Tax Free Account
Details
A tax-free account is a savings account designed to encourage and promote savings discipline, enabling retail clients to accumulate a lump sum of money easily by depositing the same amount every month for a selected deposit period of 24 or 36 months. Clients will receive full interest, tax-free, upon the completion of the deposit period.
Benefits and Highlights
- Deposit interest is exempt from tax according to the Revenue Department's criteria.
- A high fixed interest rate is paid throughout the deposit period of 24 or 36 months.
- Savings can be made regularly in equal monthly amounts, with a minimum deposit of just 1,000 Baht per month.
- Deposits can be made conveniently and free of charge at over 1,400 Thailand Post offices.
- Clients can apply to receive the statement via email, free of charge.
Terms of Service
- This account is for individual depositors, and each depositor can open only one account.
- For the 24-month Tax-Free Account, the deposit amount ranges from 1,000 to 25,000 Baht, with the same amount deposited each month as when the account is first opened. The total deposit amount at maturity must not exceed 600,000 Baht.
- For the 36-month Tax-Free Account, the deposit amount ranges from 1,000 to 16,500 Baht, with the same amount deposited each month as when the account is first opened. The total deposit amount at maturity must not exceed 600,000 Baht.
- The interest rate is fixed throughout the deposit period, and the Bank pays interest when the selected deposit period matures.
Interest Payment
- The Bank will pay interest when each deposit matures.
- In the event that the deposit has reached its maturity date or the deposit period has ended, and the depositor has not yet withdrawn or closed the account, the Bank will pay interest at the savings deposit rate for the deposit period, calculated from the maturity date until the date the depositor closes the account, along with withholding tax on the interest received. However, account closure can only be done at the branch where the account was opened, and the closure must be done in person.
- If the account is closed before completing a deposit period of 3 months, no interest will be paid.
- If the account is closed after 3 months or more, the Bank will pay savings interest according to its announcement, based on the actual deposit period, and withholding tax will be applied.
- If there are no more than two missed deposits, whether consecutive or non-consecutive, and the client continues to deposit for 24 or 36 months (based on the selected deposit period), it will not be considered a breach of conditions. The Bank will provide a tax-free deposit interest rate, exempt from tax.
- If there are more than two missed deposits, whether consecutive or non-consecutive, and the client continues to deposit for 24 or 36 months (based on the selected deposit period). The Bank will provide a tax-free deposit interest rate, after deduction of withholding tax.
- Tax-free deposit interest rates are in accordance with the Bank's announced interest rates.
Supporting Document for Account Opening
บุคคลธรรมดา
- National ID card
Remark :
- Closing an account: Accounts can only be closed in person at the branch where the account was opened.
- The Bank reserves the right to amend the conditions in accordance with its announcements.
- Deposit interest rates, fees, and other services are subject to the Bank's announcements.
- The deposit is protected by the Deposit Protection Agency, up to the amount specified by law.
Product Details
FAQ
Each depositor can open only one account. Depositors are allowed to open only one tax-free account across all deposit periods that are exempt from interest tax (across all banks combined).
The account will not be automatically renewed.
The bank will calculate and pay interest based on the savings deposit interest rate, from the maturity date until the date the account holder closes the account. Interest received will be subject to withholding tax at the rate prescribed by law. The customer must be closed account in person at the branch where the account was opened.
1. Bank branch channels
2. Bank ATM channels
3. Automatic deposit via linked bank account transfer service (up to 7:30 PM)
4. Thai Post channels, By provide national ID card and inform tax free account number
5. Alpha by Thai Credit deposit channels (available from 7:00 AM to 9:00 PM)
- If your savings account remains inactive for 1 year or more (calculated as 365 consecutive days), the account will be classified as a Dormant Account. The bank will send a notification letter to the address you provided, advising you to contact the bank to reactivate your account.
- Once your account is classified as a Dormant Account and the balance falls below 500 Baht, a monthly maintenance fee of 50 Baht will be charged. If the fee deductions reduce the balance to 0 Baht, the bank reserves the right to automatically close the account.
- Notify 1 day in advance before 3:30 PM.
Tax Free deposit account can not withdraw by proxy.Since early withdrawal is not allowed before the maturity date, the account must be closed in order to withdraw funds, and the account holder must close the account in person.
Change of personal information should be proceeded in person, authorization is not allowed.
- Change of Name -Surname; You can request to change your information in person at the branch where the account was opened.
Requested document- National ID card
- Certificate of First Name - Surname Change
- Deposit account passbook
- For other cases, such as phone number, address, or email address, you can request to change your information in person at any branch.
Requested document- National ID card
- Deposit account passbook
The account holder must contact the branch where the account was opened in person. (Authorization is not allowed.)
Required documents:
- 01 National ID card
- 02 Police report (an online police report is acceptable)
Estate Administrator must be process at the branch where the account was opened in person. Authorization is not allowed.
Required documents:
01 Court Order Appointing the Estate Administrator
02 Certificate of Case Finalization
03 Death Certificate of the Deceased
04 Deposit Account Passbook
05 National ID Card of the Estate Administrator
06 National ID Card of the Deceased
07 Household Registration Document of the Estate Administrator
08 Household Registration Document of the Deceased
The guardian appointed by the court must be process at the branch where the account was opened in person. Authorization is not allowed.
Required documents:
- Court Order Appointing the Guardian (for the individual declared legally incompetent by the court)
- National ID Card of the Guardian
- Household Registration of the Guardian
- National ID Card of the Legally Incompetent Individual
- Household Registration of the Legally Incompetent Individual
- Deposit Account Passbook
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