Poste Italiane has launched a new postal savings bond that lasts only 4 years. It is therefore the ideal product for those who want a short-term and safe investment. The vouchers, as well as the postal savings books, are in fact guaranteed by the Italian State so there is no risk of losing the capital set aside. But who is this title dedicated to and what return does it offer?
The characteristics of the Premium postal voucher
The 4-year Premium postal savings bond is a product issued by Cassa Depositi e Prestiti and placed on the market by Poste Italiane.
How much does the Premium voucher yield
As explained, it lasts only 4 years so it is among the best postal savings bonds for short investments as it offers a gross annual return of 2.50% at the end of this period. This is a good interest rate if you consider that the other two bonds with a 4-year maturity offer a yield of 1.50% and 1.25%.
As regards reimbursement, it can be requested at any time but before 4 years you are only entitled to recognition of the amount invested and not interest.
Dematerialized and tied to the account
The main characteristic is that it is issued only in dematerialized form.
It means that there is no paper format as registration only takes place digitally on the reference account which can be the postal savings book or the BancoPosta current account.
Benefits and Benefits
However, there is a rule to be respected: the vouchers must have the same name as the relevant settlement account.
If you request reimbursement of the security upon maturity or in advance, the accrued amount will be credited directly to the account – which cannot be extinguished if there are existing vouchers.
The advantage of the dematerialized formula is also that there is no risk of prescription. The latter occurs 10 years after the maturity of the securities and when it occurs you lose the right to collect the amount invested and the interest accrued in the meantime.
Digital vouchers can be issued in denominations of 50 euros and multiples of this amount as well as reimbursed in advance for the total amount subscribed or partially but always respecting the minimum denomination and multiples.
Who can subscribe to the 4-year Premium voucher
The 4-year Premium postal vouchers are issued every day, which is called tap issue and are offered at par. It means that those who subscribe pay exactly the value of the voucher without incurring additional commissions or other costs.
They are reserved only for natural persons who have a Smart or ordinary postal savings account. These securities can also be jointly held but between a maximum of four adults. In fact, joint registrations between minors and adults are not permitted.
The 4-year Premium vouchers are reserved for those who pay new liquidity
Not everyone can subscribe to 4-year Premium postal savings bonds as they are reserved only for those who pay in new liquidity. The latter consists of the money that is added or has been added to the BancoPosta passbook and/or account from 30 October until 29 December 2025, unless the offer is closed early, through:
- crediting of salary or pension;
- payment of bank or bank checks;
- bank transfers.
In the event that the new liquidity is paid into savings accounts other than the Smart one or into BancoPosta current accounts, it can be transferred to the Smart one to purchase the security only through a girofondo.
What is the tax regime?
As with government bonds, postal vouchers are also subject to a 12.50% tax on interest and earnings as provided for by Legislative Decree number 239 of 1996. Those who do not reside in Italy, however, are not obliged to pay this amount if they comply with the conditions established by law.
Furthermore, inheritance tax is not paid on the vouchers, so in the case of inheritance, they are not included among the taxed assets.
On them, however, you pay the stamp duty which is applied to the value of the voucher and is 0.20%. On 31 December of each year, Poste Italiane calculates the redemption value of the assets in securities. If it is greater than 5,000 euros, the tax is calculated for each year on the nominal value of each outstanding security and is set aside.
It is due upon reimbursement of the BFP. In the event that the redemption value of the assets of the vouchers is less than 5,000 euros, it is not due. These rules were defined with the decree of 24 May 2012 by the Ministry of Economy.
If the security is redeemed before maturity it may happen that the stamp duty reduces the invested capital somewhat. In this case the saver is refunded the part of the tax that caused the difference so that part of the capital is not lost. This sum is calculated according to the rates in force starting from 4 December 2014.
Together with savings books and government bonds, postal savings bonds are excluded from the ISEE calculation. However, this only happens if the total value per family unit does not exceed 50,000 euros.
Finally, Poste Italiane communicates that the 4-year Premium vouchers as well as all the others cannot be sold or transferred to third parties. The transfer is only permitted in the case of succession or after the death of the owner or in other situations for which a universal transfer of ownership occurs.
Finally, no postal voucher can be pledged as collateral for a loan.
How to make a complaint
Anyone who owns a postal savings voucher can submit a complaint to Poste Italiane if they believe that the conditions of the contract have not been respected. It can be sent via:
- also registered mail;
- via e-mail or certified e-mail;
- by fax;
- in online mode by connecting to the Post Office website in the “assistance-complaints-financial services” section.
If you do not receive a response within sixty days or if the response is not exhaustive, you can contact the ABF or the Financial Banking Arbitrator or the Financial Conciliator. If the problem is not resolved, you can finally turn to the judge to resolve the dispute.
How much do you earn: the simulation
As explained, the 4-year Premium postal voucher offers a gross annual interest rate of 2.50% upon maturity.
Here is an example of performance:
let’s suppose we want to invest 2,000 euros in the security indicated above on 31 October 2025. At maturity or 31 October 2029, as can be seen from the calculator made available by Poste Italiane, the net redemption value at maturity will be 2,181.68 euros. The latter corresponds to the sum of the amount entered and the expected interest net of the withholding tax on them. I do not calculate, however, the stamp duty which is calculated based on current legislation is not considered.
