Bank Rakyat Indonesia or BRI is a bank that is spread throughout all corners of Indonesia, as of now, BRI has more than 10,000 BRI offices around the country. In addition to land office services, BRI also has 4 Teras BRI (BRI Terraces) in the form of ships that reach certain waters in Indonesia.
BRI has successfully carried out various large corporate actions as part of its inorganic growth. One of them is the merging of BRI Syariah and Bank Mandiri Syariah and BNI Syariah into Bank Syariah Indonesia (BSI), where after this action was carried out, BRI was able to have an increase in stock prices, from around Rp500 per shares before the merging to BSI around Rp.2000 per shares after merging.
Next, BRI achieved GOLD in the Future of Work aspect, namely the Best Advance for Leading Under a Crisis category and GOLD for Best Advance in Business Automation category after competing against other prestigious companies around the world such as Accenture, Capgemini, and many more. BRI's flagship products include savings, loans and banking services. Here we will describe the details of the two main products below.
BRI Personal Account
BRI's Personal Account products consist of savings, loans, banking and investment services. Whereas BRI savings deposits are further divided into several segments as follows:
- Simpedes;
- Britama;
- Britama Bisnis;
- Britama X;
- Simpedes TKI;
- Tabungan Haji;
- Britama Rencana;
- Britama Valas;
- Junio;
- BRI Simple; and
- Tabunganku.
To open a personal account or personal saving account at BRI, you can come directly to the nearest branch office, fill out an account opening application form and prepare personal identification in the form of an ID card and NPWP. Foreigners in Indonesia can attach documents in the form of Passport and KITAS/KITAP. You can also open the BRI website and fill out the BRI eform to apply for a personal account application.
To open a BRI account, you also have to prepare an initial deposit of IDR 100,000 (one hundred thousand rupiah). You will get a bank account passbook and also a bank Card (BRI Card) which functions as an ATM Card and Debit Card with complete transaction features.
BRI Personal Interest Rate
The interest rates offered by BRI varies according to account types, nominal of the savings stored, and deposit time. Here is the different interest rates according to the different types of BRI personal accounts:
- Simpedes : 0.00% - 1.75%
- Britama : 0.70% - 1.90%
- Britama Bisnis : 0.00% - 2.75%
- Britama X : 0.70% - 1.90%
- Simpedes TKI : 0.00% - 1.75%
- Tabungan Haji :-
- Britama Rencana : 0.00% - 3.25%
- Britama Valas : 0.70% - 1.90%
- Junio : 0.70% - 1.90%
- BRI Simple :-
- Tabunganku : 1%
BRI Personal Account Opening Fee
To open a savings account at a bank, an initial administration fee is generally charged in lieu of the passbook and debit card cost received by the customer. This fee is charged outside of the initial deposited balance. The followings are the administrative costs for opening a personal account at BRI:
- Simpedes : Free of charge
- Britama : Free of charge
- Britama Bisnis : Free of charge
- Britama X : Free of charge
- Simpedes TKI : Free of charge
- Tabungan Haji : Free of Charge
- Britama Rencana : Free of Charge
- Britama Valas : Free of charge
- Junio : Free of charge
- BRI Simple : Free of Charge
- Tabunganku: Free of Charge
BRI Business Account
BRI offers business accounts for SMEs and corporations to provide more flexibility in transactions, more transparency in transaction recording, and more benefits to support business transactions needs of corporate customers/companies. BRI business accounts can be set up in rupiah or foreign currency (foreign currency). The different options of BRI business account include Britama Business; Saving accounts; and current account.
To open a BRI business account, you can come to the nearest BRI branch office by bringing in the following required documents:
- Identity card of the founder and person in charge of the company (KTP for Indonesian citizens and KITAS for foreigners);
- Tax Identification Number (NPWP) of the founder and person in charge of the company;
- Deed of Incorporation;
- SK Kemenkumham company;
- Company Tax Identification Number;
- Company domicile permit;
- NIB; and
- Business License from OSS.
