TMB launches new deposit product

TMB Bank is aiming to broaden its current- and savings-account offerings to the supply chains and partners of its business customers through a newly launched innovative deposit product called One Bank One Account.

Chief executive officer Boontuck Wungcharoen said yesterday that business customers normally have to pay fees for inter-region transactions in terms of deposits, withdrawals, cash transfers and cheque clearing made on their accounts within a bank. 

Business clients are unlike the bank’s retail customers, as they must have accounts in several provinces to serve their transaction needs, which is a barrier to their cash-flow management, he said.

TMB has, therefore, developed the One Bank One Account product to make it more convenient for these clients to undertake a full range of transactions, with new account holders not being charged a fee for inter-region cash transactions on the account at any TMB branches.

Paphon Mangkhalathanakun, TMB’s chief officer for small and medium-sized enterprises and supply chains, said the new product would also persuade new business customers, and especially supply-chain operators, to sign up for the account.

TMB business clients will recommend the account to their partners and suppliers because if the supply chain also has accounts at the same bank, all parties’ liquidity management will become more efficient, he said.

TMB has 470,000 business accounts with combined deposits of Bt160 billion and outstanding transactions valued at Bt100 billion. The bank expects its present business customers will gradually migrate from current accounts to the One Bank One Account, and that 15,000-20,000 new customers will also take up the new product, most of them suppliers and partners of TMB’s business customers. 

The account will help boost the transaction volume of business customers by between Bt15 billion and Bt20 billion this year, Paphon said.

Under One Bank One Account, customers who maintain a minimum deposit of Bt150,000 in their savings account will get a complimentary chequebook on top of each chequebook purchased, and will be waived inter-bank transfer fees up to 10 times per month.

Clients who maintain deposits up to Bt350,000 will be waived inter-bank transaction fees up to 30 times per month.

TMB has a special promotion for the new account by offering interest at 0.375-2.25 per cent for customers maintaining a minimum deposit of Bt150,000 to Bt350,000. The normal savings rate is 0.125 per cent.

The special rate will be available until July 31.