Hungarian State Treasury

The Hungarian State Treasury distributes direct, general and unconditional securities issued by the Hungarian State, guaranteed by a state guarantee. At maturity, the state guarantees the payment of the full amount of the capital and the interest due, regardless of the value limit, which claim against the state does not become statute-barred.

Account opening and account management at the Hungarian State Treasury are free of charge. Transfers initiated from the treasury securities registration account are exempt from payment of the transaction fee if the owner of the beneficiary account maintained by another bank is a natural person, and the purchase of securities made on the treasury securities registration account is also exempt from duty.

The securities registration account maintained at the Hungarian State Treasury is the main account maintained for the benefit of the client, which includes the securities account, the securities deposit account and the customer account as sub-accounts.

The customer account can only be used for transactions related to investment services, it cannot be used as a payment account, and it cannot be used for deposit purposes.

The entire securities registration account maintained at the Hungarian State Treasury is subject to a state guarantee, without an amount limit. In contrast to the normal operation of the banking sector - where funds deposited as deposits can be used for loans - the Hungarian State Treasury does not use the free funds of its customers, it only keeps records.

The insurance services provided by the Investor Protection Fund do not cover the activities of the Hungarian State Treasury as a distributor of government securities, given that the Treasury is not a member of BEVA. For the repayment of the nominal value and interest of the government securities without an amount limit, the Hungarian State, as the issuer, has a standing obligation regarding the capital and the interest due, which claim against the state does not become statute-barred.

• Fix Hungarian Government Securities (Fix MÁP)
• Premium Hungarian Government Securities (PMÁP)
• Bonus Hungarian Government Securities (BMÁP)
• One Year Hungarian Government Securities (1MÁP)
• Hungarian Government Securities Plus (MÁP Plusz)
• Euro Hungarian Government Securities (EMÁP)
• Discount Tresaury Bill
• Hungarian Government Bond
• Baby Bond

Public government securities produced by printing:

• Printed formed Hungarian Government Securities Plus (printed MÁP Plusz)
• Treasury Saving Bonds (KTJ I. and KTJ II.)

You can find more details about individual government securities in the distributed government securities menu item.

The interest (rate) is the value expressed as a percentage of the amount paid at the interest payment dates, projected onto the face value of the government securities. The return is the change in the value of the investment over a given period. The yield is a combined % indicator of interest income and exchange rate gain/loss.

In the framework of the Hungarian State Treasury's government securities distribution activities, the value day changeover is from Monday to Thursday at 4:00 p.m., on Friday at 2:00 p.m., on working days moved due to public holidays, according to the relevant special notice.

At Magyar Posta Zrt., as a dependent agent used by the Treasury in the framework of the distribution of government securities, the value day changeover is from Monday to Thursday at 3:00 p.m., on Friday at 1:00 p.m., on working days moved due to public holidays, according to the relevant special notice.

If the customer initiates a transaction after the value date has changed, the Hungarian State Treasury automatically records/performs it for the next value date, applying the conditions valid on the next value date (for example, exchange rate). In the case of an order for the purchase of Premium Hungarian Government Securities, Euro Hungarian Government Securities, Bonus Hungarian Government Securities, and Fixed Hungarian Government Securities on the relevant day up to the value date change, the exchange rate applied is valid for the working day following the relevant day, and for the 2nd working day after the value date change. The date of fulfillment is determined by the availability of collateral for the sale, i.e. when the amount of the consideration for the purchase was credited to the treasury securities registration account.

The EHM is the standardized securities yield indicator, thanks to which the products of investment service providers become comparable. It unifies the yield achieved by securities embodying the right of credit.

The ISMA yield is a yield index applied based on the calculation methodology of the International Securities Market Association. During the calculation, the method takes into account the possible leap day, and in accordance with the usual calculations in the money market, a year is considered to have 360 days.

Click here on the website of Államadósság Kezelő Központ Zrt., as well as through the electronic distribution channels of the Hungarian State Treasury (WebKincstár and MobileKincstár) and the menu system of the TeleKincstár.

