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Answered5 years ago

What should I do if the balance in my fixed deposit account shows as 0 during immigration checks in Thailand?

Graham *********
asked Jan 20, 2022
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I am on a retirement visa and have 800,000 baht in a Thai bank in a one year deposit account. I have never touched it, just keep renewing it for a further one year every 12 months. However, on my last visit to immigration the officer was not happy as on the day when the deposit finishes the balance in my bank account is entered as 0 and then back up to 800,000 baht as I carry it forward for another year. This takes a few seconds and the money never leaves my account. Has anyone had a problem with this, any suggestions to stop it happening again.
Answer summary
The user faces issues during immigration checks due to their fixed deposit account showing a balance of 0 at maturity, even though the money is re-deposited immediately. The community offers suggestions to switch to a regular savings account that avoids this problem by providing constant balances without gaps. Several users discuss their experiences with different banks and accounts that have worked better for their retirement visa requirements.
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Max *******
Max *******
Was it at Chiang Rai Immigration?
Graham *********
Graham *********
OP
@Max ******
No, Samut Prakan
Joanne ************
Joanne ************
Following
Nick **********
Nick **********
I use a kasikorn fixed time deposit and when it matures it renews without dropping to zero in between. Works very well as my dedicated retirement extension account.

Only need to deposit or withdraw 1000 baht on the day of applying for my retirement extension of course.

So I guess it depends on which bank uses which technique at maturing.

Which bank do you use ?
Graham *********
Graham *********
OP
@Nick *********
I have a Time Deposit Account with the Krungsri Bank. When it matures the bank teller ends that term and you get a balance in your bank book at that moment of 0, just for a few seconds. The teller then re-enters it as 800,000 deposit for a new term. The IO only sees the 0 balance. I have now deposited a further 400,000 baht, so I have 1,200,000 balance. When the 800,000 matures it will still show a balance of 400,000 for those few seconds, the minimum allowed.
Kool *******
Kool *******
Normally they don't accept fixed deposit accounts
ᘻᗅᖶᖶᗁᕦᙛ *******
ᘻᗅᖶᖶᗁᕦᙛ *******
Glad I have a pension
Frank ************
Frank ************
Why would you not just put a few hundred in the account each month ????
Janin ******
Janin ******
Same here, so we put 100 baht 3 months before on that account and than it’s ok. They don’t understand that is the balance is the same year after year ….and still the same 800…, they want to see the movement …
George *************
George *************
Use Krungsri Bank's Mee Tae Dai Savings Account (currently paying 1.0% APR interest) instead. Advantages: it's a savings account so never matures, renewing is not an issue. It's a regular savings account so if you register your Thai Tax ID with the account you don't get tax withheld on your interest earned (at 15% from the first baht earned). That means you don't have to file a Thai Personal Income Tax return every year to get back your tax withheld because tax is always withheld (15%) on fixed deposit accounts.
Tim *******
Tim *******
@George ************
how do you get this thai tax id
George *************
George *************
@Tim ******
Go to your local Thai Revenue Department. Ask for a Thai Tax ID Card (about the size of a credit card but printed on paper). They may/will ask why you need one. Filing a Thai Personal Income Tax Return (PIT-90) in order to claim a refund of your tax withheld from interest earned from a Thai bank account is a legitimate and sufficient reason to be given a Thai Tax ID Card.

(If you have had tax withheld on interest earned go to your Thai bank and get the Tax Withholding Certificate that documents how much interest you earned and how much tax was withheld (usually 15%). Many people are getting these now from the bank as the tax year just ended in December. If they don't understand what you want ask for an aek-ga-san paa-see (tax document) and show them the entry in your passbook where tax has been withheld. Take this tax withholding certificate with you to visit the Revenue Dept and it will be the perfect answer to the question about why you want a Thai Tax ID Card (to reclaim the tax that was withheld).

They can even help you fill out a Thai Personal Income Tax Return while you wait to reclaim your withheld interest. If so keep a copy as you can use again next year when you update the amounts withheld.

With this Thai Tax ID Card visit your Thai banks and get the number added to the registration of your accounts. Tax will no longer be withheld from your interest earned until you have accrued 20,000 baht interest. Because none is withheld you won't have to file a tax return to reclaim the interest. This only works for regular savings accounts, if you have fixed deposit accounts interest is always withheld on interest earned (at 15%).
Will ************
Will ************
Should be a savings account ideally
George *************
George *************
If you think about it, the least amount of work an Immigration Officer would have to do to check that you maintained minimum balances as required would be a fixed deposit account with zero activity beyond interest earned. In my experience the IOs love fixed deposit accounts (as long as it's possible to withdraw money from the account with no penalty/delay beyond losing accrued interest on the money withdrawn).
Graham *********
Graham *********
OP
@George ************
I have a fixed deposit account with zero activity, until it matures.
Will ************
Will ************
@George ************
looks like it's a one year deposit account with the bank clearing the account at the end of the year and starting a fresh.
George *************
George *************
@Nick *********
while that's a very good feature of your fixed deposit account and bank it's still the case that you will have 15% tax withheld on the interest earned which to reclaim you will need to go through the hassle of filing a Thai Personal Income Tax Return.

On the other hand, a regular savings account like Krungsri Bank's Mee Tae Dai account (currently earning 1.0% APR) will not withhold tax on interest earned until you have accrued 20,000 baht interest earned if you register your Thai Tax ID with the account. Therefore, no need to file a Thai Personal Income Tax Return in order to get your tax withheld back.
Nick **********
Nick **********
@George ************
My fixed deposit doesn't drop to zero at maturity/renewal, making it so very easy to check for immigration officers.
George *************
George *************
@Will ***********
Agree. That's one of the reasons I don't like fixed-deposit accounts they mature and what happens at maturity is an issue. A regular savings account doesn't mature. Set it up and leave it alone... forever.

However, if I were an Immigration Officer I would love them as it means the least amount of checking to know that the person complied with the financial requirements.
Benjamin ******
Benjamin ******
>However, on my last visit to immigration the officer was not happy as on the day when the deposit finishes the balance in my bank account is entered as 0 and then back up to 800,000 baht as I carry it forward for another year.

Who is withdrawing ht money and bringing it back up to the 800K THB? Is that you, or the bank?
Graham *********
Graham *********
OP
@Benjamin *****
It appears different banks, even different branches process the account differently when it matures.

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