Resolution CMN No. 1236 — Lowering Standards for Receiving Free Savings Deposits from Individuals and Their Yield Credit

RESOLUTION NO. 001236

THE CENTRAL BANK OF BRAZIL, in accordance with Article 9 of Law No. 4,595 of December 31, 1964, makes public that the President of the MONETARY COUNCIL, by act of December 29, 1986, based on Article 1, Paragraph 2 of Decree No. 83,323 of April 11, 1979, with the wording given to it by Article 1 of Decree No. 85,776 of February 26, 1981, "ad referendum" of that Council, and having in view the provisions of Article 7 of Decree-Law No. 2,291 of November 21, 1986,

RESOLVES:

I - Establish that institutions authorized to receive free savings deposits shall credit yields to accounts of individuals on the first (first) business day after a period of 1 (one) calendar month of deposit permanence.

II - The deposits referred to in the previous item shall be remunerated at an interest rate of 0.5% (five tenths percent) per month, applied to their updated values in the manner of Decree-Law No. 2,311 of December 23, 1986.

III - The yield referred to in the previous item shall be calculated on the lowest balance presented by the account in the immediately preceding period.

IV - The Central Bank will publish the remuneration indices for savings deposits, being authorized to lower the standards and adopt the measures necessary for the execution of the provisions of this Resolution.

V - This Resolution shall enter into force on the date of its publication.

Brasília-DF, December 30, 1986

Fernão Carlos Botelho Bracher
President