Nasabah Tajir Bernomial's Deposit Above IDR 5 Billion At Bank Kian Tebal Ahead Of Political Year

Illustration. (Photo: Unsplash)

JAKARTA - The deposit of rich customers in banking safes is increasing towards the political year. The amount of savings with a nominal value above IDR 5 billion rose to double digits in October 2022 on an annual basis, in contrast to the nominal savings below which grew slowly.

Meanwhile, in 2024 Indonesia will hold presidential elections to regional head elections. Thus, 2023 will be a political year because the candidates will actively campaign.

Quoting the Deposit Insurance Corporation (LPS), Monday, December 5, deposits of thick pocketed customers with a nominal level above IDR 5 billion reached IDR 4,295 trillion until October 2022. This number increased 6.9 percent on a monthly basis (mtm) and 15.5 percent on an annual basis (yoy).

This achievement makes the number of deposits of rich customers the highest contributor of all types of nominal savings with a share of 53.7 percent of the total savings. The largest nominal savings are found in deposit tierings of > IDR 5 billion which includes 53.7 percent of total deposits. The largest nominal increase was in deposit tierings of > IDR 5 billion of 6.9 percent (month-to-month).

LPS noted that deposits with a nominal value of less or equal to Rp. 100 million experienced the deepest decrease in nominal growth of -0.3 percent on a monthly basis. This makes the number of deposits in this tiering reach IDR 972 trillion as of October 2022.

On the other hand, other nominal tiering experienced limited growth. Tiering of Rp. 100 million to Rp. 200 million, for example, grew 0.2 percent on a monthly basis and 4.8 percent on an annual basis. Followed by deposits of Rp. 200 million - Rp. 500 million which grew 0.4 percent MoM.

The savings with a nominal value of Rp. 500 million (Rp. 1 billion), followed by a tiering of Rp. 1 billion - Rp. 2 billion, and Rp. 2 billion - Rp. 5 billion, still recorded monthly growth of 0.3 percent, 0.6 percent, and 0.9 percent.

LPS reported that the total nominal savings in October 2022 reached IDR 7,669 trillion, up 3.7 percent on a monthly basis. Deposito became the largest deposit with a nominal value of IDR 2,883 trillion or 36.1 percent of the total deposit.

The total savings accounts at commercial banks in October 2022 were recorded at 505.1 million accounts, up 2.1 percent on a monthly basis. Based on the type of deposit, the highest number of savings accounts is in savings which includes 98.0 percent of the total savings accounts.