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About Indonesia Deposit Insurance Corporation (LPS)
Quoting from the official document of Otoritas Jasa Keuangan (OJK), the Indonesia Deposit Insurance Corporation (Lembaga Penjamin Simpanan), commonly abbreviated as LPS, is an institution responsible to insure customers' deposits with the following conditions:
- Customers do not have debts at banks
- Bank products are products registered with Bank Indonesia and the bank's products (savings, deposits and current accounts)
- The interest earned on savings does not exceed the interest regulated/determined by LPS
- Guaranteed savings of up to IDR 2 billion
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