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History of Government Savings Bank

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The Bank of Thai people, under the royal grace of all Chakri Kings

Government Savings Bank was established by H.M. King Vajiravudh, King Rama VI who realized the importance of keeping property safe from thieves. On April 1,1913, King Vajiravudh enacted the Act to establish the Savings Office to provide a secure place to store assets and instill people on how to save money properly. The Bank has continuously performed these duties by receiving royal grace from all Chakri Kings. In 1946, H.M. King Bhumibol Adulyadej, King Rama IX raised the Savings Office as Government Savings Bank and defined Government Savings Bank Act to support the progress of Savings Office business which operated since April 1, 1947. In 1966, H.M. the King Bhumibol Adulyadej was the chairman of opening ceremony of the King Rama VI’s Statue and the office building at GSB Head Office, Phaholyothin Road. His Majesty’s boundless and gracious kind is a power and motivation of Government Savings Bank in acting as a financial institution that stands for Thai people and lead the country to develop in all aspects.

The death of H.M. King Bhumibol Adulyadej brought great sorrow and deep sadness to Thai people throughout the country. Although time has passed from the day when the Thai nation had the greatest loss, today it is still a difficult thing to accept as he has been a role model as a good leader who is perfect in ten- fold moral principle of a sovereign in mind. His virtues, goodness still remain in the heart of Thai people. Therefore, what we should do is to follow His Majesty’s footsteps for the nation to prosper.

Government Savings Bank would like to pay its respect with the utmost loyalty. Since the announcement from the Bureau of the Royal Household for his death on Thursday, October 13, 2016, the Bank has expressed its condolences through various media in all communication channels. In addition, mourning guidelines were laid out for all branches across the country to comply with the announcement of the Prime Minister’s Office and also organized various activities, for example, condolence piggy banks, production of songs and CDs, black shirts for people with low incomes, etc., so that Thai people can remember His Majesty’s grace and show their loyalty by following the royal advice and speech that His Majesty bestowed.

Government Savings Bank will continue to be a role model following His King Bhumibol Adulyadej footsteps and would like to pay homage to H.M King Maha Vajiralongkorn Bodindradebayavarangkun as well. The Bank is committed to bringing happiness to Thai people and prosperity for the country.

The Bank of Thai people for sustainable happiness

Apart from being a financial institution for savings, Government Savings Bank is committed to performing its duties in creating and developing society in all aspects to create sustainable happiness for Thai people. Over the years, the Bank has been a key government mechanism to drive Thailand economy by launching various measures and projects, such as GSB’ People Loan, loans to solve debt problems for teachers and educational personnel, Pracharat Housing Loan, professional development workshop to create financial knowledge for small entrepreneurs, National e-Payment, Pracharat measure to solve debt problems (debt suspension), measure to promote well-being (village level), project to solve informal debt problems in an integrated and complete way. Moreover, there are also plans that have been in operation since 2016 under the concept of economic savings, social savings and environmental savings, such as Pink Pracharat Flea Market event and Pink Pracharat Community Contest project. All activities and projects have achieved the objectives set by the government, resulting in working capital in the system which has stimulated the country’s grassroots economy to grow strongly as well as promoting SMEs entrepreneurs’ potential in an integrated and sustainable way.

The Bank of Thai People with achievement awards

With the cooperation and unity of GSB team to drive goals, plans, projects and activities along with significant process improvements, such as business process management, internal audit, good corporate governance and risk management to prepare for international standards under the supervision and audit by the Bank of Thailand in 2017, the Bank received various honorary awards at organizational level, in product field and organizational leadership. This is a driving force for the Bank to move forward for the better quality of life of Thai people in all aspects.

The Bank of Thai people, More than the Bank, the Bank for Society

As we are the Bank of Thai people for 107 years, Government Savings Bank still develops financial services to response the needs of Thai people in all aspects and ready to step forward to create Thailand as the society of sharing and helping each other to bring about the future with secure, wealthy, and sustainable happiness to people in the country. From now on, the Bank is ready to step on creating financial service innovations that are valuable to meet financial needs in every segment of customers to bring the highest satisfaction of the users, as well as working with the public sector, private sector and people sector to drive into Digital Economy and Thailand 4.0 for the 2nd century of the Bank gracefully as the Bank of Thai People, More than the Bank, the Bank for Society.

History of Government Savings Bank

1st generation

The origin

The first Savings Office under the Royal Treasury Department, Ministry of the Royal Treasury, 1913 - 1928

To make the Savings Office beneficial to Thai people, H.M. King Vajiravudh (King Rama VI) therefore established the Savings Office under the Royal Treasury Department, Ministry of the Royal Treasury and issued the Savings Office Act, B.E. 2456 (1913) on April 1, 1913.

2nd generation

Fast growing

The Savings Office, the Post and Telegraph Department, Ministry of Commerce and Transport, 1929 - 1946

Later, in 1929, the Savings Office was transferred to be under the Post and Telegraph Department. The business grew quickly and was popular among Thai people. The Savings Office’s business during this period grew considerably which therefore known as “The Advancement Era of the Savings Office of Thailand”

3rd generation


Government Savings Bank, Ministry of Finance, 1947- present

After the World War II, the government recognized the benefits of savings as well as the importance of Savings Office for the country’s development, 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 Minister of Finance as mandated by Government Savings Bank Act B.E. 2489 (1946). The office was renamed Government Savings Bank (GSB), effective from April 1, 1947.

4th generation

New look to a complete modernity

Over the years, Government Savings Bank has changed and and improved its operating system and services in all aspects. The Bank has adapted to the situation to maintain a customer base of more than 26 million accounts by mobilizing resources in all areas and preparing to improve its image and services to be more modern and complete to meet the needs of all groups of customers.