Friday, June 05, 2020

Bank deposits get Bt5m insurance for one year

Apr 07. 2020
President of the Deposit Protection Agency (DPA) Songpol Chevapanyaroj
President of the Deposit Protection Agency (DPA) Songpol Chevapanyaroj
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By The Nation

The Cabinet has extended the period of Bt5 million insurance on bank deposits by a year, president of the Deposit Protection Agency (DPA) Songpol Chevapanyaroj said on Tuesday (April 7).

Without the Cabinet’s intervention, the DPA would have only provided Bt1 million insurance per bank account as of August 11 onwards. Under the Cabinet’s move, DPA will now provide Bt5 million insurance coverage until August 10, 2021. 

The aim of this move is to restore confidence of depositors who may be worried about volatility in financial markets caused by the Covid-19 epidemic. 

Songpol said the Bt5 million insurance covers 99.65 per cent of depositors in the banking system as of December 31, 2019.

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