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Published on February 15, 2008

BAAC president Thirapong Tangthirasunan yesterday announced a plan to expand depositors under a recently launched savings campaign for older customers. The deposit accounts offer 3-per-cent interest per annum and also cover accident and special interest payments for older people. The interest payments are also exempt from personal income tax.

The savings product called Kongtoonthaveesuk has proved popular since the BAAC launched it last year. Overall customer numbers have increased to 250,000 with combined deposits worth Bt372 million.

The bank aims to attract farmers and their family members aged between 20 and 55 to deposit at least Bt1,200 a year. It hopes to interest not only older farmers, but also to persuade them to invest for their children.

It hopes to draw 150,000 new depositors under the scheme this year.

The BAAC also aims to invite savings cooperatives in the South and North to deposit their money with it.

Chop Yodkaew, a community leader who successfully promoted a Bt1-per-day saving scheme in Songkhla province, expressed interest in the bank's savings product.

Thirapong also said he would next week discuss with Finance Minister Surapong Suebwonglee debt suspension for farmers, village funds, projects in the SML (small, medium, large) scheme and career rehabilitation for poor farmers.

He said a second round of debt moratorium could lead to a better life for farmers as new opportunities have recently arisen, such as planting rubber trees. Growing crops to be used as raw materials for energy production is also promising, he added.

Wichit Chaitrong

The Nation