Those who have a small capital aside and want to invest safely can rely on postal savings bonds. They have always represented one of the forms of investment most loved by Italians.
Born in 1924 and distributed starting from the first months of 1925, they became part of the family savings culture.
Understanding what the actual yield of each voucher is is essential to choosing the right one.
The yield of postal savings bonds
Postal savings bonds have different yields.
If you ask yourself how much you earn by investing 4,000 euros, the answer depends above all on three elements:
- the type of title you choose;
- the interest rate applied at that time;
- the time horizon of the investment as a 4-year one, for example, will have a different return than a 20-year one.
Whether your goal is a small guaranteed savings or a long-term investment, understanding the basic dynamics will help you make the most of your capital with BFPs.
Premium postal vouchers 4 years
The 4-year Premium postal vouchers, as can be seen from the name, last 4 years and are specifically designed for those who deposit new liquidity starting from 30 October and until 29 December 2025 into postal savings books and/or BancoPosta current accounts via:
- bank transfers;
- payment of bank checks and bank drafts;
- salary/pension credit.
The new liquidity paid into the accounts or passbooks must then be transferred to the Smart passbook to purchase the Premium voucher via girofondo.
The annual yield of the bond to maturity is 2.50%. If the reimbursement is requested before 4 years, you will only receive the invested capital but not the interest.
Suppose we want to invest 4,000 euros in the vouchers indicated above on 11 November 2025. From the calculator made available by Poste Italiane it can be seen that the net redemption value at the expiry date of 11 November 2029 will be 4,363.34 euros. In this calculation, however, the stamp duty which will be calculated according to current legislation is not considered.
Bfp 3×4
3×4 postal savings bonds are ideal products for long investments as they last twelve years. The rates of return are predefined and increasing and are recognized after the third, sixth and ninth year. You can request a refund whenever you want but only after the first three years are you also entitled to the accrued interest.
From the conditions in force since February 11th it can be seen that the actual gross annual return is as follows:
- by 1% after 3 years;
- by 1.50% after 6 years;
- by 2.25% after 9 years;
- by 3% after 12 years.
Suppose we want to invest a capital of 4,000 euros in 3×4 bfp on 11 November 2025. From the calculator made available by Poste Italiane it can be seen that the net redemption value at maturity, and therefore on 11 November 2037, will be 5,490.16 euros. This calculation does not include the stamp duty which will be calculated according to current legislation.
Coupon postal savings bonds
The postal coupon coupon lasts 5 years and offers interest net of tax charges by crediting half-yearly coupons until the end of the five years.
However, no interest is paid for coupon bonds repaid before six months from the subscription date. If, then, you request an early repayment before the payment date of a specific coupon, you will not receive the interest relating to that coupon.
The actual gross annual rates of return at the end of each holding period of these securities are as follows:
- 1% after 1 year;
- 1.13% after 2 years;
- 1.25% after 3 years;
- 1.37% after 4 years;
- 1.50% after 5 years.
Let’s imagine investing 4,000 euros in coupon bonds on 11 November 2025. Thanks to the Post Office calculator we know that the total net coupons paid until maturity, i.e. 11 November 2030, will be 279.98 euros without considering the stamp duty.
Ordinary BFP
Ordinary postal savings bonds last 20 years and the rates of return offered are increasing and recognized starting from the first year. It means that before this time period you will only be entitled to a return of the invested capital.
From the conditions in force from 24 June 2025 it emerges that the gross annual returns are as follows:
- 0.75% at the end of the 1st – 2nd – 3rd – 4th year;
- 0.90% at the end of the 5th year;
- 1.04% at the end of the 6th year;
- 1.14% at the end of the 7th year;
- 1.25% at the end of the 8th year;
- 1.36% at the end of the 9th year;
- 1.47% at the end of the 10th year;
- 1.57% at the end of the 11th year;
- 1.64% at the end of the 12th year;
- 1.75% at the end of the 13th year;
- 1.86% at the end of the 14th year;
- 1.97% at the end of the 15th year;
- 2.07% at the end of the 16th year;
- 2.18% at the end of the 17th year;
- 2.28% at the end of the 18th year;
- 2.37% at the end of the 19th year;
- 2.50% at the end of the 20th year.
If you want to invest the amount indicated above on 11 November 2025 in ordinary BFP, the calculator made available by Poste Italiane shows that the net redemption value at maturity and therefore on 11 November 2045 will be 6,235.17 euros. However, stamp duty is excluded from this calculation and will be calculated according to current legislation.
Coupons Renew 4 years
Renew 4-year postal savings bonds are ideal products if you want a short investment. However, it is possible to subscribe to them only if one or more BFPs have been repaid starting from 15 September 2024 or if one or more Smart offers have expired starting from 1 October 2024.
They last 4 years and offer a predefined and fixed rate of return at maturity of 1.50%. If the reimbursement is requested before 4 years, therefore, you are only entitled to a refund of the amount invested and not of interest.
If you want to invest 4,000 euros on 11 November 2025 in the 4-year Renewal BFP, the Poste Italiane calculator informs us that the net redemption value at the end of the four years or on 11 November 2029 will be 4,214.77 euros without considering the stamp duty which will be calculated based on current legislation.
Postal vouchers 4 years Plus
For short investments, 4-year Plus postal vouchers are also ideal which, as can be seen from the name, last only 4 years. These products guarantee a predefined and fixed rate of return at maturity which is 1.25%.
For these securities it is possible to request total or partial reimbursement of the invested capital at any time but before 4 years you are not entitled to recognition of the accrued interest.
Suppose we want to invest a capital of 4,000 euros in the 4-year Plus bfp on 11 November 2025. From the calculator made available by Poste Italiane it can be seen that the net redemption value at the expiry of the four years, i.e. 11 November 2029, will be 4,178.31 euros. However, the stamp duty which will be calculated according to current legislation is not considered.
