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About Interest Rate
About the interest rate calculation in Jago Pockets
Is my Pocket guaranteed by LPS?
All customer funds placed in the Bank that exceed the maximum value and/or interest rate guaranteed by LPS, will not be guaranteed by LPS.
You can read more about Jago’s interest rate and LPS guarantee limit here:
- About the interest rate in Bank Jago
- The maximum amount of savings guaranteed by LPS is Rp2 billion per customer per bank
- About the maximum LPS guaranteed interest rate
What's the interest rate of Jago Pocket?
You can check the latest interest rate in Bank Jago on this page.
Interest rate calculation formula in Bank Jago
Daily interest amount = (Annual interest rate x End of day daily balance) / 365* days
(*In the leap year, days in a year will be calculated as 366 days)
The daily interest amount will be accrued and disburses monthly, every 28th.
Interest rate simulation in Bank Jago
On January 1st, Bang Jago had Rp1.000.000 in his Vacation Pocket (which is a Savings Pocket), and the interest rate for that Pocket at that time was 3,75% per annum.
So, the daily interest that Bang Jago will earn for January 1st is: (3,75% x Rp1.000.000,-)/365 = Rp102,74
Assuming that there's no transaction in and out of that Pocket until January 28th, the accrued daily interest for that Pocket on January 28th will be Rp102,74 x 27 hari = Rp2.773,98
That amount will be subjected to 20% tax, which amounts to 20% x Rp2.773,98 = Rp554,80. The tax will be displayed as a separate transaction in Bang Jago's Vacation Pocket transaction history.
The net interest amount that Bang Jago will get for that Pocket is Rp2.773,98 - Rp554,80 = Rp2.219,18
Important notes:
- The interest that customers will get is rounded up to 2 decimals. However, the amount of interest amount in the Transaction History in the customers' Pocket is shown without the decimal.
- If the accrued interest is less than Rp0.005, the interest will not be disbursed by the Bank.
- The disbursed interest in every 28th will be subjected to the 20% tax.
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About interest in Jago Pockets
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