CMN Resolution No. 5005 — Conditions for Time Deposit Collection

CMN RESOLUTION NO. 5,005, OF MARCH 24, 2022

Provides for the conditions for the collection of time deposits.

The Central Bank of Brazil, in accordance with Article 9 of Law No. 4,595 of December 31, 1964, makes public that the National Monetary Council, in a session held on March 24, 2022, based on Articles 4, items VIII and XXXII, of the aforementioned Law, Articles 1, paragraph 1, of Complementary Law No. 130 of April 17, 2009, 14, items II and III, and 29, item III, of Law No. 4,728 of July 14, 1965, and 40 of Law No. 13,986 of April 7, 2020,

R E S O L V E S:

CHAPTER I
SUBJECT MATTER AND SCOPE OF APPLICATION

Article 1. This Resolution provides for the collection of time deposits, with or without the issuance of a certificate, by natural and legal persons.

Paragraph 1. The following may collect the deposits mentioned in the caput:

I - multiple banks;

II - commercial banks;

III - investment banks;

IV - development banks;

V - savings banks; and

VI - credit, financing, and investment societies.

Paragraph 2. For the purposes of this Resolution, time deposits with the issuance of a certificate are considered Bank Deposit Certificates (CDB), and time deposits without the issuance of a certificate are considered Bank Deposit Receipts.

Article 2. Credit cooperatives may only collect time deposits:

I - from their members, through Bank Deposit Receipts; and

II - from Municipalities, their agencies or entities, and companies controlled by them, in accordance with Article 2, paragraph 1, of Complementary Law No. 130 of April 17, 2009.

CHAPTER II
TERM AND REMUNERATION

Article 3. Time deposit contracts must observe the minimum terms and forms of remuneration established in current legislation and regulation.

CHAPTER III
PROHIBITIONS

Article 4. The following are prohibited:

I - the collection of the following deposit modalities:

a) prior notice;

b) shareholders represented by non-negotiable receipts of deposits not movable by check; and

c) automatic reinvestment; and

II - the collection of time deposits from financial institutions, except from microentrepreneur credit societies and small businesses.

CHAPTER IV
FINAL PROVISIONS

Article 5. The following are revoked:

I - Resolution No. 916 of May 14, 1984;

II - Resolution No. 3,454 of May 30, 2007;

III - Article 12 of Resolution No. 4,659 of April 26, 2018; and

IV - Articles 4 and 5 of Resolution No. 4,812 of April 30, 2020.

Article 6. This Resolution enters into force on May 2, 2022.

Roberto de
Oliveira Campos Neto
President of the Central Bank of Brazil