There are thousands of Portuguese people who still have paper savings certificates stored at home and these bonds can represent savings with interest accumulated over decades, but there is a defined deadline to convert them into digital format otherwise they risk losing future income. According to , holders of these certificates have until November 29, 2029 to replace their paper certificates, in a mandatory process that involves updating the data with the competent services.
The conversion of paper certificates to digital format has become mandatory. According to the same source, this process will have to be done in person and within a maximum period of four years. If the deadline is not met, holders will no longer benefit from the interest. It is important to highlight that the capital is not lost, but will no longer generate income from November 2029.
Where to handle the process
The update will have to be done in person. Holders must go to CTT or some Lojas do Cidadão to complete the process. According to the same source, it is not possible to make this change via the internet, and it is necessary to physically appear with the required documentation.
To carry out the conversion, there is a set of mandatory documents. The same source mentions that it is necessary to present paper certificates, identification document, CPF, proof of address and professional status, as well as the IBAN. This set of elements allows the data associated with the holder to be updated. The objective is to ensure safety and compliance with current rules.
Mandatory update for everyone
The requirement is not limited to paper certificates. All holders of Savings Certificates, regardless of the series, will have to update their personal data. According to the same source, this obligation results from anti-money laundering regulations.
Older certificates continue to show high yields. Series A and B, in particular, benefit from interest capitalization over time. These bonds can reach values significantly higher than the initial investment, as a result of accumulated growth.
Examples of valuation
Historical data illustrate this evolution. An investment of 10 euros in series A, made in 1960, can today exceed 4,400 euros. In the case of series B, adds the publication, the same amount invested in 1986 may have exceeded 100 euros, reflecting consistent growth over the years.
One of the relevant changes is related to the end of continuous interest. Until now, some series have benefited from yields considered to be extended over time. According to the same source, this situation will change with the new rule associated with the conversion period.
Series D also has a specific deadline
There are also particularities associated with different series. Series D ends during the conversion process, scheduled for 2027. This detail may influence holders’ decisions. The publication adds that older certificates tend to have more advantageous conditions.
Not all holders can handle the process directly. In cases of incapacity, a power of attorney or the legal framework of an accompanied adult may be used. According to the same source, these solutions ensure that the process is completed within the established deadline.
High number of existing accounts
The universe of certificates in circulation remains significant. According to SIC Notícias, there are around 300 thousand accounts associated with series A, B and D. This number demonstrates the scale of the conversion process in progress.
Despite the extended deadline, the process requires planning. Holders should avoid leaving the situation until the end of the period, to prevent embarrassment. Timely updating of data and conversion of certificates are essential to ensure the continuity of income associated with these savings.
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