At present, there are no conditions set down for the management of inactive deposit accounts at financial institutions , including commercial banks and specialised financial institutIons , nor are there any guidelines for the monitoring of such accounts, the source said. The accounts subject to the proposed law include the savings accounts and current accounts of people living in Thailand or abroad. The proposed law would exclude fixed-deposit accounts, deposit accounts as collateral for debt repayment to financial institutions, confiscated or frozen deposit accounts or any other deposit accounts defined by the ministry’s announcements. Inactive deposit accounts, for the purpose of the new law, are defined as those in which there have no transactions for at least 10 years. Financial institutions will be required to look into their deposit accounts before the end of the year, to ascertain the status of these accounts.

Source: The Nation Bangkok October 25, 2017 18:20 UTC