Bangkok: The Bank for Agriculture and Agricultural Cooperatives (BAAC) has launched the “First Step Deposit” initiative, inviting young individuals aged 7-22 to save for their future through a tiered interest rate deposit program. This new offering aims to foster financial discipline among youth and is accessible to participants in the School Bank and Agricultural School Banking Projects.
According to Thai News Agency, Mr. Paisarn Hongthong, the Deputy Manager of BAAC, emphasized the importance of this initiative in promoting savings and financial management skills among young people. The program allows students and youth to deposit amounts ranging from a minimum of 9 baht to a maximum of 9,999 baht per person, with a deposit period of nine months. The interest rates are structured in tiers, reaching up to a maximum of 1.59% per year.
The interest rates are detailed as follows: deposits between 9 and 98.99 baht will earn 0.25% per year; deposits from 99 to 198.99 baht will earn 0.34% per year; and deposits from 199 to 298.99 baht will earn 0.43% per year. As the deposit amount increases, so does the interest rate, with the highest rate of 1.59% applicable to deposits ranging from 799 to 9,999 baht.
BAAC aims to support financial management education through the School Bank Project and impart modern agricultural knowledge and marketing skills through the Agricultural Bank School Project. Both initiatives are designed to generate income and foster future career opportunities for young individuals. It is noteworthy that if a deposit falls below 9 baht following a withdrawal, the account will be closed; however, depositors can continue to utilize other BAAC account types.
Interested students and young people can open an account at any BAAC branch nationwide from today until March 31, 2026, or until the bank announces the cessation of deposit acceptance. For further information, interested parties are encouraged to contact the BAAC Call Center at 02 555 0555 or visit the BAAC Thailand Facebook page.