Thai bank deposit protection cut to THB1 million from Aug 11


BANGKOK (The Nation/ANN): Thailand’s Deposit Protection Agency (DPA) said on Wednesday (Aug 4) that from Aug 11 onwards, it will only provide protection for 1 million baht per account holder instead of 5 million baht.

The new rate will cover 82.07 million account holders at 35 financial institutes, equivalent to 98.03 per cent of all account holders in the banking system,” DPA director Songphol Chevapanyaroj (pic) said.

As of May 31, DPA had 83.72 million account holders under its protection, up by 1.62 per cent or 1.33 million accounts compared to the end of last year.

“Of the new account holders, 97 per cent have less than 1 million baht in their accounts. Deposits under DPA’s protection add up to 15.28 trillion baht, up by 2.33 per cent or 347.9 billion baht from the end of 2020,” he added.

DPA offers protection to both Thai and foreign individuals and juristic persons who hold accounts in the Thai currency in any of 35 financial institutions.

The institutions covered include 18 commercial banks, 12 foreign banks with branches in Thailand, two finance companies and three credit foncier firms.

Deposits covered include current account, savings account, fixed deposit, deposit card and deposit receipt.

“Protection will only be provided to accounts in the baht currency. In case a financial institution gets its licence revoked, the account holder will get their money back within the sum covered within 30 days,” Songphol said. - The Nation/Asia News Network

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 46
Cxense type: free
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights

Thailand , bank , deposit , rate

   

Next In Aseanplus News

Ringgit to stabilise against the US dollar next week
Number of Hong Kong private and semi-private schools increasing tuition fees nearly doubles
EU unveils Indo-Pacific strategy, and admits US’ new ‘Aukus’ alliance came as a surprise
Evergrande says six execs redeemed investment products in advance
JKJAV: 238,002 Covid-19 vaccine jabs given on Friday (Sept 17)
Asean News Headlines at 10pm on Friday (Sept 17)
Singapore: 934 locally transmitted Covid-19 cases in country, highest since April last year - only one imported case on Friday (Sept 17)
Indonesia to reopen Bali for international visitors in October as govt announces 3,835 new Covid-19 cases on Friday (Sept 17)
Thailand govt eyes wider opening of economy as it reports 14,555 new Covid-19 cases on Friday (Sept 17)
Philippines take more virus measures as country logs 20,336 new Covid-19 cases and total rises to 2,324,475

Stories You'll Enjoy


Vouchers