Frequently Asked Questions

1. What are the new treasury certificates «series 5»?

Treasury certificates «series 5» is the new State savings product, representing debt issued by the Portuguese Republic and offering a full capital guarantee on the amount invested. This product replaces the previous Treasury Savings ”Poupança Valor” (CTPV), which are no longer available for subscription.

Treasury certificates «series 5» has a maturity of 10 years and may be redeemed after the first annual interest payment. It offers a fixed interest rate that increases over the investment period. The gross nominal interest rate starts at 2.35% in the first year and gradually increases to 3.35% in the 10th year.

As with previous Treasury Certificate products, accrued interest is paid annually, net of applicable taxes, to the bank account number associated with the holder’s savings account at IGCP, E.P.E.

Each unit has a nominal value of EUR 1. The minimum subscription is 1,000 units, equivalent to EUR 1,000. The maximum number of units that each holder may subscribe to is 1,000,000 units. Subscription requests exceeding this limit will be rejected in their entirety.

2. Who may purchase?

Treasury certificates «series 5» may only be subscribed by individuals holding a Portuguese Tax Identification Number (NIF) and a savings account at IGCP, E.P.E..

If you do not currently hold a savings account but wish to subscribe to treasury certificates «series 5» , you must first open an account at a CTT branch or Banco BiG (if you are already an existing Banco BiG customer). Further information on this process is available here.

3. Where can treasury certificates «series 5» be subscribed to?

Subscriptions of treasury certificates «series 5» may be made through AforroNet, provided that the holder is registered for this service and has an active savings account at the Treasury.

In AforroNet, holders may subscribe to State savings products, view their portfolio, request redemptions, and access information relating to their savings products.

For those who are not yet registered with AforroNet, registration must first be completed in accordance with the procedures established by IGCP, E.P.E.

Alternatively, subscriptions may continue to be made at authorized CTT branches, Citizen Shops (Espaços Cidadão), and through the digital channels of Banco BiG.

4. What is the average annual nominal rate of treasury certificates «series 5»?

Investors who hold treasury certificates «series 5» until maturity will earn an average Gross Annual Nominal Rate (GNAR) of 2.710%.

After deduction of withholding tax at a rate of 28%, the average net nominal annual interest rate is 1.951%.

5. Are the interest rates fixed until maturity?

The interest rates applicable to treasury certificates «series 5» at the time of subscription are guaranteed until maturity.

The interest rates applicable to new subscriptions may be changed by IGCP, E.P.E., through an official instruction and subject to prior authorization by the member of the government responsible for finance, depending on market conditions and the funding requirements of the Portuguese Republic.

Any changes to the remuneration conditions will apply only to subscriptions made after the publication of the new conditions and will not affect existing subscriptions.

6. Are there loyalty bonuses or bonuses linked to real GDP growth, as in previous Treasury Certificate series?

No. Treasury certificates «series 5» do not include bonuses linked to real GDP growth or any other performance indicators.

The incentive to maintain the investment arises solely from the structure of progressively increasing interest rates over the life of the investment. No additional loyalty bonuses are paid.

7. Can treasury certificates «series 5» be redeemed before maturity?

Any subscription may be fully or partially redeemed at any time after the first year.

In the case of partial redemptions, the number of remaining units may not be lower than the minimum subscription amount (1,000 units).

A redemption made between annual interest payment dates results in the forfeiture of any interest accrued since the last annual interest payment date.

Redemption proceeds are always credited to the holder’s bank account number associated with the relevant savings account at IGCP, E.P.E.

8. Will I still be able to subscribe CTPV?

No. Subscriptions of CTPV were suspended upon the creation of the new treasury certificates «series 5».

9. What are the subscription limits?

Each holder may not subscribe more than 1,000,000 units, equivalent to EUR 1,000,000.

In contrast, a maximum of 250,000 Series F Savings Certificates may be held in each savings account. The combined limit for Series F and Series E Savings Certificates is 500,000 per savings account.

10. What tax treatment applies to treasury certificates «series 5» ?

Interest earned on treasury certificates «series 5» is subject to Portuguese Personal Income Tax (IRS), withheld at source at the final withholding tax rate in force on the relevant interest payment date.

11. What are the differences between treasury certificates «series 5» and Savings Certificates Series F currently on sale?

a) Term and remuneration

Treasury certificates «series 5» has a maturity of 10 years and offers fixed interest rates ranging from 2.35% to 3.35% until maturity. It may be redeemed after one year.

Savings Certificates Series F have a maturity of 15 years and offer variable remuneration linked to the three-month Euribor rate (with a minimum of 0% and a maximum of 2.5%), plus increasing loyalty bonuses ranging from 0.25% in the second year to 1.75% during the final two years.

b) Interest payment 

For treasury certificates «series 5» , net interest is paid annually.

For Savings Certificates Series F, interest (net of taxes) is compounded quarterly. This means that accrued interest is added to the principal and itself earns interest (compound interest). The accumulated amount is paid to the holder only at maturity or upon early redemption.

c) Early redemption

Treasury certificates «series 5» may only be redeemed after one year and is therefore more suited to investors with lower liquidity requirements.

Savings Certificates Series F may be redeemed after three months.

For both products, any redemption made outside the scheduled interest payment or compounding dates results in the loss of interest accrued since the last payment or compounding date.

d) Subscription limits

Each holder of treasury certificates «series 5» may subscribe up to EUR 1 million.

For Savings Certificates Series F, the maximum holding currently permitted is EUR 250,000 per savings account, while the combined limit for Series E and Series F Savings Certificates is EUR 500,000 per savings account.