Banks deposit HUF 10 mln in 'Stability Savings Accounts'

Telco

Hungarian banks opened a total of 155 "Stability Savings Accounts" with deposits of HUF 10.25 bln in Q3, Hungarian business daily Napi Gazdaság reported today. In the first three quarters 444 accounts, which are sheltered from tax scrutiny, were opened with total deposits of HUF 29.37 bln, the paper added.

Hungarian banks opened a total of 155 "Stability Savings Accounts" with deposits of HUF 10.25 bln in Q3, Hungarian business daily Napi Gazdaság reported today. In the first three quarters 444 accounts were opened with total deposits of HUF 29.37 bln, the paper added.

The specialty accounts were designed to lure customers out of "off-shore" bank accounts. The origin of the deposits is not being scrutinized by the tax authority, nor are banks required to report the names of account holders. Withdrawals from the accounts are subject to a tax that decreases over time, becoming tax-free five years following the deposit.

The deposit rate on the accounts – based on the minimum deposit of HUF 5 mln – is benchmarked to government securities yields. The "Stability Savings Accounts" are available at OTP Bank, FHB, UniCredit Bank, Raiffeisen, MKB and Erste, the paper reported.

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