how much is collected for a voucher of 5,000,000 lire?

When you collect postal savings bonds, you are never certain of the sums that are paid out of the right amount. Precisely in this regard, we received a request for reimbursement verification in respect of an ordinary interest-bearing voucher. The voucher in question is an ordinary postal interest-bearing voucher, in the amount of Lire 5,000,000 issued on 6/22/1994.

Postal savings bonds: calculation of the repayment

Please note that ordinary savings bonds issued before 2000 have a thirty-year maturity, so the voucher in question expires on 6/22/2024. Our reader has requested an early repayment on 11/01/2019.

The interest rates established for this type of voucher are as follows:

from the 1st to the 5th year 8%;

from the 6th to the 10th year 9%;

from the 11th to the 15th year 10.50%;

from the 16th to the 20th year 12%:

from the 21st to the 30th year, a simple interest will be paid at the maximum rate reached.

From 1 January of the 31st year, the unclaimed voucher ceases to be interest-bearing, but can be redeemed within 10 years from the expiry date.

The voucher was redeemed within the 15th year from the subscription, therefore an interest rate of 10.50% was collected as shown in the table. Please note that interest-bearing bonds issued from 1 September 1987 to 23 June 1997 are subject to a 12.50% withholding tax.

Value of the voucher at 11/01/2019

The nominal amount subscribed in euros is 2,582.28, at the time of collection the value of the voucher gross of withholding is 22,395.19 euros. The calculation of the 12.50% withholding tax is 2.476,61 euros, so the value of the voucher net of the withholding tax is 19,918.58 euros.

Therefore from the documentation sent to us by our reader we believe that the amounts paid are correct.

Value of the voucher upon expiry

In case you had expected the natural expiry date of the interest-bearing voucher, how much would have been repaid?

At maturity, the value of the voucher net of withholding tax would have been € 27,730.45, the amount of withholding instead of € 3,592.59.

Our reader anticipating the collection of the voucher has lost interest of the value of 7.811.87 euros.

Postal savings bonds: the latest yield updates at 10 September, 3 × 2, 3 × 4, 4 × 4 coupons

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