4 things you should know about deposit protection Increase people’s confidence – TheReporter.asia

constantly evolving There are many options for money management. Whether investing in debt instruments, equities or cryptocurrencies. But it is undeniable that depositing money at a financial institution is still the easiest and safest way to save. for people who deposit money Have understood their rights to receive deposit protection Today, the Deposit Protection Agency (DPA) or DPA will take you inside the story of the deposit protection law. which types of deposits are covered Financial institutions under protection laws Including the rules and procedures for refunds. which is considered an important matter that is close to everyone and helpful in preparing for If the financial institution under the Deposit Protection Agency law has its license revoked or a financial crisis in the future

Get to know the Deposit Protection Agency Act Deposit with confidence

Deposit Protection Agency It was established under the Deposit Protection Agency Act B.E. together with the Ministry of Finance and the Bank of Thailand To build confidence for the people who deposit money. that will be protected under the deposit protection law and receive the deposit back within the specified limit quickly In the event that the financial institution under protection has its license revoked to prevent potential impacts on the depositor especially small depositors who make up the majority of the country’s depositors And alleviate panic, not letting depositors flock to flock to withdraw money As in the past events such as the Tom Yum Kung Crisis.

Deposit Protection Agency

Answer questions with a deposit protection limit of 1 million baht

Currently, the deposit protection limit is 1 million baht, starting from August 11, 2021, which is the amount specified in Section 53 of the Deposit Protection Agency Act B.E. 2551 and its amendments. It will take effect when the financial institution under protection has its license revoked. Depositors can be assured that their deposits will be refunded from the Deposit Protection Agency within the maximum amount specified by law. The protection limit is counted in the manner per 1 depositor per financial institution (not per 1 account). (principal and interest) in all branches and all accounts to be calculated and within 30 days after the financial institution’s license is revoked, the OIC will pay the protection money through the PromptPay system that binds the account to the national ID number or corporate registration number. If not registered, PromptPay will pay back by check to the house registration address. Or pay back by other means as required by law. The process of paying back to the depositor is in accordance with Sections 52 and 53 of the Deposit Protection Agency Act, B.E. 2551.

Check it out for sure! What types of deposit products are covered?

In the digital age where financial technology has developed rapidly resulting in new financial products occur in various forms to respond to the needs of service users It is therefore important for depositors to know which types of deposit products are covered, i.e. deposits opened at financial institutions under the Deposit Protection Act. Must be in Thai baht currency and must be a domestic deposit account, divided into 5 types, namely current deposits Savings deposits, fixed deposits, certificates of deposit, and deposit receipts. However, there are certain types of financial products or deposits that are not covered, such as foreign currency deposits Investments in various instruments such as bonds, debentures, unit trusts (SSF, RMF), deposits in cooperatives Cashier’s cheque, bill of exchange, electronic money (e-Money), savings insurance products Issued by an insurance company and digital currency (Cryptocurrency)

Deposit Protection Agency

32 financial institutions under coverage

Once you know which types of deposit products are covered Depositors can also deposit with confidence. By choosing to deposit money and conduct transactions with financial institutions under protection according to the Deposit Protection Agency Act (Act) B.E. There are a total of 32 banks, consisting of 17 locally registered commercial banks, 11 foreign commercial bank branches, 1 finance company, and 3 credit foncier companies. but also helps to strengthen financial institutions to help maintain the stability of the financial institution system as well

Currently depositing money in a bank account may not be the top investment choice. Because everyone has different objectives in saving money. both short-term and long-term goals Especially nowadays that there are many investment options besides depositing money. But no matter what purpose you choose to invest with, you should carefully plan your finances. Including taking various factors into account along with the interest rate that will be received for maximum benefit.

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