Thailand : Term-Deposit Interest Rates
Updated February 2025
Latest : The Bank of Thailand lowered its Key Rate to 2.25 % (0.25% decrease) mid-October 2024. The rates below were updated end-November 2024.
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 | 1.00 % | 1.10 % | 1.45 % |
| Siam Commercial Bank | 1.00 % | 1.10 % | 1.50 % |
| Kasikorn Bank | 0.95 % | 1.05 % | 1.45 % |
| 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 % | 1.25 % | 1.70 % |
| ttb Bank* | 0.95 % | 1.10 % | 1.50 % |
Links (usually leading to downloadable PDF files, sometimes only Thai language) *Banks with difficult procedures ***Rates were not changed at these banks, one month after the decrease of the Key Rate by the Bank of Thailand **** 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
Foreign Currency Deposit Rates
It is possible to open a foreign currency account, but likely only when you are residing in Thailand. It is not a difficult process, but there is some wasting time involved. Of course you will have to show your passport, a work permit if you have one, often an ID card from your home card. Likely you will also be asked a letter from your embassy, stating that are registered at the embassy and have been staying at an address, you have provided them.
Opening an account is possible, but does it have benefits. For a long time, certainly the decade up to 2022, interest rates were low worldwide, and at that time there was no particular reason to go looking for the best interest rates. Things have changed lately, and for a while the interest rate on U.S. Dollar accounts were above 5 % per annum. Well, Thai Banks have been having the bad habit of hardly giving any interest on your foreign currency deposits. This has been a bit hard to swallow the last 2 years, with the foreign currency on deposit loosing value day after day. You can repatriate the money (if possible) or open an account in another country, though that may not be that easy if you do not live there.
So even now at most banks (we looked at the 4 big banks, and 2 just listed below) give interest rates of 0.4% to 0.7% for a one year deposit (with exception of ttb Bank, see below)
Then, by the end of 2024, almost all important banks where accepting U.S. Dollar (not so much other currencies) deposits, and offering acceptable interest rates. But there is something peculiar about it, often they give only these interest rates for one time period (like 4 months or so), and not for other time periods. Often, also the time period where you can benefit is not standard (like 3, 6 or 12 months). Not sure what this is all about. Likely one bank started giving higher interests and the other banks followed, and/or there is somehow an urgent, possibly temporary, need of U.S. Dollars in the Thai banking system.
It is important to stress that the actions of the banks regarding interest rates, are a bit disingeneous. After the time period of your deposit has passed, your interest rate may drop below 0.5% and some banks even mention this directly when you sign up. So, this new policy may be temporarily beneficial for present U.S. Dollar deposit holders, but may not be a good reason for opening a U.S. Dollar account for newcomers. Below the interest rates (only U.S. Dollars), with period of deposit for different banks.
Bangkok Bank : 4 month deposit 4.35 % per annum ; 7 month deposit 4.2 % per annum (updated Feb 2025)
Siam Commercial Bank : 3 months deposit 4.5 % interest per annum. For 3 months deposit of GBP (British Pound) and EUR (Euro) the interest rates are 4.6 % and 3.25 %.
Krungthai Bank : 4 month deposit 4.4 % per annum (higher rates for USD have been available at this bank since end 2023). 3-month deposit in EURO get interest of 2.75 %, British Pound for 3 months gets 4.4 %. Krungthai is partly government-owned.
Kasikorn Bank : this bank does not list the interest rates at its website. Apparently you also need to be a permanent resident, which is a legal status, that is not easily obtained.
ttb Bank : And the winner is ttb Bank. It offers interest on U.S. Dollar for all relevant time periods up to one year. (1-month 3.5 % ; 3-month 4.5 % ; 6-month 4.5 % ; 9 month 4.3 % ; 12 month 4.3 % ; all per annum). You likely may have to go to the head office of the bank. It seems also possible the deposit cash U.S. Dollar, which possibility is not clearly mentioned at other banks. 6 month interest on GBP also possible at 4.6 % per annum. No interest for EURO though.
Bank of Ayudhya : interest rates are not published online.
Notes :
1) deposits in U.S. Dollar are not protected by the Deposit Protection Agency Act.
2) Various conditions may apply. Services surely are not available at all bank branches.
3) Rates may change at any time (by of course, once the deposit time is running, the interest rate does not change). So check the relevant links above.
4) You should surely check what happens if your want to withdraw funds, and or want to withdraw U.S. Dollar cash. For example, you can withdraw cash at Bangkok Bank, but need to pay a fee of 1 % (even more for other currencies)
5) Please be aware that 15 % of interest received will be deducted as taxes at the end.