PT Bank Tabungan Negara (Persero) Tbk (BTN) firmly states that they have never offered deposit products with an interest rate of 10% per month or the equivalent of 120% per year.
“The thing that needs to be emphasized is that there are no savings or savings products with an interest rate of 10% per month. This is an important point to understand together, so that it can become part of education for the public,” said BTN’s Director of Operations and Customer Experience. Hakim Putratama as quoted from Between Wednesday (8/5).
This emerged after several customers reported losing their funds at BTN of up to IDR 7.5 billion. Based on information from the official BTN website, it shows that the interest rate for BTN retail rupiah deposit products offered to customers ranges from 2.35% to 3.40% per year, according to the balance strata held by the customer. The deposit interest rate will be effective from June 9 2023.
The Deposit Insurance Corporation (LPS) determines that the interest rate for guaranteeing rupiah deposits in commercial banks is 4.25%. LPS guarantees a maximum value of IDR 2 billion per customer per bank with certain conditions, including being recorded in the bank’s books and the interest rate on deposits received by customers does not exceed the interest rate set by LPS.
BTN also emphasized that they respect the legal process and provide space for affected customers to take legal action, so that decisions taken are in accordance with applicable law.
Previously, on Monday (29/5) and Tuesday (30/4), a number of customers held demonstrations in front of the BTN Head Office, Jakarta. The video circulating on the X platform shows several customers arguing with BTN management, which causes chaos.
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The case of losing customer funds began when customers placed their funds in BTN through a former employee of the company. BTN’s attorney, Roni, explained that the account opening by a former BTN employee was not in accordance with applicable procedures, and customers were even promised a deposit product with 10% interest per month.
After opening an account for a customer, a former BTN employee did not provide official documents such as a savings book or ATM card to the customer, which is suspicious that all customer data was used by this person, including sending customer funds to the former employee’s personal account.
BTN has reported the former employees, ASW and SCP, to Polda Metro Jaya since February 6 2023, in connection with criminal acts of fraud, embezzlement and forgery. The two individuals have been named as suspects.
Roni explained that the case reported back by BTN bank was actually the same as the previous report, which referred to the legal principle ne bis in idem, namely the prohibition on multiple prosecutions of the same case. The judge emphasized that customers should be present when opening an account and have the right to receive official documents after opening an account. As a preventive measure, BTN will improve account opening procedures by using fraud detection system technology.
“We are responsible for our customers, but we also need to consider legal decisions regarding the action that must be taken in this case,” said Hakim. (Ant/Z-10)
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