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A savings account is an instrument to store money, available to the public and other parties. The fund can be withdrawn within certain rules that have been agreed beforehand.
Most savings account products offered in the market offer similar features and benefits, such as:
Almost all savings products in Indonesia offers interest, but the rates are lower than the ones offered by fixed/time deposits. Therefore a savings account isn’t usually categorized as a financial tool to reap benefits.
There’s a special tax on savings and deposit interest earnings. The tax is 20% for a balance of more than Rp 7.500.000. This tax will be deducted from your interest earnings. The amount of tax deducted will get bigger as you earn more interest.
Every bank might have different requirements for a savings account application, but the requirements are generally similar. An applicant is usually required to hand a copy of their ID (Indonesian Identity Card/Driving License/Passport), a copy of NPWP (Taxpayer Identification Number), and a filled out application form.
Also, each bank might set their own minimum initial deposit and minimum balance. This minimum balance will be used to cover the administration fee when you close your savings account.
Every bank might apply different types of fees. But commonly you’ll be charged for a Rp 6.000 duty stamp and for a monthly administration fee.
If the address on your ID is not your address of domicile as required by the bank, you can provide supporting documents such as your driving license, a letter of domicile or a statement of employment from your workplace.
Here are the general steps to open a savings account:
Initial Deposit: The minimum deposit required upon opening a savings account
Minimum Balance: The minimum amount required to be kept in your account
Sweep Account: A facility to automatically transfer funds from one account to another, within the minimum balance limit and the maximum transfer limit as set by the account holder.
Interest Rate: A return for the use of money or capital, which is paid at a certain period of time based on certain terms or agreements. Usually presented as a percentage of the funds.
Reward Points: Points earned when you make purchases with certain financial products. Can be redeemed for gifts or other benefits and advantages.
Auto Debit: An electronic payment system which allows direct payment from a savings account, usually on a preset date.
Joint Account: A savings account owned by two or more people.
Administration Fee: A fee charged periodically by the bank to their account holders.
Minimum Balance Fee: A fee charged when your balance falls below your account’s minimum.
Debit Card: A card issued the bank which serves as a tool of electronic payment and a replacement for cash payment.
ATM (Automated Teller Machine): An electronic device which serves bank customers without the human presence of a bank teller.
Passbook/Bankbook: A book issued by the bank containing the amount of balance of a certain savings account. To prove ownership of this book, one must provide a printed identity as stated in the book. This book may not be traded or transferred to another party.
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