BCB Resolution No. 188 — Defines and Consolidates Rules for Compulsory Collection on Savings Deposit Funds

BCB RESOLUTION NO. 188, OF FEBRUARY 23, 2022

Defines and consolidates the rules for the compulsory collection on savings deposit funds.

The Collegiate Board of the Central Bank of Brazil, in a session held on February 23, 2022, based on art. 10, items III and IV, of Law No. 4.595, of December 31, 1964, and on art. 66 of Law No. 9.069, of June 29, 1995,

R E S O L V E:

CHAPTER I
GENERAL RULES

Art. 1 This Resolution provides for the compulsory collection on savings deposit funds.

Art. 2 Multiple banks with real estate credit portfolios, commercial banks, real estate credit societies, savings and loan associations, savings banks, and credit cooperatives authorized by the Central Bank of Brazil to collect savings deposits in accordance with current regulation are subject to the compulsory collection on savings deposit funds.

Sole paragraph. In the case of credit cooperatives that are part of a cooperative system, the proof of compliance with the exigibility, as well as the collection and payment of financial costs referred to in art. 8 of this Resolution, is the responsibility of:

I - the central credit cooperative, in a two-level system;

II - the credit confederation, in a three-level system; and

III - the cooperative bank, in a three-level system in which the confederation is not a credit confederation.

Art. 3 The Value Subject to Collection (VSR) consists of the balances registered in the following accounting rubrics of the Accounting Standard of Institutions Regulated by the Central Bank of Brazil (Cosif):

I - 4.1.2.00.00.00-3 Savings Deposits; and (Amended, effective 1/1/2025, by BCB Resolution No. 426, of 10/16/2024.)

II - 6.1.1.60.00.00-8 APE - SAVINGS ASSOCIATES FUNDS. (Amended, effective 1/1/2025, by BCB Resolution No. 426, of 10/16/2024.)

Sole paragraph. The balances of linked savings deposits and peculium savings deposits are exempt from the compulsory collection on savings deposit funds. (Amended, effective 1/1/2025, by BCB Resolution No. 426, of 10/16/2024.)

Art. 4 The calculation base for the compulsory collection exigibility on savings deposit funds corresponds to the arithmetic mean of the sum of the balances registered in the rubrics referred to in items I and II of art. 3 of this Resolution, relating to business days of the calculation period.

Sole paragraph. The calculation period comprises the business days of one week, starting on Monday and ending on Friday.

Art. 5 The compulsory collection exigibility for each savings modality is determined by applying a rate of 20% (twenty percent) to the calculation base referred to in art. 4.

CHAPTER II
DEDUCTIONS

Art. 6 Financial institutions that have registered in the Central Bank of Brazil Credit Information System (SCR), using the form Document 3040 (credit risk data), on the base date of March 31, 2024, a minimum of 10% (ten percent) of their total volume of credits granted to individuals residing in or legal entities established in municipalities covered by the state of public calamity referred to in Legislative Decree No. 36, of May 7, 2024, are entitled to a deduction of 100% (one hundred percent) on the exigibilities of savings deposit funds in the free and rural modalities, calculated in accordance with art. 5. (Amended by BCB Resolution No. 379, of 5/13/2024.)

§ 1 The provisions of the caput of this article shall be observed starting from the calculation period beginning on May 13, 2024 and ending on May 17, 2024, whose adjustment will occur on May 27, 2024. (Amended by BCB Resolution No. 379, of 5/13/2024.)

§ 2 Starting from the calculation period beginning on June 2, 2025 and ending on June 6, 2025, whose adjustment will occur on June 16, 2025, the value of the deduction referred to in the caput will be progressively reduced, for each new calculation period, by a value equivalent to 5% (five percent) of the exigibility generated in the period, until its extinction. (Amended by BCB Resolution No. 379, of 5/13/2024.)

§ 3 (Revoked by BCB Resolution No. 379, of 5/13/2024.)

§ 4 (Revoked by BCB Resolution No. 379, of 5/13/2024.)

§ 5 (Revoked by BCB Resolution No. 379, of 5/13/2024.)

§ 6 (Revoked by BCB Resolution No. 379, of 5/13/2024.)

Art. 6-A From the compulsory collection exigibility on savings deposit funds in the free modality, the deduction of the nominal value of contracting real estate credit operations is permitted, in accordance with the terms established in this Resolution. (Added by BCB Resolution No. 512, of 10/10/2025.)

§ 1 The deduction referred to in the caput is limited: (Added by BCB Resolution No. 512, of 10/10/2025.)

