Interest on Fixed Deposit Accounts - Kasikorn Bank

Yorky

Yorky

Fullritis Member
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Yorky: In contrast we went to Kasikorn Bank in Robinson's today at 10:50 and left around 13:20 having closed one fixed deposit account and opened another.

Coffee:
Curious Yorky though off-topic:
1) what was the percentage rate on the new account ?
2) what is the length (fixed term) on the new account ?
3) is the account FCA as £ or a THB account ?

1) what was the percentage rate on the new account ?
Interest at 1.30% p.a.

2) what is the length (fixed term) on the new account ?
12 months (0.90% for 3 months, 1.15% for 6 months)

3) is the account FCA as £ or a THB account ?
THB account.

Yorky: For information, for 24 months the interest rate is 1.45% p.a. and for 36 months the interest rate is 1.60% p.a.

For further information, the bank employee was unsure whether we would have access to view the status of the account online (I'm aware that Kasikorn do not have facilities for any transactions to be effected in respect of fixed deposit accounts). Head Office will advise me later apparently.
 
Question. If you have a 2 year fixed deposit at 1.45% or a 3 year one at 1/60%, what happens if interest rates generally take off, and there are higher rates all round? Do the bank update the rate, are you locked in at that rate for the durtation of the term, or can you withdraw early in which event you would normally only receive basic savings rate interest ?
 
Prakhonchai Nick said:
Question. If you have a 2 year fixed deposit at 1.45% or a 3 year one at 1/60%, what happens if interest rates generally take off, and there are higher rates all round? Do the bank update the rate, are you locked in at that rate for the durtation of the term, or can you withdraw early in which event you would normally only receive basic savings rate interest ?
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As far as I am aware Nick, the rate is subject to fluctuations (either up or down). Whether those fluctuations are only effected after each 12 months (in my case) I do not know. However, being realistic, I cannot imagine the bank paying me (and everyone else with fixed deposits), 1.30% if the rate plumets to 0% (as in USA). Notwithstanding that, the total amount that I'm likely to loose will only be the cost of a couple of Christmas dinners at Cheffies. Maybe I shall be able to afford two next year?
 
It was your mention of fluctuations that made me ask. I have always been of the belief that if you open a FIXED deposit a/c for whatever length of time, then the rate is also fixed. Fine if the rate goes down, but since rates are rock bottom at the moment, 3 month and maximum 6 month fixed accounts would be advisable.just in case the rates take off.
 
Prakhonchai Nick said:
It was your mention of fluctuations that made me ask. I have always been of the belief that if you open a FIXED deposit a/c for whatever length of time, then the rate is also fixed. Fine if the rate goes down, but since rates are rock bottom at the moment, 3 month and maximum 6 month fixed accounts would be advisable.just in case the rates take off.
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I am sat here with £12,000.00 stuck in a bank in IoM attracting no interest whatsoever so these minor local hiccoughs tend not to be of great concern.

[CO-CO did assure me that the exchange rate would be 50:1 by Christmas and as Christmas 2017 is now passed, I guess he must have meant Christmas 2018]
 
Yorky said:
I am sat here with £12,000.00 stuck in a bank in IoM attracting no interest whatsoever so these minor local hiccoughs tend not to be of great concern.

[CO-CO did assure me that the exchange rate would be 50:1 by Christmas and as Christmas 2017 is now passed, I guess he must have meant Christmas 2018]
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Never trust an ex-Bank employee! 555


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Yorky said:
For further information, the bank employee was unsure whether we would have access to view the status of the account online (I'm aware that Kasikorn do not have facilities for any transactions to be effected in respect of fixed deposit accounts). Head Office will advise me later apparently.
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We have been informed that the bank is not prepared/or able to allow access to view a joint fixed deposit account through K-Banking. Not that it's important as the balance will only alter once per year in my case.
 
