The Bank for Agriculture and Agricultural Cooperatives (BAAC) plans to raise savings through the launch of savings lotteries worth 100 billion baht, says executive vice-president Manop Jinamai.
He said the bank would launch Kaset Mankong 4, a lottery batch under its Taweesin savings lottery brand, later this month, offering 200 million units at 500 baht per unit. The tenure is three years and the interest rate is 0.333% per year.
Mr Manop said he believes this latest batch would prove attractive to retail customers and members of the public, despite the trend of rising interest rates.
Customers buying units of lotteries that tally 500,000 baht have a chance to win a last-three-digit prize worth 150 baht per month, he said. This means the total return of this lottery batch could be 1.053% per year. The bank draws lots for prizes on a monthly basis.
Customers buying units of lotteries that total 5 million baht have a chance to win a last-four-digit prize of 250 baht per month. This means total return for this lottery batch could be 1.113%.
In the initial stage, savings lotteries worth 70 billion baht in total would be available from March 20-23. They are specifically for BAAC customers and those holding its Taweesin 3 savings lotteries. The maturity is now due on the Taweesin 3 savings lotteries.
Another batch worth 30 billion baht would be available to the public from March 24. These can only be purchased via the bank's A Mobile Plus app.
Purchases via the app cannot exceed 20 million baht per transaction, up to a maximum of 100 million baht per buyer per day.
The bank expects savings outstanding this year to reach 1.8 trillion baht in this accounting year, which ends on March 31.
BAAC forecast earlier additional savings of 10 billion baht for the year, but total savings declined by 20 billion baht. Mr Manop said the drop would not affect the bank's loan growth as last year it extended loans worth only 1.7 trillion baht.
BAAC targets additional savings of 12 billion baht in the new accounting year, which begins in April. The bank receives savings worth roughly 32 billion baht every month, he said.
