BAAC launches cash-back campaign to help farmers, boost spending during New Year
The Bank for Agriculture and Agricultural Cooperatives (BAAC) has earmarked Bt3 billion for a cash-back campaign for customers returning up to 20 per cent of interest on their loans, said Kasab Ngernrungrong, BAAC deputy manager.
“Farmers can get back up to 20 per cent of the interest they have paid, while cooperatives or juristic persons will get up to 10 per cent,” he said. “The campaign is to help farmers prepare for next year’s harvest as well as boost spending during the holiday period as part of the government’s economic stimulus measures.”
To be eligible, customers’ accounts must be at the “normal” status and be no more than 15 months behind in interest payment as of October 31. If they make payments toward their loan from December 1, the bank will return 20 per cent of interest for individuals or 10 per cent for cooperatives or juristic persons the very next day.
“The maximum limit per customer is Bt50,000. The campaign will run through March 31 or until the Bt3 billion budget is used up,” he added.
Customers who are more than 15 months behind in interest repayment will also be benefit from the campaign when their repay their debt. However, instead of transferring cash in to their accounts, BAAC will reduce 20 per cent of the interest (or 10 per cent for cooperatives or juristic persons) from the remainder of their principle.
“BAAC will send an SMS to customers after the cash is transferred to their account. Those who use the BAAC Connect mobile application will also receive a notification via the official Line account ‘BAAC Family’,” Kasab added.
Contact any BAAC branch or call (02) 555 0555 for more information.
