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Minor banks cut deposit interest rate

Rabu, 12 Oktober 2016 / 16:11 WIB

Minor banks cut deposit interest rate


JAKARTA. Minor banks have started reducing their deposit interest rate, following the major banks step to cut the deposit interest rate. Previously, the major banks decided to take the measure after BI (the Central Bank) declined its benchmark interest rate. In addition to the reduction of BI’s rate, the major banks cut the deposit interest rate after LPS or Deposit Insurance Corporation cut the insurance interest rate.

President Director of Bank Dinar Indonesia Hendra Lie said that the bank still has sufficient liquidity due to low demand on credit. Therefore, Bank Dinar has to decrease the savings interest rate. “We are reviewing to decrease the interest rate by 25 bps”, said Hendra.


To date, Bank Dinar offers a 7.5% deposit interest rate, much higher than 5% BI seven days repo rate, as well as 6.25% LPS rate and the average 6.65% deposit interest rate of banks in general.

Meanwhile, Corporate Secretary of Bank Artos Indonesia said that the bank has cut the deposit interest rate in accordance with the trend of LPS rate. Bank Artos itself offers around 6.25%-7.75% deposit interest rate to maintain liquidity stability. With the stable liquidity, the bank expects to boost credit reserves.

President Director of Bank Ina Perdana Eddy Kuntardjo said that the bank will maintain the deposit interest rate at the level of 7.5%. Bank Ina Perdana plans to reduce the interest rate if the bank can meet the targeted amount of liquidity. The bank targets to increase the amount of third party funds (DPK) to around IDE1,92 trillion by the end of 2016. As of September 2016, Bank Ina Perdana has booked IDR1.86 trillion of DPK.

President Director of Mayora Bank Irfanto Oeji said that the bank has reduced its deposit interest rate following the slow credit demand. This time, the bank does not have plane to cut deposit interest rate again.

Data from Financial Service Authority (FSA or OJK) show that during January 2016-July 2016 the minor banks (BUKU I) have decreased the interest rate by 83 bps to the level of 7.85% for one-month deposit, by 113 bps to 8.21% for three-month deposit, and by 64 bps to 8.78% for six-month deposit.

(MUHAMMAD FARID/Translator)

Reporter: Nina Dwiantika
Editor: Rizki Caturini

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