SimPel Savings

SimPel Savings

SimPel Savings (Student Savings) is a savings account issued nationwide by banks in Indonesia, specifically designed for students (Preschool, Kindergarten, Elementary School, Junior High School, Senior High School, or equivalent).

 

Key Features

  • Minimum initial deposit of IDR 5,000
  • Minimum deposit balance of IDR 5,000
  • Subsequent transactions:
    • Minimum deposit of IDR 1,000
    • Maximum withdrawal of IDR 250,000 per withdrawal
    • Maximum 2 withdrawals per month
  • Savings interest rate: 1.0% per annum*
  • Guarantee interest rate: 6.50% per annum**

* Valid on the date this document is issued** In accordance with the current LPS guarantee interest rate

Cost

  • Monthly administration fee: Free of charge
  • Book replacement fee: IDR 10,000*
  • Passive account penalty: IDR 1,000**
  • Account closing fee: IDR 5,000
  • Taxable balance: > IDR 7,500,000

* Free if the book is full or damaged/lost** Charged if there is no mutation for 12 months

Requirement

  1. Bring a student card and a family card or parental ID card as a student's guardian
  2. Fill out the savings application form
  3. Filling in the signature specimen

Benefit

  1. Savings specifically for students
  2. Teaching children to save from an early age
  3. Competitive interest rates
  4. Easy requirements
  5. Free administration fee
  6. Can be used as a credit card
  7. Guaranteed by the Deposit Insurance Corporation (LPS)*

* Additional information is available on the next page

Risk

  1. Risk of changes in savings interest rates
  2. Savings are not guaranteed by LPS when:
    • Deposit balance in the name of the customer exceeds IDR 2 billion
    • Savings interest rates exceed LPS guarantee rate
  3. Passive accounts can be closed by banks

 

SIMPEL Savings Interest Calculation Simulation

Lowest Balance

Interest

Interest Accepted

Interest After Tax

IDR 10,500,000

1,00%

IDR 1,232,876.71

IDR986,301,37

IDR 1,500,000

1,00%

IDR 8,630.14

IDR6,904,11

Note:

  • Lowest account balance in one month
  • Interest rates apply annually
  • Interest calculation for 1 month (30 days)
  • A 20% interest tax is imposed if the balance > IDR 7,500,000

Additional Information on SIMPEL Savings

  1. Depositors are Indonesian students individually
  2. For students of PAUD, KINDERGARTEN, ELEMENTARY, JUNIOR HIGH, HIGH SCHOOL, Madrasah (MI, MTs, MA) or equivalent, age
  3. Instead of an ID card, use a student card and a parent's KK/ID card
  4. Account opening can be through school cooperation with banks
  5. Schools can work with more than one bank
  6. Parents can authorize the school or other parties to open an account
  7. One student may only have one SIMPEL account
  8. No joint account allowed
  9. The bank publishes passbooks in the name of students
  10. If there is a difference in the balance between the books and the bank records, then the bank records are recognized
  11. For success publications, schools can provide customer balance information according to the rules
  12. The distribution of funds for the opening of an account is the responsibility of the fund supporter, by attaching a Certificate of Missing from the Police
  13. The bank reserves the right to refuse the opening of an account if the data does not match
  14. Other provisions will be further regulated by the bank in accordance with applicable regulations

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