Balance on Baby Bond Accounts Close to HUF 200 bln

Analysis

Savings on the more than 300,000 baby bond accounts are near HUF 200 billion, state secretary for families Ágnes Hornung said in a message posted on Facebook on Sunday, according to a report by state news wire MTI.

New parents who open a baby bond account for their child get a HUF 42,500 start-of-life subsidy and may buy more of the securities until the child turns 18. The bonds pay a 3% premium over inflation. Additionally, the government offers a 10% top-up for additional purchases, up to HUF 24,000 a year.

Other relatives of children may also open up the accounts.

Last year, around 34,500 baby bond accounts were opened.

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