The Bank of Thailand has released its latest report, which reveals how much money Thais have deposited in their savings accounts across the country. Workpoint News reports on the savings accounts and estimates that 88% of all savings accounts in Thailand have less than 5,000 baht.
By contrast, accounts with more than one million baht account for only 1% of all accounts.
According to the latest figures from the Bank of Thailand, there are currently around 94.4 million bank accounts of all kinds, including savings and hard-money accounts as well as deposits.
Of those, around 83 million savings accounts.
- About 73 million or 88% of these savings accounts have a total volume of less than 5,000 baht
- There are 3 million accounts with balances ranging from 5,000 to 100,000 baht.
- There are 4 million accounts with 100,000 baht up to half a million baht.
- Around 900,000 accounts contain savings of 500,000 to one million.
- There are also 900,000 accounts with more than 1 million baht or around 1% of the total.
According to Workponit News, the reason for the low savings deposits may be that current bank deposit rates are very low. This allegedly causes many people to invest their money, or rather to save in another form. (which brings more interest)
However, this can not hide the fact that the money in the form of savings is very low. This also shows that the ratio of deposit accounts (savings) with a maximum of 50,000 baht, in almost 90% of the accounts is the case.
This can be a clear signal that most people in Thailand lack liquidity. Workpoint further reports that savings in general savings accounts have fallen to alarming levels.
Sources: Bank of Thailand, Workpoint News, Thailand Tip
