Nearly 500,000 Bank Customers Hold Accounts Exceeding Rp 1 Billion

Almost 500,000 bank customers have accounts with balances exceeding Rp 1 billion. Data from the Deposit Insurance Institution (LPS) recorded 494,377 accounts with deposits exceeding Rp 1 billion, representing only 0.24 percent of the total 206.89 million accounts. Meanwhile, the value of deposits exceeding Rp 1 billion reached Rp 3.25 quadrillion (thousand trillion), or approximately 65 percent of the total public deposits in banks, which amount to Rp 5 quadrillion.

On Wednesday (June 7th), the Ministry of Finance finally revised the reporting threshold for accounts to the Directorate General of Taxes to Rp 1 billion, up from the previous Rp 200 million. This step was taken after considering input from various parties that the reporting threshold of Rp 200 million for account holders was considered too low and caused public concern. Previously, the Ministry of Finance had issued Minister of Finance Regulation Number 70/PMK.03/2017 concerning technical guidelines for accessing financial information for taxation. This regulation is the technical implementation of Government Regulation in Lieu of Law (Perppu) Number 1 of 2017.

Accounts with balances exceeding Rp 1 billion to Rp 2 billion totaled Rp 363.74 trillion, and accounts with balances exceeding Rp 2 billion to Rp 5 billion totaled Rp 480.6 trillion. Meanwhile, accounts with balances exceeding Rp 5 billion reached Rp 2.4 quadrillion, or approximately 48 percent of the total deposits.