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Good news for those having money in Thai banks


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So why don't you mind your own business, then?

5 or 50 millions, i have 500 baht in the bank so this news does not apply to poppers like us...

Until now, there was a 5 million baht government guarantee on deposits, valid until August 2020.   After that, the guarantee was going to be reduced to only 1 million baht.   But t

7 Apr 2020

The Cabinet has approved the extension of the period to enforce the coverage of 5 million baht.

 

 

        At the Cabinet meeting on 7 April 2020, a resolution was passed to approve the extension of the enforcement of deposit protection limits in the amount of 5 million baht from 10 August 2020, extended to 10 August 2021 due to The coronary epidemic situation in 2019  has been announced by the World Health Organization as a global pandemic. And has a wide impact on many countries, both economically and socially. Including causing fluctuations in the financial markets, capital markets and financial systems around the world, including Thailand 

        Therefore, in order to resolve the effects of the corona virus outbreak in 2019 and maintain the confidence of depositors. Which

will strengthen the stability and stability of the financial institution system and the economy as a whole Therefore extend the period for enforcement of deposit protection limits With details as follows

Deposit protection limit

Duration

Set deposit protection limits

Present until 10 August 2021

Amount of 5 million baht

From Aug 11, 2021 onwards

Amount 1 million baht

 

        This extension of deposit coverage will build trust among depositors during the current situation. And makes depositors confident about using the financial institution's services normally With coverage limit of 5 million baht per person per financial institution Covering depositors up to 99.65% of the total number of depositors in the system (as of 31 December 2019) and at present, Thai financial institutions are closely supervised by the authorities 

        Mr. Songpol Chiwapanyarot The director of the Deposit Protection Agency said that this extension of the coverage limit Is a safeguarding of the interests of depositors The Deposit Protection Agency will look after the interests of the depositors to the best of their ability. In order to overcome this crisis together 

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7 minutes ago, topt said:

@Brunolem thanks for the heads up but why no citation/reference?

 

@marioc thanks for the English text but again do you have a reference for it please - thanks.

My reference is the Bangkok Bank who sent me the information this morning.

 

I don't know if there is an official publication yet...

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55 minutes ago, wobblyjohn said:

Obviously they are worried it would cause a run on the banks

Maybe now is the time to move  your money before they change their mind 

Because of the baht against other currencies you could make a few quid let the baht crash and take it back later 

move your money to where ? gold? bitcoin ? stocks ? we know we cannot own land...

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6 hours ago, Brunolem said:

This is probably to reassure those, like myself, who have some worries about the coming financial crisis...

Why would you keep that much money at 1% in the bank?  Wow you are rich, thanks for letting me know.

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14 minutes ago, EricTh said:

Is it 1 million baht per bank account or 1 million baht per person?

 

What if someone has more than 1 bank account in different banks?

When you open a Bank account you use your ID, Passport you have one, passport ? Or maney.....

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2 hours ago, marioc said:
7 Apr 2020

The Cabinet has approved the extension of the period to enforce the coverage of 5 million baht.

 

 

        At the Cabinet meeting on 7 April 2020, a resolution was passed to approve the extension of the enforcement of deposit protection limits in the amount of 5 million baht from 10 August 2020, extended to 10 August 2021 due to The coronary epidemic situation in 2019  has been announced by the World Health Organization as a global pandemic. And has a wide impact on many countries, both economically and socially. Including causing fluctuations in the financial markets, capital markets and financial systems around the world, including Thailand 

        Therefore, in order to resolve the effects of the corona virus outbreak in 2019 and maintain the confidence of depositors. Which

will strengthen the stability and stability of the financial institution system and the economy as a whole Therefore extend the period for enforcement of deposit protection limits With details as follows

Deposit protection limit

Duration

Set deposit protection limits

Present until 10 August 2021

Amount of 5 million baht

From Aug 11, 2021 onwards

Amount 1 million baht

 

        This extension of deposit coverage will build trust among depositors during the current situation. And makes depositors confident about using the financial institution's services normally With coverage limit of 5 million baht per person per financial institution Covering depositors up to 99.65% of the total number of depositors in the system (as of 31 December 2019) and at present, Thai financial institutions are closely supervised by the authorities 

        Mr. Songpol Chiwapanyarot The director of the Deposit Protection Agency said that this extension of the coverage limit Is a safeguarding of the interests of depositors The Deposit Protection Agency will look after the interests of the depositors to the best of their ability. In order to overcome this crisis together 

Looks like coronary and corona could easily be misdiagnosed here 🤔

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21 minutes ago, EricTh said:

Is it 1 million baht per bank account or 1 million baht per person?

 

What if someone has more than 1 bank account in different banks?

its still 5 million so unless you have more than that I would not worry any more than normal..........

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31 minutes ago, EricTh said:

Is it 1 million baht per bank account or 1 million baht per person?

 

What if someone has more than 1 bank account in different banks?

It is 5 million baht per bank. 

 

So if you have, say, 6 million baht in 2 accounts, in 2 different banks, you are covered... until August 2021...

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32 minutes ago, EricTh said:

Is it 1 million baht per bank account or 1 million baht per person?

 

What if someone has more than 1 bank account in different banks?

It is 1 million baht per account.
If you have more than that you can legally open more accounts in different banks.

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Just now, Geordieabroad said:

Is this 5 million guarantee per account or per person?

Of course until August 2021 it will be 5 million per account. As I just posted, you can split your assets in different accounts of different banks in order to be covered.
 

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