaled.

Beware, with CIMB Bank Fixed Deposit accounts they apparently can't 'force an update'.

As I don't work I claim back the withholding tax every year from the local tax office. You can't get the fixed deposit interest tax free, the bank takes off the withholding tax but will give you a certificate for the tax office..