GSB deposits buck Covid crisis to rise by Bt50bn
The Government Savings Bank (GSB) estimates total deposits in 2020 will rise to Bt2.5 trillion, up Bt50 billion from last year despite economic fallout of Covid-19.
GSB president Withai Ratanakorn said the rise in deposits had boosted the bank’s liquidity and was down to a policy of promoting saving to strengthen social foundations.
“This year GSB could have the highest or second highest total bank deposits in the country, because we are backed by the government and offer interest rates that are on average Bt0.1 to Bt0.3 higher than the five major banks.”
Withai added that about 50 per cent of the bank’s deposit comes from the GSB lottery, with 30 per cent from fixed deposit accounts and 20 per cent from savings and current accounts. GSB has about 17 million customers.
He highlighted the bank’s promotion of saving habits among youngsters aged 7-15, aimed at strengthening society’s foundations.
“On the occasion of World Savings Day on October 31, GSB will launch the Youth Savings account with minimum opening deposit of Bt100 and minimum monthly deposit of Bt50 to a maximum Bt100,000. The account offers a cash gift of Bt100, 1.25 per cent annual interest, and a lucky draw for 108 customers to win Bt10,000 prizes, or Bt1.08 million in total.”