We were again informed by a Kasikorn Bank employee at Robinson's sub-branch last week that joint fixed deposit accounts cannot be linked to internet banking. I decided to email Kasikorn and ask why not. I received a reply today that assured me that the information we have received is incorrect. Joint fixed deposit accounts can be linked to internet banking although only for monitoring purposes and not for on-line transactions.
 
Yorky said:
We were again informed by a Kasikorn Bank employee at Robinson's sub-branch last week that joint fixed deposit accounts cannot be linked to internet banking. I decided to email Kasikorn and ask why not. I received a reply today that assured me that the information we have received is incorrect. Joint fixed deposit accounts can be linked to internet banking although only for monitoring purposes and not for on-line transactions.
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I tried 6 months ago to have a joint savings account (not fixed) added to the internet. Cannot do, said Kasikorn, despite my wife and I completing a form for that particular purpose..
 
Prakhonchai Nick said:
I tried 6 months ago to have a joint savings account (not fixed) added to the internet. Cannot do, said Kasikorn, despite my wife and I completing a form for that particular purpose..
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Maybe they've changed their tune. It wouldn't be the first time.

We shall be "applying" in the next couple of days (armed with the email from Head Office). I have already successfully registered on K-Banking and now need to complete the necessary forms in the bank. I shall let you know.
 
Went to the bank today. The "assistant" by the door asked what was our reason for visiting the bank. My wife told her that we wished to link our joint deposit account to K-Cyber banking. She said "That is not possible". We showed her the email from Head Office that said it was possible but it was written in English so she hadn't a clue. She directed us to the Assistant Manager who also advised us that it was not possible. I showed him a print out of the email and the form which was specifically prepared to apply for the said K-Banking linking of joint deposit accounts. He went away and produced a similar form which was an application for linking a joint deposit account to K-Cyber banking. His excuse was "maybe they've changed". WTF are "they" I've no idea but he prepared the form for submission to Bangkok (including copies of ID and passport). Please allow 2 or 3 days.

The saga continues.
 
I emailed Kasikorn last Friday (again) asking why it was taking 2 weeks to effect the link and not the 2 - 3 days promised. They rang me yesterday:

Kasikorn: Sorry it's taking so long but you filled the form in incorrectly.
Yorky: No I didn't.
Kasikorn: Yes you did - there are required fields not completed.
Yorky: I didn't fill in the form, the Assistant Manager at Surin branch completed it. Both myself and my wife signed it where indicated.
Kasikorn: You will need to go back and do it again.
Yorky: No I won't, if the Assistant Manager cannot complete his own form correctly then what chance do I have?
Kasikorn: I see that you have both signed it. I shall ring our Surin Branch and ask them to sort it out.
Yorky: Thank you.
 
Another telephone call (just now - 17:40) to explain about the subsequent delay. The person who did/is/was correcting the form has been to a wedding (maybe his/her own - it wasn't apparent). I shall be updated before the weekend.

“Service is our heart, so you can 'Leave everything in our hands'.
KASIKORNBANK Towards Service Excellence.”
 
Telephone call today:

Kasikorn: The problem is that you have not "added a new account" to your K-cyber banking.
Yorky: Yes I have, twice actually.
Kasikorn: We have no record.
Yorky: Do you wish me to add it a third time?
Kasikorn: No. Can you give me the account number which you wish to add?
Yorky: Yes (gives account number).
Kasikorn: Ok, I will get back to you.
Yorky: Will it take three weeks?
Kasikorn: (Giggling) No sir.
 
Received at 08:38 this morning:

"Dear Mr. YORKY
Subject: Result of adding Own Account (Approval)
With reference to your request for adding own account to your profile in K-Cyber Banking / K-Cyber for SME Service............
We wish to inform you that your request has been approved."
 
Prakhonchai Nick said:
I tried 6 months ago to have a joint savings account (not fixed) added to the internet. Cannot do, said Kasikorn, despite my wife and I completing a form for that particular purpose..
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I can provide you with the young lady's name who dealt with mine if you so wish (an attempt to spell it in the Roman alphabet anyway).
 
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