
Technical Sheet Treasury Certificates Savings Growth
The subscription of Treasury Savings Growth – CTPC certificates has been suspended since September 10, 2021, under the terms of the Resolução do Conselho de Ministros n.º 131-B/2021 of September 10 (DR 177/2021, 3rd Supplement, Series on 2021-09-10).
The Redemption of Treasury Savings Growth Certificates can be carried out directly at the counters of the entities contracted for this purpose by IGCP, E.P.E, CTT - Correios de Portugal, Espaços Cidadão, Banco de Investimento Global, as well as via the Internet by accessing AforroNet,f you are already a subscriber to this service provided by IGCP, E.P.E. (consult Instrução 1/2023).
Treasury Savings Growth Certificates
Treasury Savings Growth Certificates were created by RCM nº 157-D/2017, of October 27, 2017 (DR No. 208/2017, 1st Supplement, Series I of October 27), and their subscription was suspended with the publication of Resolução do Conselho de Ministros n.º 131-B/2021 de 10 de setembro (DR 177/2021, 3rd Supplement, Series I of September 10, 2021)
Term
7 years, starting from the respective subscription value date
Remuneration Rate
Interest Rate
Fixed for each year of the investment:
- 1st year - 0.75%
- 2nd year - 0.75%
- 3rd year - 1.05%
- 4th year - 1.35%
- 5th year - 1.65%
- 6th year - 1.95%
- 7th year - 2.25%
- The interest rate from the 2nd year onwards is increased by a premium, depending on the average real growth of the Gross Domestic Product (GDP), as described in the following point
Remuneration Bonus
- From the 2nd year onwards, a bonus is added to the fixed interest rate, to be published on the website of the Treasury and Public Debt Management Agency - IGCP, E.P.E. (IGCP, E.P.E.), on the penultimate business day of the month prior to the interest payment date.
- The bonus corresponds to 40% of the average real GDP growth at market prices (year-on-year volume change rate rounded to one decimal place, according to information provided by the National Statistics Institute, I.P. (INE, I.P.), within the scope of the first publication of the complete estimates of the Quarterly National Accounts for the reference quarter) in the last four known quarters in the month prior to the interest payment date.
- The bonus only applies if the average real GDP growth is positive and is limited to a maximum of 1.2% in each year, equivalent to 40% of an average real GDP growth of 3%.
- The premium is not retroactively corrected as a result of subsequent revisions of GDP estimates published by INE, I.P.
Interest Payment
- Each subscription accrues interest on an annual basis.
- Interest is due on the same day of the month corresponding to the subscription value date. If this day does not exist in the month of payment, the interest will be credited on the 1st day of the following month. If interest is due on a non-business day, it will be credited on the following business day.
Distribution of Interest
- The amount of interest, net of Personal Income Tax (IRS), is credited to the International Bank Identification Account Number (IBAN), registered in the respective Treasury account opened with the IGCP, E.P.E.
- There is no capitalization of interest.
Refund
- Capital maturity at nominal value on the 7th anniversary of the subscription value date. If this day does not occur in the month of maturity, the credit will be made on the 1st day of the following month. If the capital maturity occurs on a non-business day, the respective credit will be made on the following business day
- The refund amount is credited to the IBAN registered in the respective Treasury account opened at IGCP, E.P.E.
Early Redemption
- Redemption is only permitted within one year from the subscription value date.
- After the first year, redemptions may be made at any time, with total loss of interest accrued from the last interest due date to the redemption date.
- Redemption results in the reimbursement of the principal at the nominal value of the redeemed units.
- Redemption may be carried out for all of the subscribed units or, in the case of partial redemption, the remaining units may not be less than 1,000 units.
- The redemption value is credited to the IBAN registered in the respective Treasury account opened at IGCP, E.P.E..
- Redemption may be ordered by the holder or by his/her representative with special powers for this purpose.
Ownership
- Only individuals may hold a CTPC.
- Each person may only hold one account and each account may only have one holder. This account must contain an address and an IBAN of a bank account held by that person.
Transfer
- CTPCs are only transferable upon the death of the holder
Tax Regime
- Interest and remuneration bonuses are subject to IRS, with withholding tax at source, at the flat rate in force on the date the interest is due.
- CTPCs are exempt from stamp duty, provided they revert to legitimate heirs.
Capital Guarantee
Guarantee of the total invested capital