The beginning of April will be financially busy – here's why Bank360 He draws attention to his brief article, which reveals that a mandatory payment order is coming, the housing insurance crackdown will end, two interest rate caps will be put in place, the interest rate on residential government securities will fall, and fees at many banks will increase.
It will be mandatory to receive payment requests
the Bank360 On the other hand, he pointed out that as of April 1, within the instant payment system, it will become mandatory for all banks to accept payment requests from their customers who maintain bank accounts. Individuals do not have to pay transaction fees for transfers by accepting payment requests. Ensuring payment requests have been sent will not be mandatory. Individuals and companies can submit such a request if this service is available at their banks, but public utilities and authorities can also submit it, so yellow checks can become refundable.
There will no longer be a cap on deposit interest
Starting April 1, the interest cap on bank deposits will be abolished. This condition has so far limited the maximum interest that can be granted on deposits of larger amounts by individuals, companies and institutional investors following the measure introduced by the government in the fall of 2022.
The maximum interest rate on SME loans will be abolished
From Monday, the maximum interest rate introduced for SME loans will also cease as of October 27, 2022. Accordingly, the reference interest rate applied to variable interest rate loans for SMEs cannot be higher than the reference interest rate. Specified in the contract effective June 28, 2022.
The small portion of companies that took out short-term loans may see a temporary increase in premiums, but if interest rate cuts by the central bank continue in line with analysts' expectations, this could disappear within a few months. On the other hand, the interest rate will no longer rise for the majority of companies, so the interest rate pause has become obsolete for these corporate loans.
Your home insurance campaign is coming to an end
This year's home insurance campaign debuted and will end on March 31, when anyone can cancel their insurance outside of the anniversary and take out new insurance either with their current insurer or with another insurer. The campaign has been extended by an additional two days due to Easter, so insurers must receive cancellations by 2 April.
Government bonds with lower interest rates are coming
From next week, the interest rate on two residential government bonds will also fall: Hungary's one-year state bond (1MÁP) will pay just 6% interest instead of the previous 6.5%. The Government Debt Management Center also reduced the interest rate on Treasury Savings Bonds (KTJ) available at post offices, with the one-year interest rate falling from 6.5 to 6 percent.
Banks raise their fees
Starting April 1, many banks will increase the costs of maintaining their bank accounts. There are credit institutions that have used rate increases as early as March, but there are also some that will only apply the increase from April. Fees may rise at last year's average inflation rate, 17.6 percent. The paper pointed out that the increase is not automatic, and the amount of fees may differ from what was previously mentioned.
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