800K Banking Facility.

[marshbags]

I appreciate this could be posted in another section but thought on behalf of the members it would get more attention here.

As with the information I posted last year, I would like to do likewise with the new fixed acc. I have just opened.

This one also provides free accident insurance while the acc. is active until you reach 70 years of age.

So with permission, I would like to submit the following information, hoping it doesn,t break any rules.

After last years 12 month fixed deposit acc. which was well in access of the paltry current account rates, I have now found another one that IMHO is worthwhile doing.( Last years has now expired so I had to find an alternative )

I would like to offer it for consideration to interested members to maybe check it out and apply for further details at the Kasikorn Bank.

Several members took up the last one that I also posted for anyone interested and LIke me must be pleased with the additional interim payouts it realised.

Some of whom opened new current accounts to qualify.

I,ve downloaded the basics here with the URL so it can be read in more detail.

First the url ref:-

http://www.kasikornb...xedDeposit.aspx


Part quote of the actual account :-

Happy Senior Fixed Deposit

This is a new deposit product catering to depositors aged 55 and above, especially those nearing retirement or already retired, who have a pension or savings.
This product provides higher returns than other general fixed deposit accounts.
Get a monthly interest payment for your routine spending, plus free personal accident insurance and coverage for bone fractures and accident-related medical expenses, for a leisurely life!

Key Features

•The 30-month fixed deposit product caters to depositors aged 55 and above.

•Its deposit rate is equal to the deposit rate of a 24-month fixed deposit (at the lowest deposit limits for a natural person) + 0.15 percent, p.a. or as the Bank’s announcement.

•The monthly interest will be automatically transferred to a linked savings or current account.

•Depositors enjoy tax-free interest payment (The combined interest of all types of fixed accounts must be up to 30,000 Baht per year in accordance with the Revenue Department’s regulations).

•This product offers personal accident insurance coverage equal to the outstanding balance of Happy Senior Fixed Deposit or up to 1,000,000 Baht, plus bone fracture coverage up to 10,000 Baht and accident-related medical expenses up to 5,000 Baht per accident/incident.

Unquote.


Please go to the ref url for all the details in English that I,ve downloaded.

Others may say there are more options out there but for me this is a decent return considering I used to get 0.5% while it was in my current acccount and I am very satisfied.

It can by the way like my other one be accessed anytime and should be O.K. for immigration when you go for your extention as it is similar to the last.

I,ll confirm this on my next 90 day report.

Just remember to take into account the qualifying periods 2 months for new appicants and 3 months for existing visa holders.

I did mine today and was immediately covered for the insurance.


Should in the future it doesn,t meet Imm. requirements it can be transferred back into your current acc. 3 months before renewal and you still get favourable interest

Personally if this is the case I,ll leave 100K in the fixed acc which is acceptable as a lower limit for keeping it open and move 700k to my current acc for the qualifying period, then put it back after getting my extension....no problem.

marshbags

[Asiaphile]

Thanks for the information but the link provided doesn't work.
It can be found here

[marshbags]

Thanks Asiaphile.

It worked earlier but pleased you followed up and have added a new link to it.

Cheers

marshbags

[semperfiguy]

Reading through the bank's website I discovered the following statements as pertains to opening up a new account. It seems to imply that the depositor has to be a naturalized citizen of Thailand.

*Eligible depositors must be a natural person opening an account in the name of a single person

*A copy of national ID card or other card with a photo issued by competent government authorities is required.

[BobHelm]

Only the bank will tell you for sure but I think that you are reading that incorrectly semperfiguy.

I believe that the first sentence means that it cannot be opened by a company or 'entity', only a living human.

The second sentence just shows the level of identity confirmation that they require. As far as I can see a passport would perfectly satisfy that.

As an aside though I did read that the Authorities are going to tighten up on the paperwork necessary for a foreigner to open a Thai bank account. That has all to do with money laundering though. So it looks like it will become rather more difficult in even the short term..

[semperfiguy]

Only the bank will tell you for sure but I think that you are reading that incorrectly semperfiguy.

