Bank of India Indonesia

What Bank of India Indonesia does

PT Bank of India Indonesia, Tbk is an Indonesia-domiciled, publicly listed commercial bank (IDX ticker BSWD), majority-owned (76%) since June 2007 by the Government of India-owned Bank of India. Originally founded in 1968 as Bank Pasar Swadesi in Surabaya, the institution underwent an IPO in 2002, the Bank of India takeover in 2007, and a 2011 renaming to PT Bank of India Indonesia, Tbk. The bank operates a small but geographically distributed network of 8 branch offices, 6 sub-branches, and 2 cash offices across Jakarta, Surabaya, Bandung, Medan, Bali (Denpasar), and Makassar, supplemented by access to the ATM Bersama and ALTO national ATM networks. It is regulated by OJK and Bank Indonesia, licensed as a Bank Devisa (foreign exchange bank), and underwrites multi-currency transactions in IDR, USD, INR, GBP, HKD, SGD, JPY, and EUR.

The product portfolio is organized around three pillars: deposits (Tabungan STAR family in IDR and USD, time deposits, giro), credit (STAR Multiguna multi-purpose loans for individuals starting at 10.90% p.a.; Kredit Modal Kerja working capital credit at 11.00% p.a. for businesses; STAR Asset Backed Loan), and digital channels (BOII Mobile/STARBOII Mobile, BOII Internet Banking with IBB SoftToken OTP, QRIS payments, ATM networks). Ancillary services include international remittance (Telegraphic Transfer and Same Day INR leveraging the parent network), trade finance (L/C, SKBDN, documentary collection), safe deposit boxes, payroll, and school fee collection for affiliated Gandhi schools. The TAARA chatbot provides Indonesian-language website support. ISO 27001 certification was achieved in April 2026.

The bank earns revenue primarily from net interest income (loan book minus deposit costs) and fee-based income (account services, ATM and transfer fees, trade finance charges, and foreign exchange/remittance spreads). Its go-to-market relies on physical branches with relationship managers plus digital self-service, with a clearly differentiated strategic bet on India-Indonesia corridor remittance, where the parent's 5,430+ Indian branches enable same-day INR settlement and preferential FX rates inaccessible to pure local competitors. Customer segments include Indonesian retail individuals, domestic SMEs and corporates, and India-bound remittance senders — a mix that anchors volume but limits scale.

Name

Bank of India Indonesia

Legal name

PT Bank of India Indonesia, Tbk

Website

https://boiindonesia.co.id

Company type

Public

Founded year

1968

Operating status

Operating

Headcount range

101–250 employees

Short description

PT Bank of India Indonesia is an OJK-regulated, IDX-listed (BSWD) commercial bank, 76%-owned by Bank of India, operating 8 branches across Indonesia offering multi-currency retail deposits, business loans, trade finance, and India-Indonesia corridor remittance.

Ownership category

akta.pro rank

Product category

Commercial Banking

NAICS

Commercial Banking (52211), Commercial Banking (522110)

SIC

National Commercial Banks (6021)

akta.pro primary industry

SME Deposits & Business Accounts (Operating, Savings, CDs) (FSABABAC)

akta.pro secondary industries

Trade & Invoice Payments (Cross-Border B2B) (FSAMAIAL), SME & Business Cross-Border Payments (B2B) (FSAMAIAB)

Keywords

• Commercial banking services
• Retail savings deposits
• International remittance
• Trade finance solutions
• Multi currency banking

