Bisnis, JAKARTA — The uptick in Bank Indonesia (BI) rate is expected to stimulate a renewed interest in saving among the public. However, banks might not rush to raise deposit interest rates or ramp up promotional activities to attract deposit funds immediately.
Throughout 2023, the growth trajectory of banking third-party funds (DPK) is anticipated to be lackluster. Nonetheless, as we transition into 2024, there's a noticeable uptick in DPK performance.
According to the Money Flow Analysis report by BI, DPK surged to IDR 8,333 trillion in March 2024, marking a robust 7.4% year-on-year (YoY) growth, surpassing February 2024's 5.66% YoY increase.
All categories of DPK showcased commendable performance. Demand deposits, for instance, saw an 8.6% YoY uptick in March 2024, a notable improvement compared to February 2024's 6.4% YoY growth. Savings witnessed a 5.8% YoY rise in March 2024, up from the previous month's 4.3% YoY increase. Moreover, term deposits also experienced a higher growth rate at 7.8% YoY, compared to 5.5% YoY.
