Special Time Deposit is third party deposit in Bank which is opened every month during its participation term and it's withdrawal can only be implemented in certain time period (appropriate with due date) refer to the agreement between depositor and Bank.
A. Benefit and Risk
This product is included to bank's funding source type.
Benefits
- Ii is a simple time deposit product that customer only needs to come once to the bank for the opening, deposit will be openend every month by debiting account automatically with the same amount and currency.
- Could be automatically rolled over (ARO) including it's interest or without it's interest.
- Interest can be credited to another account in the Bank or transferred to other Bank.
Risk
- Market Risk
Risk occurred due to interest fluctuation.
- Operational Risk
The disfunction of internal process, human error, system failure or external problem
B. Procedures and Using Guidance
Application. For depositor who already current account, it just enough to fill in opening Special Time Deposit application, amendment form (if required), special letter from attorney. From depositors who does not have current account yet, should attach:
- Personal
Copy of Indentification Card/Passport/KITAS.
- Corporate
Copy of Certificate of Establishment, Tax Identification Number, Company Business Letter, Company Registration, and Domicile permission.
Minimum Deposit.
|
Deposit Currency
|
Deposit
|
Type of Customers
|
|
Rupiah (IDR)
|
Min. IDR 10,000,000.-
Min. IDR 10,000,000.-
|
Corporate
Personal
|
|
US Dollar (USD)
|
Min. USD 1,000.-
Min. eqv. IDR 10,000,000.-
|
Corporate
Personal
|
|
Japanese Yen (JPY)
|
Min. JPY 100,000.-
Min. eqv. IDR 10,000,000.-
|
Corporate
Personal
|
|
Other Currency
|
Min. eqv. USD 1,000.-
Min. eqv. IDR 10,000,000.-
|
Corporate
Personal
|
Funding
Due to the account will automatically debited every month, the fund for the opening of time deposit must be available on the day before. If the fund is not available, depositor can deposit their fund on execution day, not later than 4.00 pm. If passing the limit time, it is considered that there is no time deposit opening for that month.
Holiday
If debiting date falls on holiday, debiting account will be executed on the next bank working day and 1 (one) year period is calculated from debiting rate.
If due date is on holiday, draw down will be executed on the next bank's working day.
Amendment and Additional
Depositors can amend their monthly time deposit amount, debiting rate, temporally debiting discontinuance and amount during it's participation period.
C. Costs
| Services |
Cost |
Cancellation
Cancellation Before maturity date |
Free |
Cash Withdrawal
• Rupiah Time deposit
• Fcy Time Deposit |
Free
Our Rate |
Draw down
• Booked on another internal account
• Booked on other bank account |
Free
LLG or RTGS cost |
D. Interest Calculation
Deposit interest is not provided in case of withdrawal is conducted before due date.
Deposit interest is provided by following conditions:
Interest Calculation Mode
Gross Interest = Nominal x Interest rate x Days / 360 Days
Net interest = Gross Interest – Tax
Interest and principal draw down of deposit shall be conducted by following:
- Deposit draw down can only be implemented on the due date. Interest provided in case of draw down conducted before due date.
- If draw down is conducted before due date, depositor must provide time deposit closing form.
- For Time Deposit Special that is not automatically rolled over, principal and its interest will be directly credited to its account on due date.
- If the due date is on bank’s holiday, the draw down will be done on the next working day.
Draw down procedure
- Interest capitalization to deposit principal.
- Cash withdrawal.
- Transfer to related account and or another internal account.
- Transfer to the other bank account.
E. Differences between Special Time Deposit and Time Deposit
- Special time deposit does not use time deposit certificate as evidence of ownership but in the form of time deposit statement and credit note in every opening of time deposit.
- Depositor should has an account in the bank.
- Special time deposit draw down date is determined at the opening of facility.
F. Terms
Minimum 1 (one) year. |
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