BANGKOK, Thailand – The Deposit Protection Agency (DPA) has reported that protected deposits in the first half of 2024 reached 16.19 trillion baht, a 0.58% increase from the end of 2023.
This growth, amounting to 93 billion baht, was mainly driven by large depositors with balances exceeding 10 million baht. These deposits grew by 107.05 billion baht, largely due to government funds awaiting budget disbursement.
In contrast, deposits under 1 million baht declined by 62.72 billion baht, particularly among individual savers with savings accounts. Many depositors shifted their money to higher-return investments, such as Ministry of Finance savings bonds, while others withdrew their savings to manage rising household debt.
Despite the overall deposit growth of 93.21 billion baht, only deposits in the categories of 5-10 million baht and 1-5 million baht saw increases. Deposits below 1 million baht were the only category to experience a decline. The number of protected depositors increased by 2.3 million, with most of the growth coming from those holding balances exceeding 1 million baht.
Additionally, the DPA has launched a two-year campaign in partnership with an animation production company to promote financial literacy among Thai youth. This initiative includes vulnerable groups and provides educational materials in various formats, ensuring accessibility for children with visual and hearing impairments. (NNT)
