Poste Italiane has launched the new 3×4 postal savings bond, which lasts 12 years and offers a premium on the nominal value upon maturity. This is a product that deserves careful analysis if the objective is to invest one’s capital in a solid instrument guaranteed directly by the Italian State.
It is an ideal solution for those who do not want to expose themselves to market risks or give up a certain and constant return over time. Here is how the new Bfp works, what its characteristics are and what performance it offers.
What are the characteristics of the new Bfp 3×4
The new 3×4 postal voucher with premium is issued by Cassa Depositi a Prestiti on a daily basis for the nominal value corresponding to the subscriptions made and placed on the market by Poste Italiane.
It lasts 12 years and offers a fixed interest rate that increases at the end of every three years. As happens with some BTPs, it offers a final reward if you hold it until maturity.
The 3×4 postal voucher can be:
- registered only to adults;
- jointly held between a maximum of 4 subjects.
Why it is better to buy a dematerialized voucher
If dematerialized postal vouchers are chosen, they must have the same name as the settlement account, which is essential for requesting this type of security. It can be a postal savings account or a current account.
Choosing this formula is convenient because thanks to it you prevent the securities from becoming statute barred – this generally happens 10 years after the expiry of the paper securities and you lose the right to collect both the invested amount and the accrued interest.
The lost money, based on the legislation on dormant deposits, flows into the fund established at the Ministry of Economy and Finance to compensate savers who are victims of unfair and non-compensable damages or financial fraud.
How to subscribe to a 3×4 Bfp
The new BFPs which debuted on the market on 8 April 2026 can be subscribed for a minimum amount of 50 euros and multiples of this amount up to a maximum of one million per individual saver on the same working day.
As with all other postal savings bonds, 3x4s with prizes can also be purchased in three ways:
- from the official website of Poste Italiane;
- from the Poste Italiane application if you have a Smart savings account or a BancoPosta current account;
- at the nearest post office – in this case it is necessary to bring with you a valid identification document and your tax code.
Interest rates and gross annual yield
The new 3×4 reward voucher offers a fixed interest rate that grows over time. The effective annual gross yield to maturity is as follows:
- 1% after 3 years;
- 1.50% after 6 years;
- 2% after 9 years;
- 2.50% after 12 years.
The actual gross annual yield including premium at maturity is as follows:
- 1% after 3 years;
- 1.50% after 6 years;
- 2% after 9 years;
- 2.87% after 12 years.
The gross premium that is obtained only at maturity and only on the nominal value is 6%.
Interest is calculated annually according to the compound capitalization method with which it is reinvested, in turn producing new interest over time.
How much does it pay to invest 2,000 euros in the new Bfp
Here is an example of performance:
assuming you want to invest 2,000 euros in the new 3×4 voucher with prize, the calculator made available by Poste Italiane shows that the net yield at maturity will be 2,708.56 euros of which 105 euros of net premium at maturity. However, stamp duty is not considered in the calculation.
How postal voucher reimbursement works
The refund of the 3×4 vouchers can be requested at any time.
However, if the request is made before 3 years, only the return of the invested capital is obtained.
However, if you request a refund before the deadline, both the amount invested and the interest accrued up to that point will be returned according to the rules set out in the contract.
Paper securities can only be reimbursed in full, so it is not possible to ask for only part of them. In the case of dematerialized products, however, the reimbursement can also take place in part, as long as the amounts are at least 50 euros or multiples of this amount.
Finally, if the securities are jointly owned by more than one person, reimbursement can be requested in two ways, based on what was established during the subscription phase:
- all joint holders can apply together;
- Only one co-holder can submit a request.
What taxes are paid on the 3×4 postal voucher
A tax of 12.50% is paid on the interest on postal savings bonds. They are also exempt from inheritance tax, so they are not taxed in the event of an inheritance.
There is then a stamp duty of 0.20% to be paid every year if the total redemption value exceeds 5,000 euros, which in the case of early repayment could reduce the net amount received, making it lower than the amount initially invested.
In these cases, the saver is paid a compensatory amount which guarantees that there is no loss on the capital paid and that the person can at least withdraw the initial capital.