Headquarters

HQ city

Jakarta

HQ country

Indonesia

HQ region

Asia

Offices14 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales

Revenue model

1. Interest Income: The bank earns interest income from lending activities including STAR Multiguna (multi-purpose loans), working capital credits (Kredit Modal Kerja), and investment loans (Kredit Investasi). Interest rates for STAR Multiguna start at 10.90% p.a. and for Kredit Modal Kerja at 11.00% p.a.
2. Fee-Based Income: The bank generates fee income from account services, ATM transactions (e.g., Rp4,000 for balance inquiry at ATM Bersama, Rp6,500 for interbank transfers), remittance/TT charges, and trade finance services.
3. Foreign Exchange Spread: Revenue from currency exchange spreads on foreign exchange transactions, including telegraphic transfers in INR, USD, SGD, HKD, JPY, EUR, and GBP. The bank promotes preferential INR/IDR exchange rates for remittance to India.
4. Deposit-Taking and Interest Expense: The bank takes deposits in the form of savings (Tabungan STAR, STAR Dollar, Si BOS, STAR Plan, Suka-Suka STAR), current accounts/giro (IDR and USD), and time deposits (Deposito Berjangka, Deposito Double STAR) and pays interest on these liabilities.

Pricing tiers

Go-to-market motion2 records

Distribution channels7 records

Marketing channels10 records

Core offering

PT Bank of India Indonesia Tbk operates as a full-service commercial bank in Indonesia, providing individual and corporate deposit products (Rupiah and USD savings accounts, current accounts, time deposits), credit facilities (multi-purpose personal loans, working capital and investment credit), digital banking (mobile, internet, QRIS, ATM), international remittance to India, trade finance, and safe deposit box services. As a 76%-owned subsidiary of Government of India-owned Bank of India, BOII is differentiated by preferential INR exchange rates and same-day INR settlement for India-Indonesia corridor remittances via its parent's 5,430+ branch network.

Product overview

PT Bank of India Indonesia Tbk is a commercial bank operating in Indonesia as a subsidiary of Bank of India (majority shareholder). Its product portfolio is organized around three core pillars: (1) Deposits & Savings — covering IDR and USD savings accounts (Tabungan STAR, Tabungan STAR Dollar, Tabungan Si BOS, Tabungan Berjangka STAR Plan, Tabungan Suka-Suka STAR), current accounts (Giro Individu), and time deposits (Deposito Berjangka, Deposito Double STAR); (2) Loans & Credit — including the STAR Multiguna multi-purpose loan for individuals (with STAR Cash installment and STAR Cash Plus revolving sub-products), and Kredit Modal Kerja working capital credit for businesses; and (3) Digital Banking Channels — encompassing BOII Mobile (mobile app with transfers, top-ups, bill payments, QRIS), BOII Internet Banking (with IBB SoftToken OTP), ATM Channel, and E-Statement. Ancillary services include international remittance (Telegraphic Transfer, Same Day INR), Safe Deposit Box, Transfer & LLG, and school fee collection. The bank also offers a chatbot assistant named TAARA.

Differentiator

Problem solved

Functional benefit

Brands

• STAR (Savings, Transaction, And Results): Brand family for savings products including Tabungan STAR (Rupiah savings), Tabungan STAR Dollar (USD savings), STAR Multiguna (multi-purpose credit), STAR Plan (time-based savings), STAR Cash (installment credit), STAR Cash Plus (revolving credit), and STAR Asset Backed Loan.
• Si BOS
• Double STAR
• Suka-Suka STAR
• STARBOII Mobile
• BOII Internet Banking
• IBB (Industrial Business Banking)
• BOII IBB SoftToken
• G-Corporate

