According to the Bank of Thailand (BOT), overall deposits for Thai commercial banks rose by 4.3% in 2022, reaching a total of nearly 16.9 trillion baht. The increase was driven by the BOT’s policy rate hike, which prompted commercial banks to raise their deposit and loan rates accordingly.
Account-holders in Bangkok had the highest combined deposits, amounting to 10.58 trillion baht, while the top 10 provinces for combined deposits in commercial banks, after Bangkok, included Nonthaburi, Samut Prakan, Chonburi, Pathum Thani, Chiang Mai, Nakhon Pathom, Samut Sakhon, Songkhla and Rayong.
On the other hand, the 10 provinces with the lowest combined bank deposits were Mae Hong Son, Amnat Charoen, Bueng Kan, Satun, Nong Bua Lamphu, Mukdahan, Uthai Thani, Nan, Chainat and Yasothon.
The BOT also reported that there were 121.40 million deposit accounts at the end of 2021, 110.84 million of which were savings accounts. It was found that 9 in 10 savings accounts had less than 50,000 baht, while only 1,023 accounts had over 500 million baht.
The increase in overall deposits in commercial banks is good news for the Thai economy, as it shows that people are saving more money.
The central bank’s policy rate hike was aimed at increasing saving rates and reducing household debt, which has been a concern for the Thai government. However, the high number of accounts with low balances indicates that there is still work to be done to encourage more people to save money. (NNT)