BobHelm, you could very well be correct, but like you said, interested parties should go to the bank and confirm the meaning. When the Thais translate from Thai to English for use on their commercial websites, they oftentimes convey the incorrect meaning of their original intent.

If I were a betting man, I'd still say that foreigners are prohibited from opening the account. Hope I'm wrong!

[JimboPSM]

Reading through the bank's website I discovered the following statements as pertains to opening up a new account. It seems to imply that the depositor has to be a naturalized citizen of Thailand.

*Eligible depositors must be a natural person opening an account in the name of a single person

*A copy of national ID card or other card with a photo issued by competent government authorities is required.

My thoughts:

• .... Eligible depositors must be a natural person - i.e. a real flesh and blood person not a "juristic person" such as a corporation.
  
  .... A copy of national ID card or other card with a photo issued by competent government authorities - it is not specific on the government authorities being from Thailand, however as all Thai people carry an ID card, the fact that it mentions "other card with a photo issued by competent government authorities" leads me to believe that it would include the passports issued by the governments of most democratic countries.

I've no recent experience of opening any kind of bank account in Thailand, my account in Udon is a joint one opened over a decade ago.

[marshbags]

I used my passport and took along a signed copy of my wifes house papers in case they needed it for proof of my residence, they did not need this.

I am already registered with the branch, and they have my unchanged details in any case from opening my accounts.

marshbags

[Frankie 1]

Reading through the bank's website I discovered the following statements as pertains to opening up a new account. It seems to imply that the depositor has to be a naturalized citizen of Thailand.

*Eligible depositors must be a natural person opening an account in the name of a single person

*A copy of national ID card or other card with a photo issued by competent government authorities is required.

Most banks only require an ID and house registration book.

They distinguish between "natural person" (personal banking) and "juristic person" (business banking). A natural person can be Thai or foreigner.

Your identification: Your Passport and Thai driving licence are valid "ID cards".

I'm at SCB and have good experiences with them, so I won't change to an other bank.

[stattointhailand]

Just a "Heads Up" guys for those who tend to move their 800k around during the year.
The Udon Thani Imigration Office leaflet states:-

"5. In case of having a saving deposit account in a bank with in Thailand. The available balance must be least 800,000 Thai Baht, and has to be in your bank account for at least 3 months before your visa renewal

6. The Bank must issue a letter of verification. (Bank Statement) Stating the current balance of the saving deposit account. (Bank statement should be made the same day as application for visa extension is submitted) Copies of all pages of Saving Deposit Account Passport Book (Note; money must be in a Thai Bank.)


What is not mentioned in their leaflet is that the money has to be in the SAME account for the entire three months.
Even if you have a letter from the bank and get them to add a paragraph to the letter stating ...

Mr xxxxx has had over 800k Thai Baht deposited continually at Bangkok Bank Udon Thani Branch since xx/xx/xx (a date over 3 months before)
this is still NOT good enough for Udon Immigration.
I opened a new account 2 1/2 months ago on advice from the bank (better interest rate in new account/ old account now expired), but because my old account showed "ACCOUNT CLOSED" at the bottom Immigration will not accept that this account can be used, even if the Bank letter tells them that the money was electronically transferred and had never left the bank.

[semperfiguy]

Just a "Heads Up" guys for those who tend to move their 800k around during the year.
The Udon Thani Imigration Office leaflet states:-

"5. In case of having a saving deposit account in a bank with in Thailand. The available balance must be least 800,000 Thai Baht, and has to be in your bank account for at least 3 months before your visa renewal

6. The Bank must issue a letter of verification. (Bank Statement) Stating the current balance of the saving deposit account. (Bank statement should be made the same day as application for visa extension is submitted) Copies of all pages of Saving Deposit Account Passport Book (Note; money must be in a Thai Bank.)


What is not mentioned in their leaflet is that the money has to be in the SAME account for the entire three months.
Even if you have a letter from the bank and get them to add a paragraph to the letter stating ...

