Bangkok: The Government Savings Bank has announced a three-month automatic debt relief program designed to support individuals affected by the ongoing conflicts and severe flooding in the northern Thai-Cambodian border areas. The initiative aims to provide immediate financial reprieve by waiving interest for debtors during this period.

According to Thai News Agency, Mr. Wirachai Amornratkulsuwet, the Senior Executive Vice President of the Government Savings Bank, stated that the bank is implementing the “Automatic Debt Suspension, No Interest” initiative to alleviate the financial burden on impacted customers. This move comes in response to the continuing challenges faced by residents due to unrest and flooding, which have significantly disrupted livelihoods. The bank oversees more than 40,000 accounts, with a principal amount surpassing 9 billion baht.

The relief program entails the suspension of both principal and interest payments for three months, with the bank waiving any accrued interest. This applies to all loan debtors, barring certain categories as specified by the bank’s conditions. The primary criteria for eligibility include residing or working in areas declared as disaster zones by the Department of Disaster Prevention and Mitigation (DDPM).

Eligible individuals will receive notifications via SMS or letter. Those who prefer not to participate in the program can contact their nearest branch or the GSB Contact Center at 1115 to opt-out. In cases where debtors choose to continue their regular payments despite receiving notification, the bank will apply these payments to reduce the principal amount in full.

The Government Savings Bank affirms its commitment to supporting affected citizens and facilitating a return to normalcy as swiftly as possible, underscoring its dedication to providing comprehensive assistance during these challenging times.