Those looking for safe tools to make their savings work can rely on postal savings bonds. They are issued by Cassa Depositi e Prestiti, placed on the market by Poste Italiane and guaranteed by the Italian State. It means that it is the latter that guarantees the reimbursement of the amount invested and the interest accrued as happens with BTPs and CCTs. The news of the moment is that Poste Italiane has launched a new product on the market. This is the coupon coupon that lasts only 5 years.
Because postal savings bonds are safe
As explained, all postal vouchers are guaranteed by the State. They are attractive because there is no risk of losing the money in the event of the issuer’s bankruptcy, as could happen with other private financial instruments.
The only case in which money invested in bonds could be lost is Italy’s default. The risk of this scenario becoming reality, however, is very low also because, as a member of the EU and the Eurozone, Italy is supported by institutions such as the ECB, which reduce the possibility of total failure.
However, it could happen that in the case of a serious crisis the State could decide to delay repayments or change interest rates, but this hypothesis is also very rare.
In addition to the state guarantee, postal savings bonds are also considered attractive because:
- the return does not depend on stock market fluctuations or financial crises;
- interest rates are set at the time of subscription;
- the State undertakes to return the invested capital;
- there are no costs to bear for management or purchase.
What are postal coupon coupons?
Just like all other postal savings bonds, even those with coupons are issued by Cassa Depositi e Prestiti and guaranteed by the Italian state. Unlike other securities, however, they can only be issued in dematerialized form – therefore they can only be registered electronically.
Subscription requirements
Precisely for this reason it is necessary to have a BancoPosta current account or a postal passbook which will act as a settlement account. The voucher that you purchase must then bear the same heading as one of the products just indicated.
The coupon bonds will have a duration of 5 years and will pay semi-annual coupons with fixed interest on the settlement account. They will be issued at par or at 100% of the subscribed nominal value and can only be registered in the name of natural persons of legal age, a maximum of four.
How to sign up
Subscription can take place at post offices but it will be necessary to bring with you your identity card or other valid identification document, as well as your tax code.
If you have a Smart passbook or a BancoPosta current account enabled for online services, the purchase can also be made from the official website or from the Poste app.
What are the main features
In addition to the 5-year duration and semi-annual coupons, the other main characteristics of postal coupon bonds are the following:
- the minimum subscription is 1,000 euros which can be increased by 50 euros and multiples of this amount;
- the maximum that a person can subscribe in a single day is 1,000,000 euros;
- the reimbursement can also be anticipated, but if it is requested before the payment of a coupon, the interest relating to that coupon is lost;
- interest paid through coupons is subject to a substitute tax of 12.5%.
Knowing these rules will be important because in this way you will avoid unpleasant surprises.
What are the yields on postal coupon coupons?
The conditions in force from 10 November 2025 tell us that:
- after 1 year the gross annual coupon rate will be 1%, the effective rate will be 1%;
- after 2 years the gross annual coupon rate will be 1.25%, the effective one will be 1.13%;
- after 3 years the gross annual coupon rate will be 1.50%, the effective one will be 1.25%;
- after 4 years the gross annual coupon rate will be 1.75%, the effective one will be 1.37%;
- after 5 years the gross annual coupon rate will be 2.50%, the effective one will be 1.59%.
As regards interest, the latter, net of tax charges, will be paid by crediting coupons every six months until the expiry of the fifth year.
Each coupon will be calculated by applying the annual interest rate to half of the invested capital. If you request an early partial reimbursement, however, the amount of subsequent coupons will be calculated only on the sum still invested.
Finally, the effective annual gross rate of return at the end of each period refers to the internal rate of return. The latter is an indicator that communicates how much an investment will yield each year considering the amount invested and the interest received.
What you need to know about stamp duty
Coupon postal vouchers, like all others, are subject by law to stamp duty. There is, however, one important exception. If the total value of the unreimbursed securities does not exceed 5,000 euros, the tax will not be applied.
If the saver requests an early repayment of the BFP before their natural maturity, however, the application of this tax could reduce the net amount received, so the repayment could be lower than the subscribed nominal capital.
If the stamp duty exceeds the interest already accrued and credited, in any case, the difference will be returned to the saver.
Together with government bonds and postal savings books, these products are excluded from the calculation of movable assets to determine the ISEE but only up to 50,000 euros per family unit. Having BFPs up to this threshold, therefore, will not influence the calculation of the benefits or concessions linked to the ISEE.
Why the summary statement is important
If you purchase a coupon voucher you will always receive a summary statement which will show:
- any stamp duty that will be charged;
- interest accrued and paid through semi-annual coupons;
- the amounts that have been reimbursed up to that specific moment.
The document can be received both in electronic and paper format. In the first case, for those registered on the Poste Italiane website, it will arrive as an attachment to a notification message in the personal area. You will receive both in the case of early repayment and upon expiry of the title.
If you prefer the paper format, you can request it at the post office. Also in this case, it will be delivered at the time of early repayment or upon request also upon expiry.
