Term             

5 years, as from the respective subscription value date     

Interest rate            

• Fixed interest rate for each year of application:
  1st year – 1.25%
  2nd year – 1.75%
  3rd year – 2,25%
  4th year – 2,75%
  5th year – 3,25%
• 4th and 5th year plus a premium, depending on the average real GDP growth, as described below.  

Remuneration premium

• In the 4th and 5th year, a premium shall be added to the interest rate fixed. This premium shall be announced by Agência de Gestão da Tesouraria e da Dívida Pública - IGCP, E.P.E. (IGCP, E.P.E.) via its website on the last but one day of the month preceding the date of the interest payment. It shall correspond to 80% of the average real GDP growth at market prices (year-on-year rate of change in volume rounded off to one decimal place, according to information provided by the Portuguese Statistics Institute (INE, I.P.), on the first publication of the complete estimates of the Quarterly National Accounts for the reference quarter) in the last four quarters known in the month preceding the date of the interest payment.
• The premium shall only be paid should the average real GDP growth be positive.
• The premium shall not be corrected retroactively as a result of subsequent revisions of GDP estimates published by INE, I.P..
  

Interest payment       

• Each subscription pays interest on an annual basis.
• Interest becomes payable on the day of the month equal to the subscription value date. Should this day not exist in the month in which the interest becomes payable, the interest shall be credited on the first day of the subsequent month.

Distribuition of interest

• The interest, net of personal income tax (IRS), is credited in the International Bank Account Number (IBAN) registered in the respective Treasury account opened with IGCP, E.P.E..
• There is no interest capitalisation.

Reimbursement  

• The capital shall mature at nominal value on the 5th anniversary of the subscription value date. Should this day not exist in the month in which the capital becomes payable, the capital shall be credited on the first day of the subsequent month.
• The reimbursement amount is credited in the IBAN registered in the respective Treasury account opened with IGCP, E.P.E..

Early redemption       

• Redemption is only possible one year after the subscription value date.
• After the first year, redemptions can be made at any point in time, resulting in the total loss of interest accrued since the last interest payment up to the redemption date.
• Redemption determines the repayment of the capital at the nominal value of the units redeemed.
• Redemption may include all of the units subscribed or, in the case of partial redemptions, the total of the remaining units may never be less than 1000 units.
• The redemption amount is credited in the IBAN registered in the respective Treasury account opened with IGCP, E.P.E..
• The redemption may be ordered by the holder or by an authorised representative with powers to this effect.

Ownership          

• Only individuals may hold CTPM.
• Each person may only hold one account and each account may only have one holder. The account requires the address and IBAN of a bank account held by that person.

Tax regime             

• The interest and remuneration premiums are subject to IRS, with the levying of withholding taxes at the levy in discharge on the date of the interest payment.
• CTPM are exempt from stamp duty, provided they accrue to the legitimate heirs’ benefit.

Capital Guarantee

 Guarantee of the total capital invested