I - to 5% (five percent) of the calculation base, until the calculation period beginning on December 28, 2026 and ending on December 31, 2026, whose compliance will occur between January 11, 2027 and January 15, 2027; and (Added by BCB Resolution No. 512, of 10/10/2025.)

II - to the percentage of the calculation base referred to in item I, increased by 1.5 (one and five tenths) percentage points per year, adjusted in the first calculation period of each year, starting from the calculation period beginning on January 4, 2027 and ending on January 8, 2027, whose compliance will occur between January 18, 2027 and January 22, 2027. (Added by BCB Resolution No. 512, of 10/10/2025.)

§ 2 For the purposes of the deduction referred to in the caput, real estate credit operations contracted from October 13, 2025 that observe the parameters provided for in CMN Resolution No. 5.255, of October 10, 2025, as defined by the Department of Banking Operations and Payment Systems, will be considered. (Added by BCB Resolution No. 512, of 10/10/2025.)

§ 3 Real estate credit operations used for the purpose of the deduction referred to in the caput may not have been computed for compliance with the direction of funds collected in savings deposits as regulated by Resolution No. 4.676, of July 31, 2018. (Added by BCB Resolution No. 512, of 10/10/2025.)

CHAPTER III
COLLECTION

Art. 7 The compulsory collection exigibility determined for each savings deposit modality is valid from the Monday of the second week following the closing of the calculation period until the following Friday.

§ 1 The collection must be made exclusively in cash, through an institution holding a Bank Reserves Account or a Clearing Account, which will command the respective credit transfer to the collection account corresponding to each savings deposit modality.

§ 2 The daily closing balance of the collection account corresponding to each savings deposit modality must correspond to 100% (one hundred percent) of the exigibility calculated in accordance with arts. 5 and 6 of this Resolution.

§ 3 The collection account corresponding to each savings deposit modality may be freely operated by the holding institution, to the credit of a Bank Reserves Account or a Clearing Account of its free choice at each operation.

§ 4 The operation of the collection account corresponding to each savings deposit modality observes the schedule established for the operation of the Reserve Transfer System (STR) of the Central Bank of Brazil.

CHAPTER IV
FINANCIAL COST

Art. 8 The financial institution that does not observe the rules regarding the maintenance of a balance in the compulsory collection account corresponding to each savings deposit modality incurs the payment of a financial cost, which is due on the business day following the date on which the deficiency is verified, and calculated using the following formula:

I - Cvt = financial cost on the deficiency in the daily position verified on day “t”, expressed with 2 (two) decimal places, with mathematical rounding;

II - s = Selic Rate on the date of the deficiency (“t”), expressed in unitary form, with 4 (four) decimal places;

III - r = addition to the Selic Rate, corresponding to 4% (four percent) per year, expressed with 4 (four) decimal places; and

IV - dvt = deficiency in the daily position of the compulsory collection on day “t”, where dvt = E - St, for all St < E, where:

a) St = position of day “t” or closing balance of the respective collection account on business day “t”; and

b) E = exigibility determined in accordance with arts. 5 and 6 for the respective movement period.

§ 1 The partial results of multiplication, division, and exponentiation used in the algebraic expressions for the calculation of financial costs referred to in this Resolution must contain 8 (eight) decimal places, with mathematical rounding.

§ 2 The financial costs referred to in this Resolution, when paid on a date subsequent to the date they are due, will be updated from the date they are due until the payment date, based on the Selic Rate.

§ 3 The return of the cost provided for in the caput, due to an undue payment, will be made with the update of the value, from the date of payment until the date of return, based on the Selic Rate.

§ 4 All movements related to the collection or return of the financial costs referred to in this Resolution will be carried out through the Central Bank Posting System (SLB).

§ 5 The financial institution that presents a deficiency in the daily position of the compulsory collection on savings deposit funds for 3 (three) business days, consecutive or not, within a period of 10 (ten) business days, must immediately send to the Department of Banking Operations and Payment Systems (Deban) of the Central Bank of Brazil justifications for the occurrence, regardless of the payment of the financial cost.

CHAPTER V
SUBMISSION OF INFORMATION

Art. 9 The institution must provide, until the business day immediately preceding the date on which the validity of the respective exigibility begins, the daily data relating to the VSR of the calculation period.

§ 1 The financial institution is exempt from providing the information referred to in this article if the values subject to collection and others relating to the compliance with the exigibility and collection deductions remain unchanged compared to the last reported position.

§ 2 In the event of the absence of information relating to one or more days of the calculation period until the end of the deadline fixed in the caput, a value corresponding to the last reported position will be attributed to each unreported position.