BUBOR (Budapest Interbank Forint Loan Interest Rate) is an interbank, reference interest rate. BUBOR is also taken into account in determining the interest rate of certain government securities.

You can find out about the current value of BUBOR here: Official Bubor Fixing.

The base denomination of Fixed Hungarian Government Securities, Premium Hungarian Government Securities, Hungarian Government Securities Plus, Bonus Hungarian Government Securities and Baby Bond is HUF 1, so the smallest amount that can be used to acquire a face value is HUF 1.

The basic denomination of the Euro Hungarian Government Securities is 1 euro, so the smallest amount that can be used to obtain a nominal value is 1 euro.

The base denomination of the Discount Treasury Bill, the One-Year Hungarian Government Securities and the Hungarian Government Bond is HUF 10,000, so the smallest amount that can be used to obtain a face value is HUF 10,000.

You can get more information about government securities by clicking here.

T-day settlement means that the financial or securities settlement related to the purchase/sale of government securities takes place on the value date of the transaction.

In the case of T+1 day settlement, the financial settlement is settled on the distribution value day following the transaction.

In the case of T+2 day settlement, the financial settlement is settled on the second distribution value day following the transaction.

In the case of T+3 day settlement, the financial settlement is settled on the third distribution value day following the transaction.

The Hungarian State Treasury executes purchase orders for Fixed Hungarian Government Securitiess, Premium Hungarian Government Securities, Euro Hungarian Government Securities, Bonus Hungarian Government Securities and Municipial Hungarian Government Bonds on the business day (T+1) following the relevant day until the date of value change according to the given value date. after the date of value day exchange, it is performed at the exchange rate valid on the 2nd working day (T+2) following the relevant day. The date of fulfillment is determined by the availability of collateral for the purchase, i.e. when the amount of the consideration for the purchase was credited to the treasury securities registration account.

In the case of the redemption of government securities denominated in forints, the consideration is settled on T-day at the T-day exchange rate, while in the case of Euro Hungarian State Papers, on T-day at the T+1 daily exchange rate.

In the case of the redemption of the Municipial Hungarian Government Bond, the consideration is settled on T+3. day T+3 days. at the exchange rate valid on the day.

A document containing the conditions and data of the securities offered for sale, as well as the data relating to the placing on the market. In the case of government securities, the Public Offering is prepared and made public by Államadósság Kezelő Központ Zrt. You can access the Public Offers of government securities currently distributed by the Treasury by clicking here.

Accumulated interest is the interest, that has accumulated since the date of issue of the given government securities or the date of the last interest payment, but has not yet become due. Bonds accrue interest from the day they are issued, i.e. accrued interest.

The accumulated interest is not lost, it is included in the amount of interest payable on the day of interest payment.

A document containing the general conditions for the introduction and distribution of individual government securities. In the case of government securities, the memorandum is prepared and made public by Államadósság Kezelő Központ Zrt. You can access the memorandums of the government securities currently distributed by the Treasury by clicking here.

In case of oversubscription or auction oversubscription, the procedure following the close of the subscription or auction, during which Államadósság Kezelő Központ Zrt. decides on the acceptance of individual subscriptions and auction offers based on the pre-announced principles.

In case of allocation, Államadosság Kezelő Központ Zrt. decides to accept the subscription/purchase declarations up to the amount announced in the Public Offering, and to carry out allocation among the individual Distributors based on the principle of proportional distribution. The Treasury "distributes" the amount determined for it, also based on the principle of proportional distribution, among its customers.

Click here to find out about the availability and opening hours of our customer services of the Hungarian State Treasury, which distributes government securities.

Transactions involving cash deposits or payments are not possible at government securities sales points.

You can find out about the opening hours of our treasury government securities distributor customer services by clicking here.

Regardless of where you opened your treasury securities registration account, you can manage your affairs at the customer service of any government securities distributor. Transactions involving cash deposits or withdrawals are not possible at government securities sales points.

Transactions related to securities issued by printing are only possible at post offices of Magyar Posta Zrt.