The bank officer/teller will direct you to fill out an account opening application form (AR-02), and ask you to attach a Power of Attorney made by the company management to appoint the authorized person as the cardholder and account holder. The initial balance deposit for a business account is IDR 1,000,000.
BRI Business Interest Rate
The interest offered by Bank BRI to its customers may change according to banking market conditions, and the Bank's internal policies which will be notified in general through the BRI Bank Office. Below is a detailed description of the general interest rates:
- Britama Bisnis : 0.00% - 2.75%
- Time Deposit : 2.00% - 2.85%
- Current Account : 0.00% - 2.00%
BRI Business Account Opening Fee
To open a business account at BRI, an initial administration fee is generally charged. This is different from the monthly administration fee that is billed to the customer or the initial deposit made to open the account. Generally, this fee excludes the duty stamp fee that needs to be affixed to the signature for the prospective account holder opening form. The following is a breakdown of the fees for opening a BRI business account:
- Britama Bisnis : Free of charge
- Deposit : Free of charge
- Current Account : Free of Charge
In addition to savings account products, BRI also offers a variety of products and services as an effort to continue the positive momentum of the national economy revival. One of them is by establishing an ecosystem for ultra micro businesses with Pegadaian and PNM which aims to provide integrated financial services to the Ultra Micro business segment in Indonesia.
BRI’s main value is to prioritize and strengthen its business asset growth strategy in the MSME segment through the empowerment of ultra micro businesses (UMi). To support this strategy, the company's transformation process will certainly include the Digital and Culture sector. Both of these aspects are believed to have an impact on increasing the Company's business growth, increasing efficiency in business processes to reduce costs and exploring new business models, as well as encouraging corporate culture so that all parties at BRI are actively involved in it.
BRI is the bank with the largest consumer base in Indonesia. Even so, the majority of people in Indonesia have more than 1 bank account, evenmore in the case of companies. This could be due to the different attractive interest rates and schemes provided or the promotional programs offered by different banks, or even to fulfill certain needs of business partners or networks.
In response to this, Aspire all-in-one finance management system provides integrated features for all your operational finance needs.
With Aspire, send and receive money via virtual accounts to various banks all around Indonesia. All transactions will be recorded neatly and integrated with the company's bookkeeping software and budgets for a more transparent reporting. Check out the other Aspire features that can help streamline your company's operational finance management process.
Keep Aspiring with Aspire.
Frequently Asked Questions
How can Aspire support the unique financial needs and challenges of mid-sized businesses?
Aspire offers a comprehensive suite of expense management solutions tailored for mid-market companies. This includes sophisticated corporate cards, advanced budget controls, and streamlined claims and approval policies, all designed to enhance financial efficiency.
How quickly can a mid-market company integrate Aspire's solutions into existing systems and workflows?
Integration with Aspire's expense management solutions is swift and seamless. Mid-market companies can swiftly implement corporate cards with tailored features, set up nuanced budgets, and establish streamlined claims and approval processes, ensuring minimal disruption to existing workflows.
How does Aspire compare to competitors for international money transfers?
Aspire excels in international expense management with FX fees up to 2x cheaper than traditional banks.
Global payments are offered by various providers through business accounts. Read our article to know more about types of business accounts and how to choose the best one for your business. There are many banks and fintech companies offering business accounts to businesses in Singapore. We have covered them all in our blog, you can click the links to view accounts offered by various banks such as DBS, OCBC, Maybank etc.
However, if you are a start-up or a growing business, chances are you may not meet the eligibility criteria for most of these banks or find their charges to be expensive for your liking. You can consider opting for Aspire multi-currency account for global payments which offers you all the benefits, with eligibility criteria which are less stringent. Read our article on bank charges in Singapore for a quick and easy comparison.
What level of customization does Aspire offer to meet the specific financial requirements of mid-market clients?
