His Majesty King Vajiravudh
introduced savings services to Thailand in 1913. The main purpose was to educate Thai people on banking services and to promote savings habit among them. King Vajiravudh issued an act, effective from 1 April 1913, to formally set up the Savings Office which began its operation under the Royal Treasury since then.
In 1929, the Savings Office was transferred to be under the Post and Telegraph Department and then found the public favor. After the end of World War II, the government foresaw the benefits of savings as well as the important role that the Savings Office played in developing the country, therefore, the Savings Office was set up as a juristic person, to be operated independently under the supervision of the Board of Directors appointed by the Finance Minister under the Government Savings Bank Act B.E. 2489 (1946) and the Office was renamed the Government Savings Bank (GSB), effective from 1 April 1947.
Nowadays, GSB is a juristic person and state enterprise which operates as a financial institute guaranteed by the government under the supervision of the Ministry of Finance. GSB is now running 930 branches all over the country and has just celebrated its 97th anniversary on the 1st April, 2010.