The Hungarian Government Securities Plus, produced by printing, is exclusively sold at designated post offices of Magyar Posta Zrt. as a subcontractor. You can find information about the post offices involved in the sale on the website of Magyar Posta Zrt., by clicking here.

The Treasury Savings Ticket is sold exclusively at designated post offices of Magyar Posta Zrt., as a subcontractor. You can find information about the post offices involved in the sale on the website of Magyar Posta Zrt., by clicking here.

In circumstances involving the loss or destruction of government securities produced through printing, the client should initiate a formal securities-blocking procedure through a duly authorized notary. The blocking procedure should be initiated in a written application, which must include in particular, the name and registered office of the issuer of the government security, the essential contents of the government security (designation, the underlying right or claim it represents, and if available, the ISIN identifier, series number, and serial number of the security). The client or the relevant notary must submit the notarial blocking order to the Government Debt Management Agency and KELER Central Securities Depository Ltd.

If the printed Hungarian Government Security Plus is lost or destroyed, the blocking of payments for the printed Hungarian Government Securities Plus and Treasury Savings Ticket can be requested through a notarial procedure. After obtaining the relevant document during the blocking procedure, you will have the opportunity to redeem the printed Hungarian Government Securities Plus and receive the due principal and interest payments on the maturity date.

In the circumstance of any changes to the client’s data, it is obligatory to promptly notify the Hungarian Treasury about the changes in writing within 5 business days personally.

The option of effecting data modifications through the Client Gate Portal is also available, facilitated by the completion of the "MÁP – Értékpapírszámlához kapcsolódó adatok módosítása" form.

The loss of your personal identification documents can be reported either through written correspondence, email, or by visiting any customer service centre’s of the government securities distribution offices personally. The Hungarian State Treasury is entrusted to promptly suspend the associated securities account, after the verification of the claimant's identity, upon the client’s request. The mentioned measure prevents any misuse of the lost identification documents. The securities account holder is entitled to continue to manage their account with temporary identification documents, as long as they are valid according to the stipulated period. The suspension of the account due to loss of personal identification documents can be lifted after the presentation of new identification documents and the corresponding data modification based on those documents. If the original identification documents are found, after the suspension is lifted, the account holder can still manage their account by presenting their original identification documents, subject to re-verification of their identity during the presentation. The nominated, authorized individual specified on the securities account is free to manage the government securities even after the account has been suspended due to the loss of the identification document.

The suspension related to the loss of the identification document is exempt from any associated fees.

Upon the decease of the account holder Hungarian State Treasury will duly disburse payments to the account holder's legal heirs, contingent upon the presentation of an authentic testamentary probate decree or a valid inheritance certificate, in conformity with the provisions stipulated therein.

The confirmation of the account holder's decease can be substantiated by means of an official death certificate or a duly authenticated testamentary probate decree. Alternatively, substantiation can also be established through formal communication of the authority involved in probate proceedings. If the Hungarian State Treasury receives credible notification of the account holder's decease, the account attributed to the deceased will be placed under temporary suspension. Simultaneously, any previously granted authorizations given by the deceased account holder shall be rendered void.

Prior to the issuance of the testamentary probate decree, Hungarian State Treasury will exclusively provide information regarding the deceased account holder's account balance upon formal request from the probate notary/clerk overseeing the estate proceedings, as the account holder's details are deemed securities secret under securities regulations.

Possessing the legally binding testamentary probate decree, you are entitled to initiate the disbursement of the inheritance at any government securities distribution offices. Hungarian State Treasury is authorized to disburse payments exclusively to the heirs designated in the decree, in accordance with the specified proportional distribution.

Payments can not be executed from the account of the deceased based on a provisional testamentary probate decree.

Inheritance administration is not available at customer service centres indicated as ‘Sales Point’ or through the affiliated agents of Hungarian State Treasury.

During estate administration, the Hungarian State Treasury strives to provide customer service as quickly and as customer-friendly as possible, however, due to its unique characteristics, estate settlement typically takes longer than normal administration.

The length of the estate administration depends on the number of inherited securities, the numerical value of the securities, the number of heirs, and the documents presented, which the heir will receive precise information about when appearing at the branch.