Products and services

• Tabungan STAR Individual Rupiah (IDR) savings account with interest calculated on daily average balance at 1.50% effective p.a., minimum balance Rp50,000. Supports ATM withdrawals and internet banking. Targeted at individual retail customers in Indonesia.
• Tabungan STAR Dollar Individual US Dollar (USD) savings account with interest at 0.25% effective p.a., minimum balance USD 100, maximum USD withdrawal USD 10,000 with one-day notice. Supports interbank transfers and USD withdrawals. For individual customers seeking foreign currency savings.
• Tabungan Si BOS Individual IDR savings account targeted at Indonesian entrepreneurs and employees, with passbook as proof of ownership, minimum initial deposit Rp100,000, free ATM withdrawals at BOII and ATM Bersama/ALTO networks.
• Tabungan Berjangka STAR Plan Rupiah time-based savings plan with automatic monthly debit from linked account, tenors from 1 to 5 years, interest rates of 3% for 1-3 year tenors and 4% for 4-5 year tenors. For individual savers seeking disciplined long-term savings.
• Tabungan Suka-Suka STAR Dual-wallet IDR savings product combining a daily spending wallet (Dompet Suka-Suka) with a savings celengan (Celengan STAR). Auto-sweeps balances above Rp500,000 daily into the savings wallet, with tiered interest on the celengan STAR: up to Rp100M at 1.5%, above Rp100M to Rp1B at 2.5%, and Rp1B and above at 3.5%.
• Giro Individu (USD and IDR) Individual demand deposit account in IDR or USD, withdrawable during business hours using checks and bilyet giro (demand drafts). Minimum initial deposit Rp500,000 for IDR or USD 250 for USD accounts. For individual customers requiring check-based transactional banking.
• Deposito Berjangka Time deposit available in IDR and USD with terms of 1, 3, 6, or 12 months. Supports automatic rollover (ARO) and can be used as loan collateral. Minimum placement Rp10,000,000 (IDR) or USD 5,000 (USD). For individual and corporate customers seeking structured term deposits.
• Deposito Double STAR Compound interest time deposit offering dual benefits with quarterly compounding, yielding higher returns at maturity. Available in IDR and USD with 6 or 12 month tenors. Minimum placement Rp10,000,000 or USD 5,000. For customers seeking yield optimization through compounding.
• STAR Multiguna Multi-purpose credit facility for individuals with fixed income (employees/BUMN) or variable income (entrepreneurs/professionals). Interest rate from 10.90% p.a., tenors of 1-10 years, credit limits Rp250,000,000 to Rp5,000,000,000. Sub-products include STAR Cash (installment) and STAR Cash Plus (revolving). Administration fee Rp500,000.
• Kredit Modal Kerja Working capital credit facility for business financing needs with an interest rate of 11.00% p.a. For Indonesian business customers requiring operational financing.
• BOII Mobile (STARBOII Mobile) Mobile banking application offering biometric login, account portfolio view, transaction history, balance inquiry, fund transfers (online, inhouse, BI-Fast, SKN, RTGS), prepaid top-ups for mobile operators (Telkomsel, XL, Indosat, Smartfren, Tri), e-wallet top-ups (Gopay, OVO, Dana, ShopeePay), bill payments (PLN, TV, BPJS, PDAM), and QRIS payments. Available on iOS App Store and Google Play Store.
• BOII Internet Banking Internet banking platform for account information, transaction authorization via soft token, ATM and branch locators, virtual account payments (telecom providers, electricity, TV, internet, insurance), and payroll services. For individual and business customers.
• BOII IBB SoftToken Mobile-based soft token application for generating one-time passwords (OTP) to authorize and authenticate transactions and logins on BOII Internet Banking (IBB). Available on iOS and Android app stores.
• ATM Channel Automated Teller Machine network providing balance inquiry, cash withdrawal, and inter-account transfers. Accessible via BOII's own ATMs and the ATM Bersama and ALTO national networks across Indonesia. BOII customers can perform free transactions at BOII ATMs; at ATM Bersama and ALTO, fees apply (Rp4,000 balance inquiry, Rp7,500 cash withdrawal, Rp6,500 interbank transfer).
• QRIS QR code-based payment service using the Indonesian national QRIS standard. Supports transactions from Rp1 to Rp10,000,000 per transaction, with a daily cumulative limit of Rp10,000,000 per CIF, and 0% transaction fee.
• Telegraphic Transfer (TT) / Remittance International wire transfer service supporting INR, USD, SGD, HKD, JPY, EUR, and GBP. Rupee transfers to India offered at favorable exchange rates with Bank of India branches nationwide; USD transfers processed via US correspondent banks. For individual and corporate customers requiring cross-border payments.
• Same Day INR Same-day telegraphic transfer service in Indian Rupees (INR) to banks in India, with funds received on the same business day. Transfer fee of USD 5 to Bank of India branches and USD 10 to other banks. For individuals and businesses requiring fast India-bound remittance.
• Safe Deposit Box (SDB) Rental of secure fireproof safe deposit boxes in three sizes (S, M, L). Annual rental fees of Rp800,000 (S), Rp1,000,000 (M), and Rp1,400,000 (L), with a Rp500,000 refundable key deposit. For individual customers seeking secure document and valuables custody.
• Transfer and LLG (Lalu Lintas Giro) Domestic fund transfer service in IDR and foreign currency to other banks via the clearing system, accessible through BOII ATMs, ATM Bersama network, and BOII branch offices. LLG (Lalu Lintas Giro) is the clearing-based interbank fund transfer service. For individual and corporate customers conducting domestic transfers.
• E-Statement Electronic statement service delivering account transaction reports directly to customer's email, providing secure, paperless, and easily archivable account history. For individual and corporate account holders.