Aspire understands the diverse financial needs of mid-market clients and provides a high level of customization to tailor solutions accordingly. This includes the ability to customize corporate cards with specific spending limits, rewards, and benefits that align with the unique requirements of each client.
Additionally, Aspire's budgeting features are adaptable to accommodate the distinct financial structures of mid-market enterprises. The platform also allows for fine-tuning approval policies, ensuring they align with the specific workflows and compliance standards of individual mid-market businesses. This commitment to customization empowers mid-market clients to optimize their expense management in a way that best suits their financial goals and operational preferences.
Is there a minimum balance required for Aspire Business Accounts?
No minimum balance is required to keep your SGD, USD, EUR, GBP and IDR Accounts activated.
Can Aspire's corporate cards be customized to cater to the specific needs of consulting teams on the go?
Yes, Aspire's corporate cards are highly customizable. Consulting teams can benefit from tailored spending limits, travel-centric perks, and real-time transaction tracking, ensuring that the cards meet the unique requirements of professionals on the move.
How does Aspire support budget management for consulting projects and travel expenses?
Aspire's platform offers sophisticated budget controls that consulting companies can adapt to project-specific needs. This includes setting project budgets, tracking expenditures, and receiving real-time insights to ensure that expenses align with project goals.
What are Aspire Corporate Card FX rates?
At Aspire, we want you to pay the lowest rates in the market.
- Zero card activation fees
- Zero card transaction fees
- Best FX rates, up to 2x cheaper than banks
How does Aspire help consulting companies enforce expense policies and approvals for travel expenses?
Aspire streamlines the claims and approval process, allowing consulting companies to establish and enforce expense policies seamlessly. Customizable approval workflows ensure compliance with company policies and industry regulations.
Is Aspire's platform scalable for consulting companies of varying sizes?
Yes, Aspire's platform is scalable and caters to consulting companies of all sizes. Whether you're a boutique consultancy or a larger firm, the platform's features can be adapted to meet your specific travel and expense management needs.
How can I open a business account in Singapore?
For a business account in Singapore, Aspire is an excellent choice. With a focus on startup and SME needs, Aspire offers a seamless and transparent banking experience.
Benefit from their user-friendly online platform, no minimum balance or account opening fees, and dedicated support for businesses of all sizes.
Aspire is designed to streamline your financial management, making it an ideal partner for entrepreneurs in Singapore.
How long does it take to open an Aspire business account?
Registration with Aspire takes less than 10 minutes which you can do via our website or mobile app.
Once registered, we will get back to you within 5 business days on whether your account has been activated or if we need further documents from you.
Our account verification process varies according to the nature of your business. In exceptional cases, it can take up to 7 days to process your documents.
How can Aspire's corporate cards benefit my startup?
Aspire's corporate cards offer a range of benefits for your startup. Earn 1% unlimited cashback on qualified spends, simplify expense management, enjoy streamlined transactions, and gain real-time insights into spending. With customizable limits, integration with accounting software, and enhanced security features, Aspire's corporate cards are designed to empower your startup's financial efficiency and provide added convenience for your team.
Is Aspire suitable for both early-stage and established startups?
Absolutely, Aspire caters to the needs of both early-stage and established startups. Whether you're just beginning your entrepreneurial journey or have an established business, Aspire offers tailored financial solutions to help streamline your operations.
From managing expenses and optimizing workflows to providing valuable financial insights, Aspire's platform is designed to adapt and scale with your business as it grows. The flexibility and scalability of Aspire make it a suitable choice for startups at various stages of development.
Is there a minimum balance required for Aspire Business Accounts?
No minimum balance is required to keep your SGD, USD and IDR* Accounts activated.
However, we recommend keeping your subscription plan amount available on your balance to ensure you're up to date with your payment every month.*
To create a recipient or make any transaction on your IDR Account, you'll need to have a minimum balance of IDR 10,000 on your account.
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