Bank Mandiri, a merging result of Bank Bumi Daya, Bank Dagang Negara, Bank Exim and Bapindo, has various supporting businesses including Mandiri Sekuritas in investment banking, AXA Mandiri Financial Services in insurance, Bank Syariah Mandiri in Sharia banking, Bank Sinar Harapan Bali in micro banking, and Mandiri Tunas Finance in multi-finance.
PT Bank Mandiri (Persero) Tbk has the issuer code of BMRI on the stock market, its assets recorded since the end of 2021 are IDR 1,726 trillion. These have brought Bank Mandiri to the top of the standings as the largest bank in Indonesia.
Bank Mandiri's wealth increased 11.9% compared to last year. Thus, the calculation of the reported net profit of IDR 28.03 trillion, or growing to 66.8% on a year on year percentage.
The revenue contribution from Bank Mandiri's subsidiaries provides a significant profit, which is around 12% of the Bank's total consolidated net profit. They continuously strive significantly to always improve the level of service quality for its customers, by providing a variety of products and leading advantages. Here are some of its featured products:
Bank Mandiri Personal Account
As of December 2014, Bank Mandiri was committed to assisting customers by providing 2,312 branches, 15,344 ATM units and adding a micro business network to 1,833 units.
Moreover, Bank Mandiri provides individual savings that can be opened by only depositing a minimum initial balance of IDR 500,000. The forms of the personal account include:
- Tabungan Rupiah;
- Tabungan Now;
- Tabungan Valas;
- Tabungan Rencana;
- Tabungan Payroll Individu;
- Tabunganku;
- Deposito Rupiah;
- Deposito Valas;
- Tabungan TKI;
- Tabungan Simpanan Pelajar;
- Tabungan SiMakmur-Laku Pandai;
- TabunganMu; dan
- Tabungan Investor.
To open a personal savings account at Bank Mandiri, you only need to fulfill several terms and conditions as follows:
- ID card (e-KTP for Indonesian citizen and Passport and KIMS/KITAS/KITAP for foreigners);
- Taxpayer Identification Number (NPWP); or
- ID card & Family Member Certificate of the beneficial owner (BO) from a special source of funds for Student and Housewives.
Opening a personal account can be done online or by visiting the nearest Bank Mandiri outlet, you will immediately get a debit card that can be used for transactions at ATMs, shopping, and making payments at all stores with the VISA logo.
Mandiri Personal Account Interest Rate
The bank, which was founded in 1998, has always prioritized the benefits and convenience of its customers by providing better savings solutions every year. One of them is a competitive interest rate, here is a comparison for the interest rates of the different Bank Mandiri personal accounts:
- Tabungan Rupiah : 0,00% - 0,80%
- Tabungan Now : 0,00% - 0,60%
- Tabungan Rencana : 1,00% - 1,85%
- Tabungan Payroll Individu : 0,00% - 0,60%
- Tabunganku : 0,00% - 0,10%
- Deposito Rupiah : 2,69% - 2,85%
- Deposito Valas : 0,00% - 0,20%
- Tabungan TKI : 0,00% - 0,40%
- Simpanan Pelajar : 0,00% - 0,60%
- SiMakmur-Laku Pandai : 0,00% - 0,10%
- Tabungan Investor : 0,00% - 1,40%
Mandiri Personal Account Bank Opening Fee
There is no charge for opening a Mandiri personal account, this excludes stamp duty, monthly administration fees, penalty for balances below the minimum monthly requirement, replacement of lost or damaged passbooks or ATM cards, and account closing fees. The rates for each of these fees are different, depending on the type of currency and the type of savings.
Bank Mandiri Business Account
Bank Mandiri strives to bring business-friendly services to the table so that your business prospects can develop further with the various savings solutions offered. Variations in business savings are realized in Mandiri business accounts, including:
- Business Savings
- Rupiah Deposit
- Company Payroll Savings
- Rupiah Current Account
- Foreign Currency Current Account
The required documents for opening a Bank Mandiri business account are pretty much the same with other banks in general, here are the details:
- ID card of the founder and person in charge of the company (KTP for Indonesian citizen and KITAS for foreigners);
- Power of Attorney to appoint account management PIC;
- Tax Identification Number of the founder and person in charge of the company;
- Deed of Incorporation;
- Decree of the company's Ministry of Law and Human Rights;
- Tax Identification Number of the company;
- Domicile permit of the company;
- Business Identification Number; and
- Business License by the OSS.
The benefits given to Bank Mandiri business account owners are in the form of sweep and auto debit facilities, equipped with a Mandiri Business Debit Card with a transaction limit that can be adjusted to your need. In addition, the business transactions recorded in detail in the passbook are accompanied by descriptions and information of transactions.
Bank Mandiri Business Account Interest rate
Other facilities are equipped with 24 hours 7 days a week service through Mandiri e-Banking via Mandiri SMS, Livin' by Mandiri, Mandiri Internet Bisnis (MIB), and Mandiri Call. Another interesting thing is the provision of high interest rates for Mandiri business account owners, here we present the list:
- Business Savings : 0.00% - 1.00%
- Rupiah Deposit : 2.69% - 2.85%
- Company Payroll Savings : 0.00% - 0.60%
- Rupiah Current Account : 0.00% - 1.90%
- Foreign Currency Current Account : 0.00% - 0.10%
Corporate customers are also offered a free program for outward RTGS, TT outward (SWIFT) transactions and Inbound Clearing Deposits from their Mandiri business savings accounts.
Bank Mandiri Business Account Opening Fee
With a minimum initial deposit of IDR 1,000,000 and opening an online savings account directly from your smartphone, you can open a company account free of charge.
Administrative provisions for a business account per month is IDR 12,500, and a month-end balance fee of under IDR 10,000,000 is IDR 25,000, replacement of a savings book due to loss is IDR 15,000, and account closure by your request is IDR 50,000.
Bank Mandiri has a value called as Good Corporate Governance, which means the principles applied by the company is to maximize the value of the company, improve the performance and contribution of the company, and maintain the company's sustainability in the long term.
Bank Mandiri is one of the state-owned banks in Indonesia with the largest number of customers. Even so, the majority of people own bank accounts at more than 1 bank in Indonesia. It could be due to interest rates or more interesting promotional offers at other banks or certain needs for a network of business partners at different banks.
In response to this, the Aspire all-in-one financial management system provides integrated features for all your operational financial needs.
With Aspire, send and receive money through virtual accounts to various banks throughout Indonesia. All transactions will be recorded neatly and integrated with the company's bookkeeping and budgets. Check out other Aspire features such as claims management and expense management that can help your company's financial management neater and more efficiently.
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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