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BANGKOK 22 April 2019 20:57
leverito

800.000 - Can it be in a fixed deposit account?

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Hello everybody,

does anybody know if 800.000 amount should be deposited in a bank savings account only or can be placed also in a fixed deposit account?

If this amount can be deposited only in a savings account then Thai banks will be happy to get absolutely free billions of baths... 

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Yes it can be in fixed deposit account, but make sure it is one here you can withdraw with loss of interest.  I always do this. It saves getting mixed up with daily money.

Edited by CRUNCHER
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2 minutes ago, CRUNCHER said:

Yes it can be in fixed deposit account, but make sure it is one here you can withdraw with loss of interest.  I always do this.

Exactly. Just to add "loss of interest" ONLY....no other bank charges. Like cruncher..exactly what I will do in future.

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I have used the "fixed deposit " for about nine years, but the new(ish) io's (for about four years now want bank statements too.

 

The first couple of times I had to drive 3/4 of an hour back to the bank to get it 😡

Nong Khai

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Sorry for these very basic questions, but I have never had a fixed deposit account here in Thailand  - but now find it interesting to have one for my retirement extension.

 

For a fixed deposit - what do you bring to Immigration as proof? I mean there are no or very few movements (interest being added) on the account - so how to show an updated account?

 

..and how do you prove to immigration that there would be no penalties in case of withdrawals (except loss of interest)

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As mentioned in one of the other IMM threads vis-a-vis the new regulations, I previously used a bank deposit for my THB800k application at Chaengwattana, but it was problematical, as the IO did not seem familiar with a "fixed deposit", but only with a passbook savings account. Things may have changed at CW in recent years, so I would be interested in knowing from anyone with that experience, whether Fixed Deposits are an acceptable method. 

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You might have a problem opening a fixed account.

I have had a savings account at SCB for 14 years.

Also a number of fixed accounts over the years.

When I went last week to open another fixed account they refused unless I returned with my Wife who had to provide her ID card and tabien baan.

 

Looking on their website it says that you need a Work Permit to open one.

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7 minutes ago, Kerryd said:

I've been using Fixed Term deposits for years (7+) with NO problems of any kind.

Immigration at Jomtien has never had a problem as long as the bank book is updated (within a day - or if it's updated on Friday and you are in first thing Monday morning) and you have the bank letter.

 

 

Sorry, but a bit confused here. How does your fixed deposit get processed through a "bank book"?

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4 minutes ago, samtam said:

Sorry, but a bit confused here. How does your fixed deposit get processed through a "bank book"?


When you open a Fixed Term account, they give you a bank book (but not an ATM card). Some may call it a "pass book". It shows the amount deposited and the date. The day before I go for my extension I go to a bank branch and "update" the book, then photocopy the page that shows balance and new date.

 

777254394_BangkokBankbooks.thumb.jpg.ec1c3e3c2c76545cd69b5e21d2557e9f.jpg

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34 minutes ago, JH1967 said:

Sorry for these very basic questions, but I have never had a fixed deposit account here in Thailand  - but now find it interesting to have one for my retirement extension.

 

For a fixed deposit - what do you bring to Immigration as proof? I mean there are no or very few movements (interest being added) on the account - so how to show an updated account?

 

..and how do you prove to immigration that there would be no penalties in case of withdrawals (except loss of interest)

You get a letter from the bank stating the amount t a d how long you've had it.

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13 minutes ago, Justin Side said:

You might have a problem opening a fixed account.

I have had a savings account at SCB for 14 years.

Also a number of fixed accounts over the years.

When I went last week to open another fixed account they refused unless I returned with my Wife who had to provide her ID card and tabien baan.

 

Looking on their website it says that you need a Work Permit to open one.


Actually, looking at SCB's website - it has the same requirement to open any kind of account

("Identity Verification

ID card (A foreigner using a passport and work permit,"). 
That's noted at the bottom of all the different account types it seems except for the EZ Savings "ePassbook" account.
(Lol - they must be screwed up. With that account they offer 1.2% interest on deposits of 1 to 1,000,000 baht, but if you have more than 1 million they drop the rate to 0.5% for any amount over 1 million. So if you have 3 million deposited, you'd get 1.2% on the first million, but only .5% on the other 2 mil !!)

 

 However, other banks have different rules, and even other branches of the same bank can have different rules.

 

Bangkok Bank (for example) doesn't require a work permit:
https://www.bangkokbank.com/en/Personal/Save-And-Invest/Save/Fixed-Deposit-Account



 

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20 minutes ago, Kerryd said:


When you open a Fixed Term account, they give you a bank book (but not an ATM card). Some may call it a "pass book". It shows the amount deposited and the date. The day before I go for my extension I go to a bank branch and "update" the book, then photocopy the page that shows balance and new date.

 

777254394_BangkokBankbooks.thumb.jpg.ec1c3e3c2c76545cd69b5e21d2557e9f.jpg

I have been doing the same for several years now. But I do ask the bank to list  both my fixed deposit (800K) and my savings account balances on the letter and provide copies of the pages of both as they do like to see some activity on the accounts. Never had a problem.

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