Bangkok: Government Savings Bank is launching a new financial product specifically aimed at retirees, titled the 'Government Savings Bank Happiness Deposit'. Designed to cater to individuals seeking secure and profitable savings options in their retirement, this deposit account offers an interest rate of up to 1.30% per year, with the added benefit of receiving interest payments monthly and tax-free.

According to Thai News Agency, the deposit window will open from August 2, 2026, to October 31, 2026, across all branches of the Government Savings Bank. However, the bank reserves the right to alter terms and conditions at a later date. This scheme is accessible to individuals aged 7 years or older, requiring a minimum initial deposit of 10,000 baht. The deposit period is fixed at three years, during which depositors can add funds at any time without a maximum limit.

Depositors will receive monthly interest payments, calculated daily and transferred to their linked account. Importantly, individuals will benefit from an exemption on withholding tax. However, early withdrawal before the completion of the three-year term will result in the application of savings account interest rates, calculated from the last credited interest or from the account opening date if no interest has been credited. The bank will not reclaim any interest that has already been credited. The terms and conditions remain under the bank's discretion.