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Answered6 years ago

Can I use a fixed deposit account for the 800k requirement for a Non-OA extension in Thailand?

Jerry **********
asked Nov 16, 2020
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Hi... regarding 800k in bank account for Non O-A extension... Does it have to be in a transactional account or could I put it into a fixed deposit... I won't be drawing any funds from it and see it as an opportunity to get at least a little bit of interest... Thanks for all the excellent information...
Answer summary
The question concerns the requirement of maintaining 800,000 THB in a bank account for a Non-O-A visa extension in Thailand, specifically whether the funds need to be in a transactional account or if they can be kept in a fixed deposit. Responses from the community emphasize that fixed deposits are generally not allowed unless they offer immediate access to funds without loss of principal, distinguishing them from traditional term deposits. It is advisable to consult with local immigration offices for the most accurate guidance.
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John *********
John *********
SCB current ac will pay you 2%
Jean-Louis *********
Jean-Louis *********
There are two types of fixed deposit accounts:

- one is the withdrawal is possible at any time: this is accepted

- the second is a fixed account where the deposit is blocked several months (ie: 6 months). This one bears often a better interest but is not accepted.
Tod *********
Tod *********
What
@Jean-*****
said (y) ..

No matter what your immigration office might be telling you a fixed deposit account OR a foreign currency account IS acceptable.

What is not acceptable is a "term deposit" account where you put the money in and can't access it for the duration of the term.

Know what account you're getting when you open it :)
Alex ******
Alex ******
Fixed deposits are not even that convenient. Just open a high interest savings account
Alex ******
Alex ******
yeah I was about to ask this question eheh but only your local immigration office truly knows. Copying the bank book is mandatory usually, and so boring, you are right. Last year I had to bring 2 years copies!!
George *************
George *************
@Al ****
That's not a bad idea. For example, Krungsri Bank offers a Mee Tae Dai Savings Account currently paying 1.00 % annual interest paid monthly, which could be raised if interest rates go up (it's a floating rate). Other than the slightly higher interest rate it's basically the same as a regular savings account except it restricts you to two free withdrawals per month (you have to pay 50 baht for each withdrawal in excess of that). Once you set up the account you don't have to do anything so it is convenient as compared to fixed deposit accounts which mature and have to be reinvested.
Alex ******
Alex ******
@George ************
I just opened the EZ account with SCB. Fully digital but I'm not going to use it for my visa. They promise 1.5% but it can change.
George *************
George *************
@Al ****
Nice rate, but probably a good idea not to use it for the extension. Phuket Immigration always wants copies of my passbook in addition to the bank letter and bank stamped account statement. Not sure if not having a passbook would be a problem.
George *************
George *************
The two requirements are that the amount is immediately available for withdrawal and that there be no possibility of a fluctuation in the value of the principal (that is the 800,000 is not subject to market risk). Fixed deposit accounts are fine as long as you can withdraw immediately at any time with no loss in principal (loss of interest is acceptable). This has been my experience obtaining my annual retirement extension of stay over the last seven years in Phuket.

You should confirm if this is acceptable with your local immigration office.
Owen *******
Owen *******
Fixed deposits are allowed as long as it is a type where your money is not locked in (i.e. available on demand ). I have a normal savings account with the Bangkok Bank and another 12 month fixed account with the THB800K that I don't touch.
Martin *********
Martin *********
I opened 2 current accounts with BKK bank .. one I use for day to day the other I just leave the 800k in there permanently... well for as long as I can .. 5+ years now ..
Owen *******
Owen *******
You do get interest on your savings and the Bank even deduct withholding tax unless you have registered for Thai tax. But I agree with
@Martin ********
that with the current low rates it's hardly noticeable.
Jerry **********
Jerry **********
OP
@Martin ********
do you get any interest on positive balance with BKK?
Martin *********
Martin *********
@Jerry *********
no 🤷🏽. Not noticeable anyway
Greg ********
Greg ********
Mine is sitting in current account with Krungsri @1.5%, I use a different account for day to day. Did my extension this week no questions asked
Willi *******
Willi *******
Fixed deposit is NOT allowed.
Guenter ********
Guenter ********
Yes Benny ... never ever a question on this FDA for the last fifteen years. Mine is in USD & THB.
Benny *********
Benny *********
For the last 7 years I have used fixed accounts with no problems from immigration in Bangkok.
Bobby ********
Bobby ********
@Willi ******
. It is if the money is accessible. The bank can give you a letter to this effect if it is necessary.
Willi *******
Willi *******
@Bobby *******
I asked at Chonburi immigration and was told a fixed deposit bankbook is not accepted.
Willi *******
Willi *******
Bobby ********
Bobby ********
@Willi ******
. It depends if the money is accessible.
James ********
James ********
Ask your local immigration office to be sure.

Normally the funds need to be deposited in your name only in an on demand savings account.

Not in a certificate of deposit CD bank account.

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