Rancak Media – JAKARTA — Bank Indonesia (BI) has highlighted a concerning trend: the offering of special interest rates to significant or “jumbo” depositors. This practice is believed to be distorting market mechanisms and impeding the effective transmission of policy rate cuts throughout the banking sector.
According to the Bank Indonesia Annual Meeting (PTBI) 2025 document, the central bank revealed that the proportion of Third-Party Funds (DPK) benefiting from these special rates has reached a substantial figure, totaling Rp2,656.79 trillion as of October 2025.
This staggering amount represents 27% of the total national banking DPK. The sheer volume of these high-cost funds is keeping banks’ cost of funds elevated, even though BI has aggressively slashed its benchmark interest rate by 150 basis points (bps) throughout the current year. This phenomenon, as detailed in Bank Indonesia’s report on Saturday (29/11/2025), points to a market distortion. “This phenomenon indicates a distortion in the functioning of market mechanisms due to the stronger bargaining power of large depositors against banks, amidst a weak banking industry structure characterized by an excessive number of banks,” stated Bank Indonesia.
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Further data from BI shows that the average interest rate for deposits with special terms remained at 5.21% in October 2025. In stark contrast, the general 1-month deposit rate had already declined to 4.25% during the same period, underscoring the significant disparity.
: : Pidato Lengkap Prabowo di Pertemuan Tahunan Bank Indonesia 2025
The Role of Government Funds
Intriguingly, BI noted that government entities, encompassing both State-Owned Enterprises (SOEs) and non-SOEs, are significant contributors to this trend. The total funds from government-affiliated depositors enjoying special rates reached Rp817.16 trillion, with an average deposit interest rate hovering around 5.10%.
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This situation engenders severe inefficiencies within the banks’ funding structure. This is clearly reflected in the widening gap, or spread, between these special interest rates and the Deposit Guarantee Rate (TBP) set by the Deposit Insurance Corporation (LPS).
“This is evidenced by the large spread between special deposit interest rates and the maximum LPS guarantee interest rate, with a median of approximately 1.17% since 2012, and even increasing to 1.71% in October 2025,” BI explained. Ultimately, these inefficiencies in fund mobilization exert a direct impact on credit disbursement. Banks are compelled to set high lending rates to cover their expensive cost of funds, further exacerbated by risk premiums and substantial overhead costs.
Consequently, the reduction in lending interest rates has been remarkably slow. BI observed that lending rates decreased by only 20 bps throughout the year up to October 2025, falling far behind the more substantial cuts in the BI-Rate.
Policy Response
To address this rigidity, BI plans to enhance the effectiveness of its Macroprudential Liquidity Incentive Policy (KLM) through the interest rate channel. Under this mechanism, banks that are slow to lower their lending rates will be required to maintain a higher Minimum Reserve Requirement (GWM).
Conversely, liquidity easing incentives will be provided to banks that demonstrate responsiveness in cutting their lending rates, aligning with BI’s policy direction. “Bank Indonesia will also continue to coordinate with the Financial System Stability Committee (KSSK) to undertake necessary joint measures to accelerate the reduction of large depositor interest rates (special rates) and credit interest rate margins,” BI affirmed, signaling a concerted effort to foster a healthier and more efficient financial landscape.
Summary
Bank Indonesia (BI) menyoroti praktik penawaran “suku bunga khusus” kepada deposan besar yang dianggap mendistorsi mekanisme pasar. Fenomena ini menghambat transmisi penurunan suku bunga kebijakan BI, menyebabkan biaya dana bank tetap tinggi meskipun BI telah memangkas suku bunga acuan. Dana pihak ketiga (DPK) yang menikmati suku bunga khusus ini mencapai Rp2.656,79 triliun atau 27% dari total DPK nasional per Oktober 2025, dengan rata-rata suku bunga 5,21%, jauh di atas suku bunga deposito umum 4,25%.
Kondisi ini menciptakan inefisiensi dalam struktur pendanaan bank, tercermin dari lambatnya penurunan suku bunga kredit yang hanya turun 20 basis poin sepanjang tahun, berbanding terbalik dengan pemangkasan BI-Rate. Untuk mengatasi rigiditas ini, BI akan memperkuat Kebijakan Insentif Likuiditas Makroprudensial (KLM) dengan menerapkan GWM lebih tinggi bagi bank yang lambat menurunkan suku bunga kredit. BI juga akan berkoordinasi dengan Komite Stabilitas Sistem Keuangan (KSSK) untuk mempercepat penurunan suku bunga deposito khusus dan margin suku bunga kredit.
