Banking - Optimistic that customer deposits under IDR100 mn will grow

Banking - Optimistic that customer deposits under IDR100 mn will grow Banks are optimistic that savings from the lower middle class, especially those with a savings value of less than IDR100 mn, have the potential to grow until the end of 2024. If we look at data from the Deposit Insurance Corporation (LPS) as of March 2024, the savings of lower class people grew 7.3% yoy with a total value of savings reaching IDR1,061 tn. As for composition, the portion of deposits under IDR100 mn is 12.2% of total public savings in banks. According to LPS, the savings from the lower middle class, especially those with a fund value of under IDR100 mn, will continue to grow in line with the improving economy. (Source: Kontan)