The state-owned Bank for Agriculture and Agricultural Cooperatives (BAAC) plans to mobilise 95 billion baht in deposits by issuing Thaweesin savings lottery this year.
The first batch of Thaweesin savings lottery worth 35 billion baht will be available on July 17 and is expected to be sold out within two months as those who hold retiring savings lottery are expected to take up the new savings lottery after redemption, BAAC president Apirom Sukprasert said.
Thaweesin savings lottery, with a three-year maturity, will be sold at 500 baht per unit. It will yield return of 0.467% a year, constituting returns of seven baht per unit, he said.
However, returns increase to 1.427% a year if the savings lottery holders invest at least 500,000 baht, as they are eligible to win the prize for three-digit numbers. Returns will reach 1.499% a year if they put at least 5 million baht into the savings lottery.
Moreover, the savings lottery holders have a chance to win the first prize of 20 million baht.
The BAAC, however, will not pay interest to the savings lottery holders in if the units are redeemed early.
The state-run farm bank aims for farmers to put in over 5 billion baht into the Thaweesin savings lottery.
The 35-billion-baht savings lottery is a part of the bank's plan to raise 150 billion baht in deposits this year.
For the remaining 60-billion-baht savings lottery, it will be divided into two lots, with 30 billion to be issued twice, in October and in November.
BAAC's deposit portfolio fell to 1.2 trillion baht at the end of May from 1.3 trillion in the previous month as farmers withdrew money from their savings accounts to buy seeds and equipment for planting.