Bank Term Deposit Rates in Thailand
Updated 15 November 2023
Maybe this is not for the fainthearted foreign residents in Thailand, we understand that many foreigners are reluctant to deposit substantial moneys into Thai Banks, not sure why, on the contrary we think that some U.S. or European banks are as likely to fail.
Thai bank deposits have higher interest rates since about 2022. The so-called Key interest set by the Bank of Thailand has been increased up to now 8 times, and stands at present at a modest 2.5 %. You will notice that deposits at all main Thai banks do not generate this amount of interest
Below we have listed the interest rates for deposits of 3 months, 6 months and 1 year. Some banks raise rates after the key rate of the Bank of Thailand has been raised. Other banks can wait quite some time, and then suddenly change their going rates, likely when they notice that some customers close accounts and move to another bank. It is worthwhile to check rates at various banks at least once a month.
Even if you are already a customer of a bank, it may not be straighforward to open a term deposit. In any case, with a large amount of paperwork and lots of signatures, it will take between 30 and 45 minutes to open the account. Some banks (or some bank branches) have requirements that surpass the usual.In some cases, they ask for very large deposits (a few million Baht) to get adequate interest rates. In some cases, they ask for documents indicating you own a Thai condo or have a long-lasting property lease. A good advice we may give is to dress up for the occasion. Do not show up in shorts and sandals. Do not forget your passport and mobile phone.
Rates below end-October 2023. Rates are for natural persons (individuals). There are different rates for juristic persons etc. (usually lower). Sometimes you can get marginally higher rates for big deposits (like 50 million baht or so).
| Bank : | 3-month | 6-month | 12-month |
| Bangkok Bank | 1.20 % | 1.25 % | 1.60 % |
| Siam Commercial Bank | 1.10 % | 1.25 % | 1.70 % |
| Kasikorn Bank | 1.05 % | 1.20 % | 1.60 % |
| Krung Thai Bank | 1.17 % | 1.25 % | 1.70 % |
| Tisco Bank* | 1.70 % | 1.80 % | 1.90 % |
| Bank of Ayudhya | 1.10 % | 1.25 % | 1.70 % |
| Government Housing Bank** | 1.20 % | 1.30 % | 1.80 % |
| ttb Bank* | 1.05 % | 1.15 % | 1.55 % |
Links (usually leading to downloadable PDF files, sometimes only Thai language) *Banks with difficult procedures ** Personal favorite, if you just want to open account and forget about it, likely safer because it a government bank.:
Krung Thai Bank : Partially state-owned bank
Tisco Bank (click download icon)
Bank of Ayudhya (Krung Sri)
Government Housing Bank : State-owned bank