Bangkok--25 Aug--TMB Bank
Offers one of a kind feature with special interest rate that escalates every six months and a total flexibility in withdrawing full amount prior to maturity
Expects 40,000 new accounts by the end of the year
TMB Bank Public Company Limited or TMB announced the launch of TMB Up & Up Term Deposit account, the only term deposit product in Thailand unlike others, that provides customers with an option of attractive interest rates together with the freedom to withdraw the deposited amount prematurely while still offering interest rate in accordance to the depositing periods.
Mr. Michal Szczurek, TMB Chief Retail Banking Officer, said, “The launch of TMB Up & Up Term Deposit is part of TMB’s deposit-led strategy to expand on quality retail customer base by offering innovative deposit products that have been designed based on TMB’s customer understanding and ‘Customer Centricity The TMB Way’ strategy which aim to optimize customer satisfaction. TMB is targeting 40,000 new accounts for TMB Up & Up Term Deposit by the end of this year.”
Dr. Sutapa Amornvivat, Executive Vice President, Head of Risk Analytics and Research Group of TMB, said, “According to Thai household income and expense survey, there remains a significantly large group of Thais who choose not to have a deposit account because they feel that the available products do not meet their needs. Further analysis indicates that economic uncertainty eventually will bring about more unstable income to Thai households. People will seek a saving product that helps answer their demand for low risk while offering high liquidity. Term deposit and savings account, thus, become an attractive choice for savings.”
Mr. Szczurek further said, “Fixed or term deposit products in general force the customers to leave their savings locked for the entire depositing period and if the customers withdraw before maturity, they will not receive any interest or only earn a minimum interest rate of about 0.5% p.a. of standard savings account. This condition, therefore, becomes a barrier to some customers because they feel that the tenure is too long and inflexible if they happen to have to withdraw the money along the way. Thus, TMB Up & Up Term Deposit allows customers with greater flexibility and freedom to withdraw their money prematurely whenever they need while still enjoying an attractive interest rate that escalates every 6 months up to 4.25% p.a. TMB believes that this is fair to customers because they deserve it.
TMB Up & Up Term Deposit is a 24-month term deposit product with interest paid quarterly into customer’s savings or current savings account. The minimum depositing amount is 25,000 Baht and maximum of 30 million Baht.
“TMB Up & Up Term Deposit is the third major product that TMB has launched for its retail customers this year following last July launch of TMB Flexi Home Loan which is a home loan product readily equipped with O/D, and TMB No Fee Savings Account launched in May, a savings account that waives various fees when customers perform transactions via TMB Electronic Banking. All the three products reinforce TMB’s determination to become a key market mover of financial innovations in line with its customer-centric strategy,” said Mr. Szczurek.
Interested customers who wish to open TMB Up & Up Term Deposit account may contact any of 483 TMB branches nationwide from today onwards.
Interest Rates
Interest Rate TMB Up & Up Term Deposit Other term deposit products
(p.a.) Withdrawal before maturity
Withdrawal at maturity Withdrawal before maturity
Month 1-6 0.75% 0.75% 0.50%
Month 7-12 1.25% 1.25% 0.50%
Month 13-18 1.75% 1.75% 0.50%
Month 19-24 4.25% 4.25% 0.50%
TMB Bank Public Company LimitedFounded on 8 November 1957, TMB Bank pcl operates as a commercial banking business under a license granted by the Ministry of Finance, and with consent given by the Bank of Thailand. It also operates a securities business licensed by the Ministry of Finance and agreed to by the Securities Exchange Commission.
The Bank aims to respond to the needs of its clients through its 486 branch network, 108 foreign exchange centers, 2,108 ATMs, as well as electronic banking systems. Its business encompasses commercial banking, offshore banking, investment banking, and other businesses as permitted by the regulatory authorities, including acting as an insurance agent for its alliance insurance companies.
Listed on the Stock Exchange of Thailand, the Bank is the sixth largest bank, by total assets, in Thailand. As at 30 June 2009, its total assets are valued at Bht 568,744 million.
www.tmbbank.com
TMB Bank: Better Partner, Better Value
For further information please contact:
Paradai Theerathada
Tel: +662 299 1126-7
Email: [email protected] or
Tel: +66 2 299 1061
+66 85 813 3020
[email protected]