O
Only just opening this thread now, wondering if this 12-13% interest rate is still valid ? My guess it came down with the rest i.e BOI(Bank of Indonesia lending rate) now under 7%. Can an economist in the room explain to me how one can get a rate superior to BOI without belonging to the Ketut Madofkan family? What's the catch? And what do you do after your three month term expires? Move it to another bank until you've done the round, i.e four banks in a year? What's a decent saving rate you can get these days?
gilbert de jong
No economist, no financial planner...Just know that local "Banks" (as discussed in another active thread) have no exposure to foreign currency fluctuations(money market)/ foreign financial markets as bonds/stocks etcetc... In my opinion 3-months is not a long term deposit, and you will not get a high rate for your money, be it with Mandiri or BCA or any other 'regular' bank. And also with the rural bank for a three month deposit you will not get a big rate.Anyways, "Regular bank"---after the three months you can either transfer it to your savings account (same bank), extend it for another period, or after the internal transfer to your savings account, you can transfer it to another savings account(other bank)."rural bank"---After 3 months you go to the office (with a suitcase, hahaha) and they will pay out your investment cash, that's what the suitcase is for :wink: . Or extend it.At the moment I have no idea what percentage a regular savings account is giving, If I remember right it's also dependable on your balance...I mean 0-10 million ??% , 10-50 million ??%, 50-100 million ??% etcetc...Oh yeah, and so far i can tell, no catch yet...Hope this helps a little, Friendly greetings....Gilbert.
Petenjo
Gilbert,I take it bank interest is also subject to Indo tax??
gilbert de jong
Hi Petenjo,I know that from my account (savings) at both BCA and Mandiri, every 3 months if I remember correctly, they automatically 'withdraw' tax (pajak).Usually a long term deposit at the end of the term, will be transferred to your savings account at the same bank, and therefor already taxed on that balance...at least that's the way it was explained to me by both the manager of the bank and the tax-official.With the rural bank a long-term deposit is taxfree, however one has to mention it on the papers to file your incometax.friendly greetings, Gilbert.
bambang
What a beat up. Sounds like withholding tax. Don't worry you will get a credit for it on your tax return. Did you get your NPWP yet? :lol:
