Normative Instruction BCB No. 677 — Clarifications and Procedures Regarding Reserve Requirements on Savings Deposits

Resolution No. 222

BCB NORMATIVE INSTRUCTION NO. 677, OF OCTOBER 29, 2025

Publishes clarifications and procedures regarding BCB Resolution No. 188, of February 23, 2022, which defines and consolidates the rules for the mandatory collection of reserves on savings deposit funds.

The Head of the Department of Banking Operations and Payment Systems – Deban, using the authority conferred by art. 23, item I, letter “a”, of the Internal Regulations of the Central Bank of Brazil, annexed to BCB Resolution No. 340, of September 21, 2023, and considering the provisions of BCB Resolution No. 188, of February 23, 2022,

R E S O L V E:

Art. 1º This Normative Instruction publishes clarifications and procedures regarding BCB Resolution No. 188, of February 23, 2022, which defines and consolidates the rules for the mandatory collection of reserves on savings deposit funds.

Art. 2º For the purpose of complying with the provision of art. 6º-A of BCB Resolution No. 188, of February 23, 2022, the deduction of the value of real estate credit operations from the mandatory reserve requirement on free savings deposit funds must observe the following percentages:

I - 80% (eighty percent), as a minimum, relating to housing financing operations contracted under the conditions of the Housing Financial System – SFH, as provided for in Resolution No. 4.676, of July 31, 2018; and

II - the remainder relating to other real estate financing operations and to loan operations to natural persons secured by residential real estate, as provided for in Resolution No. 4.676, of July 31, 2018.

Sole Paragraph. The value of loan operations to natural persons secured by residential real estate may not exceed 3% (three percent) of the deduction value referred to in the caput.

Art. 3º For the purpose of complying with the provision of art. 6º-A of BCB Resolution No. 188, of February 23, 2022, financial institutions and other institutions authorized to operate by the Central Bank of Brazil must use control accounts to register the total eligible values of real estate credit operations contracted from October 13, 2025, and to control the total balance to be used from these operations for the purpose of deducting the mandatory reserve requirement on free savings deposit funds.

§ 1º For the purposes of the provision in the caput, separate control accounts must be used to register the total eligible value of:

I - housing financing operations contracted under the conditions of the SFH, as provided for in Resolution No. 4.676, of July 31, 2018;

II - other real estate financing operations, as provided for in Resolution No. 4.676, of July 31, 2018; and

III - loan operations to natural persons secured by residential real estate, as provided for in Resolution No. 4.676, of July 31, 2018.

§ 2º The total eligible value of each credit operation mentioned in the caput shall be calculated in the manner established by arts. 19-A to 19-E of Resolution No. 4.676, of July 31, 2018, with the wording given by CMN Resolution No. 5.255, of October 10, 2025.

§ 3º The total eligible values referred to in the caput must be registered in the control accounts referred to in art. 3º, § 1º, in the calculation period corresponding to the date of contracting the credit operation.

§ 4º The total eligible values of real estate credit operations contracted from October 13, 2025, to November 21, 2025, may, exceptionally, be registered in the respective control accounts until November 21, 2025.

§ 5º For the purposes of the provision in the caput, the total balances to be used from the control accounts of each financial institution correspond to the sum of the total eligible values of each of its operations, calculated in accordance with the provision of § 2º, minus the values already computed for the purpose of the deduction referred to in art. 2º and the values of adjustment by transfer referred to in art. 19-D of Resolution No. 4.676, of July 31, 2018, with the wording given by CMN Resolution No. 5.255, of October 10, 2025.

§ 6º Monetary adjustment of the total balances to be used referred to in § 5º is prohibited.

§ 7º The update of each control account, due to a balance used in the calculation period for the deduction referred to in art. 2º, must be made by dividing that balance by 4.34 (four and thirty-four hundredths), with a view to aligning the total eligible values of the operations, calculated on a monthly basis, with the deduction amount, reported on a weekly basis.

§ 8º The total eligible values referred to in the caput must be registered exclusively in the control accounts referred to in § 1º, and may not be registered in the control accounts relating to the direction of funds captured in savings deposits, provided for in art. 19-A of Resolution No. 4.676, of July 31, 2018, with the wording given by CMN Resolution No. 5.255, of October 10, 2025.

Art. 4º The total balances to be used referred to in art. 3º, § 5º, may be computed for the purpose of the deduction referred to in art. 2º in full or in part for each calculation period.

Sole Paragraph. In each calculation period, the balances used for the purpose of the deduction referred to in art. 2º and the values of adjustment by transfers may not reduce the balance of the respective control account to a negative value.

Art. 5º For the sending and consultation of information and fund movement regarding the mandatory reserve requirement on savings deposit funds, institutions must observe the following procedures:

I - institutions participating in the Reserve Transfer System – STR with primary access via the National Financial System Network – RSFN: use the RSFN; and

II - other institutions: use the STR-Web application.

Art. 6º For the provision of the information referred to in art. 5º, institutions must use the message “RCO0002 - IF informs Statement”, from the RCO Service Group, contained in the National Financial System Service Catalog, filling in the “CodRCO” field with the value “7 - Savings Deposits”, observing the following codes from the Domain Dictionary:

I - CodItem “7001 – Free Savings Deposits”;

II - CodItem “7002 – APE - Funds from Savings Members”;

III - CodItem “7005 – Free Savings Deposits from May 4, 2012”;

IV - CodItem “7006 – APE - Funds from Savings Members from May 4, 2012”;

V - CodItem “7009 – Deduction relating to real estate credit operations, contracted from October 13, 2025, in accordance with art. 6º-A of Res. BCB No. 188/2022”, corresponding to the amount that the institution reports for the purpose of deducting the mandatory reserve requirement on free savings deposit funds;

VI - CodItem “7011 – Rural Savings Deposits”;

VII - CodItem “7015 – Rural Savings Deposits from May 4, 2012”;

VIII - CodItem “7021 – Peculium Savings Deposits”;

IX - CodItem “7024 – Peculium Savings Deposits from May 4, 2012”;

X - CodItem “7051 – Balance of SFH real estate financing used for deduction of the reserve requirement in the period”, corresponding to the balance used from the control account relating to housing financing operations contracted from October 13, 2025, under the conditions of the SFH, as provided for in Resolution No. 4.676, of July 31, 2018, for the purpose of deducting the mandatory reserve requirement on free savings deposit funds;

XI - CodItem “7052 – Balance of real estate financing, except SFH, used for deduction of the reserve requirement in the period”, corresponding to the balance used from the control account relating to real estate financing operations contracted from October 13, 2025, as provided for in Resolution No. 4.676, of July 31, 2018, except those contracted under the conditions of the SFH, for the purpose of deducting the mandatory reserve requirement on free savings deposit funds;

XII - CodItem “7053 – Balance of home equity operations used for deduction of the reserve requirement in the period”, corresponding to the balance used from the control account relating to loan operations to natural persons secured by residential real estate contracted from October 13, 2025, as provided for in Resolution No. 4.676, of July 31, 2018, for the purpose of deducting the mandatory reserve requirement on free savings deposit funds;

XIII - CodItem “7061 – Balance of the control account for SFH real estate financing - reserve deduction”, corresponding to the balance at the end of the calculation period, necessarily non-negative, of the control account used to register the total eligible values of housing financing operations referred to in Resolution No. 4.676, of July 31, 2018, contracted from October 13, 2025, under the conditions of the SFH;

XIV - CodItem “7062 – Balance of the control account for real estate financing, except SFH - reserve deduction”, corresponding to the balance at the end of the calculation period, necessarily non-negative, of the control account used to register the total eligible values of real estate financing operations referred to in Resolution No. 4.676, of July 31, 2018, except those contracted under the conditions of the SFH, contracted from October 13, 2025;

XV - CodItem “7063 – Balance of the control account for home equity operations - reserve deduction”, corresponding to the balance at the end of the calculation period, necessarily non-negative, of the control account used to register the total eligible values of loan operations to natural persons secured by residential real estate referred to in Resolution No. 4.676, of July 31, 2018, contracted from October 13, 2025;

XVI - CodItem “7071 – Total eligible values registered for SFH real estate financing contracted in the period - reserve deduction”, corresponding to the sum of the total eligible values, registered in the respective control account, of housing financing operations contracted in the calculation period under the conditions of the SFH, as provided for in Resolution No. 4.676, of July 31, 2018;

XVII - CodItem “7072 – Total eligible values for real estate financing contracted in the period, except SFH - reserve deduction”, corresponding to the sum of the total eligible values, registered in the respective control account, of real estate financing operations referred to in Resolution No. 4.676, of July 31, 2018, except those contracted under the conditions of the SFH, contracted in the calculation period;

XVIII - CodItem “7073 – Total eligible values for home equity operations contracted in the period - reserve deduction”, corresponding to the sum of the total eligible values, registered in the respective control account, of loan operations to natural persons secured by residential real estate referred to in Resolution No. 4.676, of July 31, 2018, contracted in the calculation period;

XIX - CodItem “7081 – Adjustments due to transfers in the period, of SFH real estate financing contracted in the period - reserve deduction”, corresponding to the sum of deductions made in the respective control account, resulting from transfers referred to in art. 19-D of Resolution No. 4.676, of July 31, 2018, with the wording given by CMN Resolution No. 5.255, of October 10, 2025, carried out in the calculation period and relating to housing financing operations contracted under the conditions of the SFH, as provided for in Resolution No. 4.676, of July 31, 2018;

