Lottery saving scheme to launch mid-August
The Bank for Agriculture and Agricultural Cooperatives (BAAC) will launch the two-year lottery saving scheme at Bt20 per unit with an interest rate of 0.5 per cent a year in the middle of August, the bank’s executive vice president Somkiat Kimawaha said on Monday.
He added that the bank expects to raise up to Bt10 billion through this lottery saving scheme and that new loans are forecast to reach Bt95 billion by the end of this year.
“We are introducing the lottery saving in time to serve the strong demand for agriculture loans this time of year, as farmers start preparing for a new planting season,” he said.
The lottery saving offers prizes worth Bt1 million a year and lottery saving holders also have the chance to win a prize every month. The draw will be made on the 16th of every month over a two-year period. The bonds can be purchased at BAAC's branches nationwide, as well as through mobile application, 7-Eleveen and prepaid kiosks.
