Under Thai regulations, banks are not legally allowed to make the sale of insurance or investment products a condition for opening a bank account.
🔹 Relevant laws and authorities:
Bank of Thailand (BOT) – the central bank that regulates financial institutions.
Office of Insurance Commission (OIC) – regulates the sale of insurance products.
Consumer Protection Act (B.E. 2522 / 1979) – protects against unfair trade practices.
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⚖️ 2. The rule in clear terms
> A bank may offer insurance products, but it cannot make them compulsory for access to essential banking services such as opening a savings account or obtaining a debit card.
This principle is explicitly stated in BOT Circular No. FPG.
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, which prohibits “forced bundling” (tying) of non-banking products with core banking services.
In other words:
> âś… Optional = legal
❌ Mandatory = illegal (if required for basic account access)
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🏦 3. What really happens in practice
Despite the rule, some branches — especially in tourist areas or with inexperienced staff — may push insurance or “accident cover” as if it were a requirement.
If you are refused without valid reason, you can report it to the:
Bank of Thailand (BOT) complaint center:
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