XX - CodItem “7082 – Adjustments due to transfers in the period, of real estate financing, except SFH - reserve deduction”, corresponding to the sum of deductions made in the respective control account, resulting from transfers referred to in art. 19-D of Resolution No. 4.676, of July 31, 2018, with the wording given by CMN Resolution No. 5.255, of October 10, 2025, carried out in the calculation period and relating to real estate financing operations referred to in Resolution No. 4.676, of July 31, 2018, except those contracted under the conditions of the SFH; and

XXI - CodItem “7083 – Adjustments due to transfers in the period, of home equity operations - reserve deduction”, corresponding to the sum of deductions made in the respective control account, resulting from transfers referred to in art. 19-D of Resolution No. 4.676, of July 31, 2018, with the wording given by CMN Resolution No. 5.255, of October 10, 2025, carried out in the period and relating to loan operations to natural persons secured by residential real estate referred to in Resolution No. 4.676, of July 31, 2018.

§ 1º For each of the CodItems active in the production environment since June 2002, “7001 – Free Savings Deposits”, “7002 – APE - Funds from Savings Members”, “7011 – Rural Savings Deposits” and “7021 – Peculium Savings Deposits”, the reported value continues to be the balance, on the reference date, of all savings deposits of the respective modality, regardless of whether they were made before or from May 4, 2012.

§ 2º The CodItems 7009, 7051, 7052, 7053, 7061, 7062, 7063, 7071, 7072, 7073, 7081, 7082 and 7083, described in items V and XI to XXI of the caput, must be reported only relative to the last day of the calculation period.

§ 3º The deduction balance reported in CodItem 7009 relative to the calculation period (p) must respect the following conditions:

I - CodItem7009(p) = CodItem7051(p) + CodItem7052(p) + CodItem7053(p);

II - CodItem7051(p) ≥ 80% * CodItem7009(p);

III - CodItem7053(p) ≤ 3% * CodItem7009(p);

IV - CodItem7061(p) = CodItem7061(p-1) + CodItem7071(p) – CodItem7081(p) – (CodItem7051(p) / 4.34);

V - CodItem7062(p) = CodItem7062(p-1) + CodItem7072(p) – CodItem7082(p) – (CodItem7052(p) / 4.34); and

VI - CodItem7063(p) = CodItem7063(p-1) + CodItem7073(p) – CodItem7083(p) – (CodItem7053(p) / 4.34).

§ 4º The CodItems 7051, 7052, 7053, 7061, 7062, 7063, 7071, 7072, 7073, 7081, 7082 and 7083 have an informative character only, institutions must implement internal controls to ensure compliance with the conditions referred to in § 3º and must be reported starting from the calculation period beginning on November 17, 2025, whose adjustment will occur on December 1, 2025.

Art. 7º For the purposes of the provision in art. 6º, institutions must observe that the value reported in CodItem “7009 – Deduction relating to real estate credit operations, contracted from October 13, 2025, in accordance with art. 6º-A of BCB Resolution No. 188/2022” will be debited from the control accounts referred to in art. 3º, without the application of the deduction limit referred to in item I of § 1º of art. 6º-A of BCB Resolution No. 188, of February 23, 2022.

Art. 8º For the purposes of the provision in BCB Resolution No. 131, of August 20, 2021, Deban will monitor the conduct of institutions regarding the provision and timely submission of documents, data or information relating to mandatory reserve collections, subjecting the institution and its administrators to the penalties provided for in the current regulation.

Art. 9º In the case of a cooperative system organized in three levels in which the confederation is not a credit cooperative, the cooperative bank responsible for proving compliance with the requirement, as well as for the collection and payment of financial costs, must contact Deban (Operational Subdivision – Mandatory Reserves and Directions – Sucom - phone: (11) 3491-6758) to receive guidance on operational procedures, during the authorization process for the collection of rural savings and savings deposits within the Brazilian Savings and Loan System – SBPE.

Art. 10º BCB Normative Instruction No. 675, of October 14, 2025, published in the Official Gazette of the Union on October 15, 2025, is hereby repealed.

Art. 11º. This Normative Instruction enters into force on the date of its publication.

FÁBIO MARTINS TRAJANO DE ARRUDA

NOTE

Decree No. 10.411, of June 30, 2020, provides in its art. 3º that the issuance, alteration or repeal of normative acts of general interest of economic agents or users of services provided by direct, autarchic and foundation federal public administration bodies and entities shall be preceded by a regulatory impact analysis – AIR.

However, this same Decree lists, in the items of § 2º of its art. 3º, normative acts to which the aforementioned obligation does not apply, among which we highlight the acts “that deal strictly with exchange and monetary policy” (item IV of the aforementioned paragraph).

Therefore, given that it deals strictly with monetary policy, the preparation of an AIR does not apply to the proposed Normative Instruction.

FÁBIO MARTINS TRAJANO DE ARRUDA
Head of the Department of Banking Operations and Payment Systems