Differences in Interest Rates and Fees for Mandiri Business Accounts and Personal Accounts

Published on
September 22, 2022
Written by
Ekky Pramana

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.

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ABOUT THE AUTHOR
Ekky Pramana is a seasoned writer specialising in business finance and management. With a writing history at Tech in Asia, Teknoverso, and various other publishers, he leverages his market expertise to empower and educate first-time founders in managing their businesses better.
Ekky Pramana
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