T

he Financial Services Authority (OJK), along with 14 banks, has launched a savings program for students of all education levels in an effort to raise awareness of financial literacy.

The product, called Simpanan Pelajar (Simpel) or Student'€™s Deposit, is a modification of a similar program with Islamic principles launched by President Joko '€œJokowi'€ Widodo and eight sharia banks on June 14.

OJK chairman Muliaman D. Hadad said the product would be offered in both regular and Islamic-based saving accounts and would come with attractive features such as free monthly administration fees and a low amount of required minimum deposit.

'€œThrough this program, children will learn the benefits of saving money as early as possible in their childhood so that they will be financially smart and prosperous when they reach adulthood,'€ Muliaman told reporters during the launch on Tuesday.

The program involves several banks including Bank Negara Indonesia (BNI), Bank Mandiri, Bank Rakyat Indonesia (BRI), Bank Tabungan Negara (BTN), Bank Central Asia (BCA), Bank Permata, Bank Muamalat, Bank Syariah Mandiri (BSM), BNI Syariah, BRI Syariah, BCA Syariah, Panin Syariah, Bank Jabar Banten (BJB) and Bank Jatim.