The Student Savings Program initiated by the Financial Services Authority (OJK) has become a strategic instrument to instill a saving culture from an early age in students from early childhood education (PAUD) to high school levels. This initiative not only facilitates access to banking services but also offers flexibility through highly affordable initial deposits ranging from IDR 1,000 to IDR 5,000, alongside an exemption from monthly administration fees for account holders.
To open this account, prospective customers must meet a set of administrative criteria as Indonesian citizens. The account opening procedure differs based on the customer's age. For students under 12 years old, the account opening is represented by parents with the inclusion of a Birth Certificate or Child Identity Card. Meanwhile, for students aged 12 to 17, they can open an account independently by attaching a special statement letter.
As an example of implementation, Bank Mandiri offers the Mandiri Tabungan Simpel product, which comes with a passbook and a debit card. This product sets a maximum balance of IDR 20 million with a minimum daily balance of IDR 5,000. These conveniences are expected to serve as a gateway for the younger generation to understand safe and structured financial management from their school days.
In general, all banks providing student savings services ensure that no stamp duty is charged during the account opening process. The minimum balance requirement is also very moderate, namely IDR 5,000 or adjusting to the remaining balance if the amount falls below that threshold when the account is dormant or inactive.
