Bangkok: Government Savings Bank celebrates the success of its children's deposit account by expanding its benefits in three ways. Relatives can now open accounts and receive insurance coverage. The maximum insurance coverage has been increased to 400,000 baht, and the interest rate on deposits has been increased to 0.35% per year.
According to Thai News Agency, Mr. Songpol Cheevapanyaroj, Director of the Government Savings Bank (GSB), revealed the continued success of its new deposit product, "GSB Savings for Children," which has been consistently popular since its launch. As the first bank to offer this savings account for children, GSB Savings for Children exceeded its target of 15,000 accounts opened within just one month. This reflects the growing awareness among parents who want to instill saving habits in their children from an early age, coupled with protection benefits designed for the financial security of family members. Due to this well-received product that meets various lifestyle needs, the bank is announcing a three-tiered expansion of the "GSB Savings for Children" deposit account to enhance savings and meet customer demands.
Tier 1 allows relatives of minors to open accounts, not limited to biological parents. Tier 2 increases the maximum group accident insurance coverage to 400,000 baht per account. Tier 3 raises the interest rate on deposits to 0.35% per year. These increased benefits, both in terms of coverage and interest rate, apply to existing customers who opened accounts during the initial launch period. This will take effect from June 12, 2026, and applies to new customers opening accounts from now onwards. Furthermore, the principal and interest on Government Savings Bank customer deposits remain secure, fully guaranteed by the government as required by law.
The "GSB Savings for Love" deposit account has been revamped with new rules and conditions. Biological parents, legal parents, and related individuals of minors can now open a deposit account for minors aged from birth to 10 years old. This encourages saving from an early age with attractive benefits, including group accident insurance coverage for 12 months from the account opening date, subject to the terms and conditions of Tipaya Insurance Public Company Limited, up to a maximum of 400,000 baht per account (or four times the account balance one day before the accident). Minors will also receive accident medical expense coverage, subject to the specified account balance, with a maximum coverage of 1,000 baht per account per accident, with no limit on the number of accidents. Deposits start from 1 baht with no minimum amount, and interest is 0.35% per year, tax-free. For other details, please refer to the insurance company's terms and conditions. Interested individuals can review the product rules and conta ct the GSB Contact Center at 1115 or visit www.gsb.or.th for more information.