Bangkok--16 Sep--Thanachart Bank
Thanachart Bank has launched a new product called “Tax-free Term Deposit for the Very Rich”. The product pays an interest rate of up to 3.50 percent per annum which is higher than those offered by most tax-exempt term deposits in the market. Its target audience includes workers who earn a regular income as well as savers who not only want to save money for the future but also receive a high tax-exempt interest rate. The minimum initial deposit required to open the account amounts to 1,000 baht while the maximum initial deposit amount shall not exceed 25,000 baht.
Mr. Praphan Anupongongarch, Executive Vice President of Thanachart Bank Public Company Limited, said “We have launched a new product called ‘Tax-free Term Deposit for the Very Rich’ which offers higher interest rate than most tax-exempt deposits in the marketplace. The product serves as an attractive alternative for those who plan for the future by saving every month. This type of deposit requires depositors to deposit the same amount of money each month for 24 months. The monthly minimum deposit amount is 1,000 baht while the monthly maximum deposit amount is 25,000 baht. The monthly deposit of 1,000 to not more than10,000 baht will receive an interest rate of 3.20 percent per annum while the monthly deposit of 10,000 baht or more will received an interest rate of 3.50 percent per annum. The interest received by the depositors is fully exempt from income tax. In addition, during the campaign to promote the new product, savers opening a new account with the Bank and depositing 15,000 baht or more each month will receive a free facial treatment coupon worth 7,000 baht from Pan Clinic. The offer is valid until September 2014.”
Depositors of the new product “Tax-free Term Deposit for the Very Rich” are required to apply for the Bank’s service to automatically transfer the fund from their linked savings account throughout the deposit period. With the hassle-free service, depositors do not have to travel to the Bank every month to make the deposits. The objectives are to provide the depositors with convenience and to prevent the depositors from losing their tax-exempt status as a result of forgetting to fulfill the monthly deposit requirement in any month.