Art. 10. In addition to the daily information for calculating the compulsory collection exigibility, financial institutions must provide the data necessary for verifying the mandatory direction of funds from savings collected by entities integrated into the Brazilian Savings and Loan System (SBPE), until the last business day immediately preceding the date of verification of compliance with the direction.

Sole paragraph. The financial institution that reports or alters the data after the deadline fixed in this article is subject to the penalties provided for in current regulation.

Art. 11. The financial institution subject to the compulsory collection referred to in this Resolution, not holding a Bank Reserves Account or a Clearing Account, must indicate the financial institution holding a Bank Reserves Account to which the pertinent charges for financial costs will be sent, any returns will be credited, and the transfers of funds between the liquidator's Bank Reserves Account and the financial institution's collection account will be carried out.

Art. 12. The documentation proving the information subject to this Resolution, unless otherwise provided, must be kept available to the Central Bank of Brazil for a minimum period of 5 (five) years, counted from the date to which each information refers.

CHAPTER VI
REMUNERATION

Art. 13 The daily closing balance of the collection account corresponding to each savings deposit modality, at the Central Bank of Brazil, is entitled to remuneration, credited to the respective collection account by 4:30 PM on the following business day and calculated based on the Reference Rate – TR, plus the interest below, as follows:

(Amended, effective 1/1/2025, by BCB Resolution No. 426, of 10/16/2024.)

I - R = remuneration to be credited, expressed with 2 (two) decimal places, with mathematical rounding;

II - (Revoked, effective 1/1/2025, by BCB Resolution No. 426, of 10/16/2024.)

III - P = quotient of the division of the daily average balance, in the calculation period, of savings deposits made after May 3, 2012, by the daily average balance of the total savings deposits, expressed in unitary format with 8 (eight) decimal places and with mathematical rounding, for each savings deposit modality;

IV - TR = TR of each business day, expressed with 4 (four) decimal places, valid for the period ending on the corresponding day of the following month, converted to unitary format;

V - n = number of business days between the day of reference of the TR used for the calculation of the remuneration and the day corresponding to the day of reference of the TR in the following month;

VI - A = addition to the TR, corresponding to 0.0617 (six hundred and seventeen thousandths);

VII - m = number of calendar days between the date of the balance to be remunerated and the date of the credit of the respective remuneration;

VIII - (Revoked, effective 1/1/2025, by BCB Resolution No. 426, of 10/16/2024.)

IX - B = addition to the TR, corresponding to:

a) 0.0617 (six hundred and seventeen thousandths), while the target Selic rate per year, defined by the Central Bank of Brazil, is higher than 8.5% (eight and five tenths percent); or

b) 70% (seventy percent) of the target Selic rate per year, defined by the Central Bank of Brazil, in effect on the date of the balance to be remunerated, while the target rate is equal to or lower than 8.5% (eight and five tenths percent); and

X - S = daily closing balance of the collection account corresponding to each savings deposit modality, limited to the respective exigibility calculated in accordance with arts. 5 and 6.

§ 1 When the day corresponding to the day of reference of the TR in the following month does not exist, the first day of the subsequent month will be considered as the end of the period.

§ 2 The partial results of multiplication, division, and exponentiation used in the algebraic expression for the calculation of remuneration must contain 8 (eight) decimal places, with mathematical rounding.

CHAPTER VII
FINAL PROVISIONS

Art. 14. Deban is authorized to adopt the measures necessary for the execution of the provisions of this Resolution.

Art. 15. The provisions of this Resolution shall be observed starting from the calculation period beginning on May 30, 2022 and ending on June 3, 2022, whose adjustment will occur on June 13, 2022. (Amended by BCB Resolution No. 227, of 4/13/2022.)

Art. 16. The following are revoked, after producing their effects in the calculation period beginning on May 23, 2022 and ending on May 27, 2022, whose adjustment will occur on June 6, 2022: (Amended by BCB Resolution No. 227, of 4/13/2022.)

I - Circular No. 3.596, of May 31, 2012;

II - Circular No. 3.757, of May 28, 2015;

III - Circular No. 3.794, of June 15, 2016;

IV - Circular No. 3.836, of June 21, 2017;

V - Circular No. 3.890, of March 28, 2018;

VI - Circular No. 3.975, of January 8, 2020;

VII - Circular No. 4.033, of June 24, 2020; and

VIII - Circular No. 4.035, of July 1, 2020.

Art. 17. This Resolution enters into force on April 1, 2022.

Bruno Serra Fernandes
Director of Monetary Policy