WITH the aim of ensuring people have enough funds to live on after they retire Government Housing Bank (GHB) has launched two new products for clients over 55 years of age, the bank’s president Chatchai Sirilai told Thai News Agency said yesterday.
The first product, 55 Plus, offers an interest rate of 1.55% per annum for minimum savings deposits of 50,000 baht but should the account balance drop below 50,000 baht then clients would get 1.5%. Those interested need only open a minimum 5,000 baht savings account and would be given a chip-equipped ATM card free of charge with no fees applied in the first year.
Under the 55 Plus Fixed Deposit product, clients would get 2% interest rate per annum for 20-month deposits with the interest payable on monthly basis. Clients have to deposit minimum 10,000 baht both when they open the account and add to it later and if the interest they earn is less than 30,000 baht they could apply for tax refund under the Revenue Department’s regulations with this applicable from now till December 27, 2016.
“Both 55 Plus and 55 Plus Fixed Deposit products meet the saving needs of those over 55 years of age. These products offer attractive interest rates and reflect our bank’s focus on developing a variety of deposit products for all groups of clients,” Mr Chatchai said.
Saving for retirement is vital for surviving the golden years. Photo: TaxCredits.net
By Thai Residents reporters