Quantifiable outcome

• Same-day INR transfer service with preferential exchange rates vs. foreign banks in Jakarta
• +3 more outcomes

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration24 records

Feature6 records

Scale indicators5 records

Recent moves11 records

Expansion highlights5 records

Direct peers

• Bank Panin Indonesia: Indonesian publicly listed private commercial bank offering retail and commercial banking products. Comparable in scale and product offering to BOII as a mid-sized Indonesian commercial bank.
• Bank HSBC Indonesia: Subsidiary of HSBC Holdings in Indonesia. Comparable as a foreign-controlled commercial bank focused on trade finance, treasury, remittance, and corporate banking with international network support from parent — analogous to BOII's India-corridor franchise.
• Bank CIMB Niaga: Indonesian subsidiary of CIMB Group (Malaysia). Comparable as a foreign-affiliated publicly listed commercial bank in Indonesia offering similar deposit, lending, treasury, and digital banking products to retail and corporate customers.
• Bank Mega: Indonesian publicly listed private commercial bank offering savings, deposits, credit cards, and digital banking. Comparable as a mid-sized Indonesian commercial bank with similar customer profile.
• Bank Danamon Indonesia: Indonesian publicly listed commercial bank offering similar retail savings, SME lending, and trade finance products. Comparable in scale and product breadth as a mid-sized local commercial bank, though fully Indonesian-owned (recently majority-controlled by MUFG).
• Bank Maybank Indonesia: Indonesian subsidiary of Malaysian banking group Maybank. Comparable as a foreign-affiliated commercial bank operating in Indonesia with similar product suite (savings, deposits, loans, trade finance) and similar positioning as a foreign-controlled publicly listed bank (IDX: BNII).
• Bank Standard Chartered Indonesia: Indonesian subsidiary of Standard Chartered Bank. Comparable as a foreign-owned commercial bank in Indonesia with international banking focus, multi-currency operations, trade finance, and remittance services.
• Bank OCBC Indonesia (OCBC Group): Indonesian subsidiary of Singapore-based OCBC Bank. Comparable as a foreign-controlled (Singaporean parent) publicly listed commercial bank in Indonesia offering savings, deposits, treasury, and digital banking with regional Asia network leverage.
• State Bank of India Indonesia (SBI Indonesia): Indian state-owned bank operating as a foreign bank in Indonesia. Most direct comparable to BOII given parallel structure (majority Indian state-owned parent operating a local Indonesian subsidiary), shared India-Indonesia corridor remittance focus, and similar target market of corporate/retail customers with India linkages.

Regional players

• ICICI Bank Indonesia: Indian private sector bank with growing international presence including representative offices. Comparable as a large Indian bank competitor to BOII's parent Bank of India in India corridor banking and FX/international remittance services.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks1 record

Key highlights6 records

Customer concentration

• YouTubeyoutube.com/channel/UCyQIbMaUjbqOCmM3IsEgLOA
• Facebookfacebook.com/profile.php?id=61559674101874
• LinkedInlinkedin.com/company/boiindonesia
• Instagraminstagram.com/boii_idn

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Bank of India Indonesia