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BAAC appointed agent of Krungsri for deposit, withdrawal services

Sep 09. 2019
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By THE NATION

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Bank of Ayudhya (Krungsri) has appointed the state-owned Bank for Agriculture and Agricultural Cooperatives (BAAC) for the provision of cash deposit and withdrawal services to its customers at the latter's branches nationwide.

This marks the first time in Thailand a financial institution has appointed a counterpart as its  banking agent. A fee waiver is offered for the services from today ( September 9) until  November 30, 2019.

    Phonganant Thanattrai, Krungsri's  head of Retail Banking and Distribution Group, said "Our banking agent strategy is based on a customer-centric approach. Krungsri stands ready to collaborate with other financial institutions, leveraging a larger, stronger network in certain areas for greater customer access.

   During the preliminary stage, the services are available at BAAC's 50 branches nationwide, where Krungsri customers can just ask bank staff to execute the transactions on their behalf.

  "Krungsri's appointment of  BAAC as its banking agent marks the first time in Thailand that a financial institution has appointed  another  as its agent to offer deposit and withdrawal services. Previously,  Krungsri had entered into collaboration agreements with  the Thailand Post, Boonterm, Counter Service at 7-Eleven, and PT Max Mart at PT service stations. The bank has seen growth in transactions via its banking agents in tandem with customers' need for convenience".

   At participating BAAC branches, a Krungsri customer can deposit cash up to Bt30,000 per transaction but not exceeding a total of Bt100,000 a day while withdrawals with Krungsri ATM and debit cards are limited  between a minimum of Bt100 to a maximum of Bt5,000 per transaction and not more than Bt20,000 a day from an single account. 

 Balance inquiry of Krungsri ATM and debit cards is also available at the BAAC branches.

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