Kasikornbank (KBank) customers will be able to withdraw cash from their accounts through 964 Thailand Post outlets nationwide by the end of the year, with account opening services added early next year.
Thailand Post offers deposit services for KBank, the country's third-largest bank by assets, and the bank targets 600,000 deposit transactions made over three years at Thailand Post, the first agent to accept deposits, said president Patchara Samalapa.
In the initial stage, each customer is allowed to deposit up to 20,000 baht per transaction and 40,000 baht per day, with a 20-baht fee per transaction. However, the fee is being halved to 10 baht until the end of the year.
The Bank of Thailand recently amended regulations to let banking agents provide cash withdrawals and deposits, with the aim of widening accessibility for people, particularly those living in remote areas.
Banks can also capitalise on banking agents' extensive channels to reach customers at a lower cost than having to open brick-and-mortar branches.
Mr Patchara said KBank's fee for deposit service at Thailand Post is based on operating costs for managing cash for both the bank and its partner.
The bank selected 964 out of 1,300 Thailand Post offices nationwide as service points because these outlets have the greatest potential, he said.
Banking services at Thailand Post will provide more convenience to the bank's customers, he said, particularly those in rural or otherwise remote areas.
"The bank pays attention to providing convenience to customers, particularly those who are online vendors, rather than mobilising deposits," Mr Patchara said.
He said the bank has long cooperated with Thailand Post as a site for receiving money transferred by ATM.
With the increasing use of digital services, these will be extended to money transferred through mobile banking channels and the service will be renamed as K Plus to Post.
KBank is the country's largest mobile banking service provider, with 8.7 million users. The bank aims to increase the number of users to 10 million by the end of this year.
The bank has 1,016 branches and 11,792 ATMs nationwide. Despite recent branch closures and relocations, KBank is in the process of launching new branch models under partnership strategies to serve customers' needs.
Smorn Terdthampiboon, president of Thailand Post, said Thailand Post has about 5,000 outlets across the country, 1,300 of which are its own branches.
Apart from KBank, Thailand Post has partnered with small commercial banks to offer the Bank@Post service since 2011.
