Technical Data Savings Certificates Series F
Savings certificates are debt instruments created with the aim of capturing household savings. Their main characteristic is that they are distributed at retail level, i.e. they are placed directly with savers and have low minimum subscription amounts. Savings certificates can only be issued to individuals and are not transferable except in the event of the holder's death.
The issuance of Series F savings certificates can be carried out directly at the counters of the entities contracted for this purpose by IGCP, E.P.E., the CTT - Correios de Portugal, Espaços Cidadão, digital channels Banco de Investimento Global or in the app, as well as via the Internet, by accessing the AforroNet if you are already a member of this service provided by IGCP, E.P.E. (consult Instrução IGCP n.º 1/2023 and Instrução IGCP n.º 4/2024).
Savings Certificates Series F
Series F was created by Ordinance 149-A/2023, of June 2, amended by Order 11797/2024 of September 18.
Nominal value
1 Euro
Minimum subscription
10 units
Minimum number of Series F Certificates per savings account
100 units
Maximum number of Series F Certificates per savings account
100,000 units - This value may be changed by order of the member of the Government responsible for the area of Finance
Maximum number of Series F certificates accumulated with Series E certificates per savings account
350,000 units - This value may be changed by order of the member of the Government responsible for the area of Finance
Terms and Interest
Terms
15 years
Interest Rate
Sum of the base rate on the start date of the quarter and the retention premium attributable to the Subscription
Base rate
Determined monthly on the penultimate business day of the month, to be in force during the following month, according to the formula:
E3 where E3 is the average of the three-month Euribor values observed in the previous ten business days, with the result rounded to three decimal places. The base rate may not be higher than 2.50% or lower than 0%.
Interest Period
Each subscription will accrue interest on a quarterly basis. Interest will accrue on the day of the month corresponding to the subscription value date. If there is no such day in the month of expiry, interest will accrue on the first day of the following month.
Retention Bonus in percentage points
The retention bonuses indicated below will be added to the base rate:
0.25% - from the 2nd to the 5th year;
0.50% - from the 6th to the 9th year;
1.00% - in the 10th and 11th year;
1.50% - in the 12th and 13th year;
1.75% - in the 14th and 15th year.
Capitalization
Automatic capitalization of accrued interest (net of IRS).
Refund
Refund of capital and capitalized interest on the 15th anniversary of the subscription value date.
If this day does not exist in the month of maturity, the credit will be made on the 1st day of the following month.
If the refund occurs on a non-working day, the respective credit will be made on the following working day. The refund amount is credited to the International Bank Account Number (IBAN) associated with the account opened with IGCP, E. P. E.
Early Redemption
Total or partial, from the date on which the first interest payment for the subscription occurs.
Redemption determines the reimbursement of the nominal value of the units redeemed and the value of the interest capitalized up to the date of redemption.
The amount is credited up to the 7th day after the redemption instruction to the IBAN associated with the account opened with IGCP, E. P. E.
Form of Representation
Series F savings certificates are book-entry (nominative) securities insofar as they are represented solely by account entries.
Ownership and Movement
Ownership
Only individuals may be holders. It is not possible to indicate a transferor.
Each individual may only be the holder of one savings account and each savings account will be associated with an IBAN.
Subscriptions for savings certificates of the “F series” can be made via AforroNet, CTT - Coreios de Portugal S. A., network Espaços Cidadão of the Agência para a Modernização Administrativa, I. P., or on the physical or digital networks of any financial or payment institution registered with the Banco de Portugal and indicated for this purpose by the IGCP, E. P. E.
The subscription channels for savings certificates of the “F series” may be changed by the IGCP, E. P. E., through information made available on its website (www.igcp.pt).
Capital Guarantee
Guarantee of the entire capital
Forms and Tables
Online forms for Savings Certificates or Refund Tables can be found on the Forms.
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