Circular No. 3.595 — Clarifies the Calculation Formula for the Additional Remuneration Percentage on Savings Deposits

CIRCULAR NO. 3.595, OF MAY 30, 2012

Clarifies the calculation formula for the percentage regarding the additional remuneration of savings deposits referred to in Article 12, item II, letter "b", of Law No. 8,177, of March 1, 1991, as amended by Provisional Measure No. 567, of May 3, 2012.

The Collegiate Board of the Central Bank of Brazil, in an extraordinary session held on May 30, 2012, based on Articles 10, item IX, and 11, item VII, of Law No. 4,595, of December 31, 1964, and Article 8 of Decree-Law No. 2,291, of November 21, 1986, and in view of the provisions of Article 3, § 4, of Provisional Measure No. 567, of May 3, 2012,

RESOLVES:

Article 1. The interest regarding the additional remuneration of savings deposits referred to in Article 12, item II, letter "b", of Law No. 8,177, of March 1, 1991, shall be calculated according to the following formulas:

I - for deposits with monthly crediting of earnings:
RAm = 100 x { [ 1 + (0.7 x MS) ] 1/12
-1 }, where:
a) RAm = percentage of additional remuneration of savings deposits, per month, for Selic rate targets equal to or less than 8.5% p.a. (eight and five-tenths percent per year); and b) MS = Selic rate target, per year, in effect on the date of the start of the earnings period; and

II - for deposits with quarterly crediting of earnings:
RAt = 100 x { [ 1 + (0.7 x MS) ] 1/4
-1 }, where:
a) RAt = percentage of additional remuneration of savings deposits, per quarter, for Selic rate targets equal to or less than 8.5% p.a. (eight and five-tenths percent per year); and b) MS = Selic rate target, per year, in effect on the date of the start of the earnings period.

Sole Paragraph. The percentages referred to in the main text must be calculated using all decimal places, with subsequent rounding of the final value to four decimal places, based on the Rounding Rules in Decimal Numbering (NBR 5891) established by the Brazilian Association of Technical Standards (ABNT).

Circular No. 3.595, of May 30, 2012 2

Article 2. This Circular enters into force on the date of its publication.

Luiz Awazu Pereira da Silva
Director of Regulation of the Financial System

This text does not replace that published in the DOU of 5/31/2012, Section 1, p. 55, and in Sisbacen.