Treasury Certificates Savings Value (CTPV) are public debt instruments for household savings with a guaranteed fixed rate. Treasury Certificates Savings Value can be subscribed directly at the branches of specialised entities contracted by IGCP, E.P.E. CTT (post offices) (see Service Stations), Citizen Spaces (see Citizen Spaces), on the digital channels of the Banco de Investimento Global at www.big.pt or in the app, as well as through the internet by accessing AforroNet, if already a subscriber of this service provided by IGCP, E.P.E. (refer to Instruction 1/2020). The subscription of Treasury Certificates Savings Value began on 13 September 2021.
Treasury Certificates Savings Value
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Values and SubscriptionNominal Value
Minimum subscription amount
Maximum per Account
Minimum per Account | 1 euro
1.000 (one thousand) units
1.000.000 (one million) units
1.000 (one thousand) units |
Term| Term | 7 years, from the value date of their subscription |
Remuneration Rate| Interest rate | Fixed for each year of application:
- 1st year - 0.70%
- 2nd year - 0.70%
- 3rd year - 0.80%
- 4th year - 0.90%
- 5th year - 1.00%
- 6th year - 1.30%
- 7th year - 1.60%
As from the 3rd year a premium will be added to the interest rate based on average real GDP growth, as described below.
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Remuneration Premium
| Remuneration Premium | - From the 3rd year, a premium will be added to the interest rate fixed. This premium will be announced on the website of Agência de Gestão da Tesouraria e da Dívida Pública - IGCP, E.P.E. (IGCP, E.P.E.) on the second-last day of the month preceding the interest payment date.
- The premium corresponds to 20% of average real GDP growth at market prices (annual rate of charge rounded to one decimal place, according to information provided by Instituto Nacional de Estatística, I.P. (INE, I.P.), in the first publication of the full estimates of the Quarterly National Accounts for the reference quarter) for the last four quarters known in the month preceding the interest payment date.
- The premium will only be paid if real average GDP growth is positive and is limited to a maximum of 1.5% each year.
- The premium is not retroactively corrected as a result of subsequent revisions of the GDP estimates published by INE, I.P.
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Interest Payable| Interest Payable | - Each subscription bears interest on an annual basis.
- Interest is due on the same day of the month as the subscription value date. Should that day not exist in the due month, the credit will be due on the first day of the following month. If interest is due on a non-business day, the credit will be due on the following business day.
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Distribution of Interest| Distribution of Interest | - The amount of interest, net of personal income tax, is credited to the International Bank Identification Account Number (IBAN), recorded in the respective Treasury account opened with IGCP, E.P.E.
- There is no interest capitalisation.
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Repayment| Repayment | - Maturity of principal at nominal value on the 7th anniversary of the subscription value date. Should that day not exist in the due month, the credit will be due on the first day of the following month. If the principal is due on a non-business day, the credit will be due on the next business day.
- The repayment amount is credited to the IBAN recorded in the respective Treasury account opened in IGCP, E.P.E.
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Early Redemption| Early Redemption | - Redemption is only allowed within one year of the subscription value date.
- After 1 year, redemptions may be made at any time, with total loss of interest earned, from the last interest due date until the redemption date.
- Redemption determines the redemption of capital at the nominal value of the units redeemed.
- Redemption may be made for all subscribed units or, in the case of partial redemption, the remaining units may not be less than 1,000 units.
- The redemption amount is credited to the IBAN recorded in the respective Treasury account opened in IGCP, E.P.E.
- The redemption may be ordered by the holder or by their duly authorised representative.
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Ownership| Ownership | - Only natural persons may hold CTPV.
- Each person may only hold one account and each account has only one holder. In this account an address and an IBAN of a bank account held by that person must be indicated.
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Tax Regime| Tax Regime | - Interest and remuneration premiums are subject to income tax, with withholding tax, at the flat rate prevailing on the interest due date.
- CTPV are exempt from stamp duty, provided they revert to legitimate heirs.
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Capital Guarantee
Capital Guarantee
| Guarantee of the total capital invested. |
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