Siam Commercial bank cancel its "millionaire" card

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Siam Commercial bank cancel its "millionaire" card
The Nation 2011-05=08

BANGKOK: -- Siam Commercial Bank has cancelled its "milionaire" card, a new savings product entitling clients to annual interest and a lucky draw.

Launched on May 1, the product is against the Bank of Thailand's new regulation issued on May 6, the bank said.

In the regulation, the BOT bars financial institutions from launching products which offer rewards that could not be counted as annual returns.

In a statement, the bank said that it is finding ways to return investment to clients. They will be informed accordingly.