Savings deposits are payable at sight upon request. The deposits are exempted from government income tax. Savings deposits pay interest twice each year in late March and late September. Interest is computed daily based on the amount outstanding. To open the deposit account requires a minimum of 50 baht, further deposits may be for any amount. Depositors can withdraw their deposits without any restriction. There are two types of these accounts, one with a passbook and one without a passbook.
The current account is payable at sight upon presentation of a withdrawal check. This type of account pays no interest. To open this account requires a minimum deposit of 10,000 baht, further deposits may be for any amount as required. After withdrawal the outstanding deposit must be at least 200 baht.
Special Savings Deposits
These deposits are payable at sight upon request. The deposits are exempted from government income tax and yield a high return. Interest is paid twice each year in late March and late September. The first deposit requires a minimum of 1,000 baht. Each further deposit and withdrawal must be for at least 1,000 baht. Depositors can withdraw their deposit once a month free of charge. For additional withdrawals the depositor will pay a fee of 1 percent of the amount withdrawn but at least 500 baht. The outstanding balance must be at least 1,000 baht, otherwise the interest paid will be reduced to the normal savings deposit rate.
Om Sap Thawichoke Savings Deposits
This type of deposit is payable at sight upon request. The deposits are exempted from government income tax. Interest is paid twice a month in late March and late September. The interest is computed daily based on the balance outstanding. The first deposit must be at least 50 baht, further deposits may be for any amount. Besides earning interest, depositors have a chance to win prizes in the form of items such as motor cars, motorcycles, gold, televisions, refrigerators, radios, etc. based on three lucky draws each year. The prizes are drawn once every six months at the regional level and once a year at the national level. To be eligible for each draw, accounts must have a balance of at least 2,000 baht over the preceding three months. Depositors will have an additional prize-drawing card for each additional 2,000 baht of their deposits.
This type of deposit is for a fixed period of 3, 6, or 12 months. Interest is paid at the end of the maturity period. Opening an account and each following deposit require a minimum of 1,000 baht. Time deposit accounts may be with or without passbooks.
Additional Deposit Services
Additional Deposit Services include the following:
- Special services to help Thai Muslims to make a pilgrimage to Mecca
- Personal Accidental Insurance Service
- Health Insurance Card Service
- Funeral Aid Service