Thai bank deposit protection cut to 1 million THB

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Bangkok (NNT) – Thai Banks are to provide deposit protection on only 1 million THB, starting on Aug 11 onwards.

Thailand’s Deposit Protection Agency (DPA) says such protection will be offered from 11 August 2021 onwards, per individual account holder in one financial institute. The level of protection has been decreased from 5 million THB previously, to 1 million THB.

DPA director Songphol Chevapanyaroj, said today the protection covers 82.07 million account holders, accounting for 98.03% of account holders of Thailand.

The coverage includes individual and juristic depositors in 18 Thai commercial banks, 12 foreign bank branches, 2 finance companies and 3 credit foncier companies dealing only in the Thai baht currency.