Huge numbers of senior citizens are queuing up to purchase theThai Khem Kaeng 'Strong Thailand' government saving bonds. The interest that is being given on these bonds is quite high which is the major reason why elderly are so interested in them. The bonds are currently being issued in 7,000 branches of 12 banks and financial institutions across Thailand.
It was estimated that there would be huge rush after the bonds were open for public issue. Hence Thailand government decided to open the first 2 days of bond issue to the senior citizens only. The rest of the days were kept open to the general public.
The Ministry of Finance sponsored the bonds worth Bt100 billion. These bonds were given by the government in order to help the needy so that people could repay their short term immediate cash loans and improve their financial conditions.
The issued bonds will mature in a span of 6 years. A minimum purchase of Bt10,000 is made mandatory and the maximum limit is Bt1 million. The average rate of interest is 4.17% which will be paid to the bond holders twice in a year.
The bond issue is a part of Thailand Government to sell Bt170 billion worth of saving bonds. These bonds are issued to help finance Bt1.43 trillion in incentive spending over the period of 3 years.
Last year too the government sold out Bt80 billion worth of bonds in the month of July. A lot of small investors grabbed the opportunity and bought them all.
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