Special saving campaign for the elderly

From October 1, the Bank for Agriculture and Agricultural Cooperatives will kick off a new saving campaign targeting employees of both public and private organisations who start their retirement on the day.

For savers aged from 55-70 years, they are entitled to the interest rate of 2.53 per cent per annum payable on a monthly basis, aside from the accident insurance coverage of Bt100,000. Interest income is also waived from witholding taxes. However, they are required to maintain the account for four years, or premature withdrawal is subject to penalty rates.

According to Chaturon Thongyeesun, executive vice president of the bank, BAAC expects to draw Bt5 billion of savings. Minimum savings is Bt100,000 and maximum is Bt10 million.

"On October 1 every year, many people are retired and they have to support their expenses through interest income. This will help them manage their income more efficiently," he said.

-The Nation

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Special saving campaign for the elderly

From October 1, the Bank for Agriculture and Agricultural Cooperatives will kick off a new saving campaign targeting employees of both public and private organisations who start their retirement on the day.

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