Mr xxxxx has had over 800k Thai Baht deposited continually at Bangkok Bank Udon Thani Branch since xx/xx/xx (a date over 3 months before)
this is still NOT good enough for Udon Immigration.
I opened a new account 2 1/2 months ago on advice from the bank (better interest rate in new account/ old account now expired), but because my old account showed "ACCOUNT CLOSED" at the bottom Immigration will not accept that this account can be used, even if the Bank letter tells them that the money was electronically transferred and had never left the bank.

Just another example of the narrow mindedness of the typical Thai and their complete inability/unwillingness to think outside the box and use their heads for anything more than a hat rack!

[Frankie 1]

Just another example of the narrow mindedness of the typical Thai and their complete inability/unwillingness to think outside the box and use their heads for anything more than a hat rack!

Who is narrow minded here? "Typical Thai"? Immigration in many Farang countries are a lot worse. Compared to immigration in many Farang countries, the Thais are extremely easy and reasonable.

You just have to stick yo the rules, then you won't have a problem, 3 months is 3 months and not two and a half.

...and of course in the same account.


"5. In case of having a saving deposit account in a bank with in Thailand. The available balance must be least 800,000 Thai Baht, and has to be in your bank account for at least 3 months before your visa renewal.

It doesn't say multiple accounts.

[stattointhailand]

And it certainly doesn't say that it must be in only one either.

They were BOTH "my bank account" which the covering letter from the bank made perfectly clear.

[Frankie 1]

And it certainly doesn't say that it must be in only one either.

They were BOTH "my bank account" which the covering letter from the bank made perfectly clear.

Yes you had more bank accounts (plural) during the three months.

the requirement states: "...in your bank account for at least 3 months..." (that's bank account and it's singular and not plural)

You didn't leave the money in your bank account for 3 months because you took the money out of that account and transferred it to another account during those 3 months.

Some people insist on making simple things and simple rules difficult.
if you can't understand a very simple rule, then good luck with the rest of the procedure :-"

[redwolf]

unfortunately the certifying officials don't function well because they are part of a system which punishes critical thought and initiative. they govern themselves accordingly and at the inconvenience of the petitioner.

as such, a safe bet next time around is to keep it all in one account with the same ID#. -primarily so they don't have to fill out or accept a form or sign/stamp/attest for something where the space for one specific datum is filled with two entries. it's the same in US Immigration and other countries & govt systems, where the line stipulating compliance of a specific condition only accepts one entry (same in their databases), and said entry is limited to less than 10 digits.

your case falls into the same category as literally thousands of others spread across all provinces in this respect. it's actually a shame, -as you have the money and got hit with a technicality that in most civilized cultures is simply uncalled for.

in any event wishing the best of luck for you Statto and hope it all turns out OK going forward. [-o<

[plumbers]

Today i visited immigration with a view to renewing my retirement visa , The police man read my letter from my bank with my bank statement (todays balance) looked at my pass book with the same balance , then went through my other documents then got all my paper work together in a nice bundle and said sorry no visa ! because pass book shows the same balance but not todays date, i explained the book is up dated every six months to add my interest ,the letter today from the bank shows todays balance which is the same , they cannot work out the interest in between dates , sorry no can do you have to show balance on pass book , so there we are no visa for me even though it was good enough for my previous retiement visas . Things can go pear shape very quickly in Thailand as rules change very quickly some thing i have learnt today. Im posting today just in case any one else falls into the same snare as me , the reason i had the account was a little more interest on my other wise dead 800000 baht .

[jackspratt]

Just a guess, but could the Immigration position be that your bankbook does not show an 800k balance for the past 3 months?

[kjellsnell]

Letter and book must be updated ..........

[rct]

Go to the bank at 08h30, update the passbook and get the letter, then go to immigration, same day.

[plumbers]

My pass book shows never been less than 800000 bahts since i opened over two years ago , the problem is interest is paid every six months ,the last interest payment december 2012 , the bank today up dated my book but it shows december when the interest is due , they gave me a letter stating 800000 bahts for the last four months and stating my balance today.
Never been a problem before but this guy is saying he wants to see todays date on my pass book. the bank are telling me they cannot do this as i said interest is added every six months , like i said never a problem before until today.