Circular No. 1323 — Brazilian Savings and Loan System (SBPE) — Savings Booklet

CIRCULAR NO. 001323

We communicate that the Board of Directors of the Central Bank, considering the provisions set forth in item IV of Resolutions No. 1,235 and 1,236, both dated December 30, 1986, and in item II of Resolution No. 1,188, dated September 5, 1986, has decided to establish that institutions collecting savings deposits may consider as inactive accounts with a balance equal to or less than 1 (one) National Treasury Obligation - OTN, and that have not received any deposit or withdrawal by their holder for 12 (twelve) consecutive months.

2. Inactive accounts shall be debited, after the earnings of each period have been posted, by an amount corresponding to 0.2 (two tenths) of 1 (one) OTN, limited to the existing balance.

3. The debits may only occur after 3 months during which the collecting institution has sent correspondence to the holder of the inactive account, communicating the full text of the provisions set forth in the items above.

4. The criteria established herein are also applicable to accounts already characterized as inactive prior to the effectiveness of this Circular.

5. Financial agents may only establish minimum values for balance and movement of savings deposits, withdrawals, and new deposits, in cases where such limitations are provided for in the account opening contract.

6. This Circular shall enter into force on the date of its publication.

Brasília-DF, June 29, 1988

Keyler Carvalho Rocha
Director