Who is protected?
Individual depositors are automatically protected upon opening a deposit account with a financial institution as prescribed in the Deposit Protection Agency Act B.E. 2551 (2008). Protection is based on a per depositor per institution basis, meaning that all of an individual’s deposit accounts across all branches of that financial institution will be aggregated into a single amount.
Juristic depositors such as companies, funds, foundations, temples, associations, and cooperatives are also protected in the same manner as individual depositors.
Foreigners with Thai baht deposit accounts at member financial institutions in Thailand are also protected under the Deposit Protection Agency Act. However, “Non-Resident Baht Accounts” as defined in the Exchange Control Act B.E. 2485 (1942) are not protected.
A “Non-Resident Baht Account” is a special type of deposit account denominated in Thai baht that is used solely for transactions as specified in the Exchange Control Act. A “Non-Resident” means:
1) Corporations, institutions, funds, financial institutions or juristic persons located outside Thailand.
2) Entities of foreign governments located outside Thailand.
3) Branches and agents of domestic juristic persons located outside Thailand
4) Natural persons not of Thai nationalities and not having alien identity or residence permits.
However, “Non-Residents” exclude:
1) Thai embassies, Thai consulates or other entities of Thai government located outside Thailand.
2) Foreign embassies, foreign consulates, specialized agencies of the United Nations, international organizations or institutions (both financial and non-financial) located in Thailand.
3) Branches and agents of foreign juristic persons located in Thailand.