Resolution CMN No. 2172 - Authorizes Multiple Banks with Commercial Portfolio, Commercial Banks, and Savings Banks to Accept Automatic Rollover Time Deposits

RESOLUTION NO. 002172

Authorizes multiple banks with commercial portfolio, commercial banks, and savings banks to accept automatic rollover 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 MONETARY COUNCIL OF BRAZIL, in a session held on June 30, 1995, based on the provisions of Article 5 of Provisional Measure No. 1,053 of June 30, 1995,

HAS RESOLVED:

Article 1. Authorize multiple banks with commercial portfolio, commercial banks, and savings banks to accept automatic rollover time deposits, observing a minimum term of 3 (three) months, according to the provisions contained in this Resolution.

Article 2. Automatic rollover time deposits shall be remunerated by the Basic Financial Rate - TBF published by the Central Bank of Brazil.

Paragraph 1. The deposits may receive a bonus, based on their term of stay in the account, as agreed between the parties.

Paragraph 2. The deposits shall have as their anniversary the day the account was opened.

Paragraph 3. The deposits shall be entitled to remuneration every 3 (three) month interval.

Paragraph 4. The remuneration shall be calculated on the lowest balance presented in the period and credited on the anniversary or on the first subsequent business day, if the anniversary is a non-business day.

Paragraph 5. If the bonus referred to in Paragraph 1 consists of additional remuneration in cash, the corresponding credit may not occur outside the credit dates of the normal earnings of the account.

Article 3. Automatic rollover time deposits may not be withdrawn by check.

Sole Paragraph. Withdrawals, when in cash, shall be made through a document with circulation restricted to the depositary institution.

Article 4. The Central Bank of Brazil may adopt the measures and issue the necessary regulations for the execution of the provisions of this Resolution.

Article 5. This Resolution enters into force on the date of its publication.

Brasília, June 30, 1995

Gustavo Jorge Laboissière Loyola
President