Chinese man discovers forgotten bank deposit of 1.5 million baht

Photo courtesy of Sanook

A 70 year old Chinese man recently discovered a long-forgotten bank deposit of 1.5 million baht, originally made 20 years ago, that had accumulated a significant amount of interest.

Managing personal finances varies from person to person but it’s critical to remember where your savings are deposited. A 70 year old man from China received a phone call from his bank informing him of an account that hadn’t been touched since 2003, containing a deposit of 300,000 yuan (approximately 1.5 million baht). Initially, the grandfather was incredulous.

“It must be a mistake. I can’t have had such a large sum in the bank for 20 years. It’s probably someone with the same name as me.”

However, after thorough verification, the bank confirmed that the money indeed belonged to the elderly Chinese man. The funds were discovered during a routine bank data operation, and after multiple careful checks, it was established that the account and its contents were his.

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The Chinese man had been successful in business in the past, amassing considerable profits which he regularly deposited in his local bank. Over the years, numerous relocations possibly led to misplaced documents and the eventual forgetting of this particular account. Furthermore, since retirement, the Chinese man has mostly transitioned to online banking, leaving the deposited money untouched in the bank for two decades.

Local media reports revealed that the grandfather’s account had accrued over 285,000 yuan in interest. He decided to leave the entire sum, including the interest, in the bank, reported Sanook.

Following the revelation of the elderly man’s story, heated debates ensued online. Netizens questioned whether the interest accrued was fair.

“Is 300,000 yuan from back then equivalent to 300,000 yuan now?”

“Is it a loss? It should have at least quintupled.”

“So, is it a loss or a gain?”

In related news, the Bank of Thailand anticipates that the advent of virtual banks will usher in lower interest rates and fees due to the decreased operating costs associated with digital banking services, which do not require physical branches or large numbers of staff.

China NewsThailand News

Samantha Rose

Samantha was a successful freelance journalist who worked with international news organisations before joining Thaiger. With a Bachelor's degree in Journalism from London, her global perspective on news and current affairs is influenced by her days in the UK, Singapore, and across Thailand. She now covers general stories related to Thailand.

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