The heirs of holders of Series A savings certificates will now be able to receive the full prize amount via bank transfer, according to a decree published today in the Diário da República.
Previously, the heirs of these subscribers were required to receive the amount in savings certificates, which the decree notes “was not always in line with what was desired.”
The document, signed by the Secretary of State for Budget, José Maria Brandão de Brito, states that the prize amount can now be delivered in cash whenever the heir wishes to redeem it, “receiving the capital through a bank transfer along with the redemption proceeds.”
This series, which started on the first day of 1961, was issued until the mid-1980s.
However, the capital to be received due to the death of each savings certificate holder “will be represented by savings certificates of the series currently on sale, whose purchase value cannot exceed 1,047.00 euros.”
The calculation for inheritance prizes remains consistent with current practice, amounting to “a percentage of the acquisition value of the respective savings certificate, which will be 10% three years after the issue date, with an additional 2% for each full year beyond the third.”
The decree, published today in the Diário da República, is dated September 8 and “takes effect the day after its publication.”
These changes align with the goal set by the Treasury and Debt Management Agency — IGCP to advance a digital transformation process aimed at modernizing the technological infrastructure supporting the management of state debt and treasury, as well as updating and optimizing processes.
