The government decreed that banks should inform customers of how much better interest their money could earn if they invested in government securities rather than leaving it in a bank deposit.
The decree on the “Financial Education Call for Attention Regarding Retail Customer Savings” was published in the Wednesday evening edition of Magyar Közlöny. The regulation stipulates that credit institutions located in Hungary must send notice to natural persons who hold bank account contracts between October 1, 2023 and December 31, 2023.
In the warning notice, the credit institution calculates and displays in the form of a transparent table the amount of return that can be achieved in the specified reference period by those who have purchased government securities issued by the Hungarian State, which can also be purchased by individuals, for HUF 100,000 and HUF 100,000 500,000 and HUF 1,000,000, or to be recorded and kept on an ongoing basis
– they wrote in the decree.
. The aim of the “financial education” step may be to convince bank customers to buy government securities. In the warning notice, banks will have to present a recently issued Discount Treasury Note that can be purchased or subscribed for on October 1, 2022 and, in the case of retail government securities, the return that can be obtained by investing in at least one government treasury bond. Savings and Additional Hungarian State Securities.
In the case of the aforementioned amounts, the credit institution also calculates the amount of interest that the customer would have received at the average annual interest rate of the forint deposits placed by the households published by the Hungarian National Bank, as provided by the decree.
Another decree was published in the Wednesday evening issue of Magyar Közlöny, in which the government imposed important amendments regarding additional profits taxes.
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