Wednesday, November 25, 2020

GSB offering special financial promotions at Money Expo this week

Oct 21. 2020
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By The Nation

The Government Savings Bank (GSB) is offering a wide array of financial solutions at the 20th Money Expo 2020 from October 22-25 at Challenger 1-2, Impact Muang Thong Thani.

The design of its expo booth reflects the bank's identity of "GSB Social Bank", said president and chief executive officer Vitai Ratanakorn.

GSB is committed to promoting saving among Thais and giving them easier access to loans to improve their lives.

The bank is also supporting the grassroots economy, in line with this year’s expo theme, "Wealth Being".

One special solution GSB is offering at the event is the "Savings Deposit 107" package, which marks the bank’s 107-year anniversary with interest that steps up over 107 days.

Interest for the first 45 days is 1 per cent, rising to 2 per cent on days 46-88 and then 10 per cent on days 89-107 – after which the account is automatically closed. The interest is tax-free.

Depositors must be aged 15 or above and have mobile banking application MyMo and its debit cards.

They can deposit a minimum of Bt10,000 and a maximum of Bt500,000.

The promotion is limited to 1,400 individuals and will be offered in seven rounds of 200 over the four days of the expo. Half of the accounts will be available to general depositors and half to the over-60s. The accounts can be opened at any GSB branches from October 22 to November 1.

GSB loan promotions at the fair include mortgages with zero interest in the first year, 3 per cent in the second and 3.75 per cent in the third, then MRR-1.25 per cent per year (GSB current MRR is 6.245 per cent). Average interest in the first three years is 2.25 per cent.

The bank will also offer special mortgages up to Bt3 million on October 22 and October 24 at 4pm. The offer is limited to 50 persons per day, who after approval will get a rate of zero interest for one year and an annual average 1 per cent over three years.

Corporate customers will be offered the GSB Smooth Biz+ package for short- and long-term working capital loans of Bt1 million to Bt100 million. The loan carries annual interest of 1.99 per cent for the first two years. In subsequent years, for loans fully backed by collateral the interest rate is MOR/MLR+0.5 per cent (GSB MOR rate is currently 5.995 per cent and MLR 6.150 per cent). For loans backed with 30 per cent collateral, the rate is MOR/MLR+1.25 per cent.

Meanwhile GSB will offer loans of up to Bt50,000 for vendors, freelancers, those with fixed income and those affected by Covid-19, with a flat monthly interest rate of 0.35 per cent. Maximum repayment period is three years, with no repayments for the first six months.

Besides special financial packages, the bank will also offer interesting activities and souvenirs for booth visitors, Vitai added.

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