You can expect a longer administration time if, in addition to the securities account, special accounts (e.g. Long-term Investment Account, Pension Savings Account, guardianship account) are also included in the estate, if the estate is subject to a foreign estate order or during the transfer of the estate to the Treasury, the transferor a clarifying question arises regarding the order.

In case of any obstacles, the simplest way to manage securities held in the securities account is granting an authorization to an Authorized Representative via personal administration at any customer service centres of the government securities distribution offices.  In cases where the account holder is impeded, the Authorized Representative is entitled to act on behalf of the account.

If you have previously requested the delivery of your account statement, it will be sent to you regardless of the balance on your securities account.

In order to protect the assets of customers, this is no longer possible after January 7, 2024. You can place an investment order in person at the customer service of a government securities distributor of the Hungarian State Treasury, or online at the WebKincstár and MobilKincstár.

The Hungarian State Treasury only maintains bank accounts for organizations specified by the relevant laws and regulations; it is not available for individual retail customers.

The securities registration account opened at the Hungarian State Treasury can not be used as a regular bank account. The customer account linked to the securities registration account can only be used for financial transactions related to the purchase and sale of government securities.

Indeed, even if a Start Securities Registration Account is already opened for the child.

The securities registration account agreement will be signed by the legal representative acting on behalf of the minors under the age of 14. The Hungarian State Treasury considers the person who signed the agreement as authorized to dispose over the account, therefore this person is entitled to submit investment orders.

The minors aged between 14 to 18 can also sign the securities registration account agreement if the legal representative provides written consent. In this case, the minor can submit investment orders, but the written consent of the legal representative is still required.

No, there is no cost. The opening and maintenance of the securities registration account are free of charge.

For detailed information regarding fees imposed by the Hungarian State Treasury related to government securities distribution please refer to the official Announcement by clicking here.

There are no individual fees or charges applied by the Hungarian State Treasury for subscription, purchase, or redemption transactions of government securities. For detailed information regarding fees imposed by the Hungarian State Treasury related to government securities distribution please refer to the official Announcement by clicking here.

In case of a natural person, it is necessary to present the original of the following documents:

• Original identification document for verifying personal identity (ID card, driving license in card format, passport).
• Official certificate verifying residence address.
• Tax identification document (or an equivalent official document confirming tax identification).

For foreign natural persons:

Passport and/or personal identification document, provided it allows for residence in Hungary or has supporting residence rights documentation.

For legal entities:

In the case of opening a securities registration account for a legal entity, the person authorized to act on behalf of the entity must present the documents mentioned above for individuals, in addition to the documents specified in the table accessible through the following link.

Indeed, the securities registration accounts opened at the post offices and through the services of Fundamenta Personal Bankers are fully consistent with the accounts opened at the customer service centre’s of the government securities distribution offices, all the convenience services are available accordingly.

Purchasing government securities is immediately available for the accounts opened at the post offices and the customer service centre’s of the government securities distribution offices. For accounts opened at Fundamenta Personal Bankers, government securities can be purchased only a few days later.

The list of post offices involved in government securities transactions can be accessed by clicking here.

With the assistance of Fundamenta's personal bankers, you can acquire the following dematerialized government securities:

• Hungarian Government Securities Plus
• Premium Hungarian Government Securities
• One-Year Hungarian Government Securities
• Fixed Hungarian Government Securities

For more information about each specific government securities, please click here.

At Post Office locations involved in government securities distribution, you can purchase both dematerialized and printed government securities.

At Post Office locations involved in government securities distribution, you can purchase the following dematerialized government securities:

• Hungarian Government Securities Plus
• Premium Hungarian Government Securities
• Bonus Hungarian Government Securities
• One-Year Hungarian Government Securities
• Fixed Hungarian Government Securities

At Post Office locations involved in government securities distribution, you can purchase the following printed government securities:

• Printed Hungarian Government Securities Plus
• Treasury Savings Ticket I.
• Treasury Savings Ticket II.

You can find a detailed list of Post Office locations on the website of Magyar Posta Zrt.

At designated Post Office locations, you can only submit redemption orders for the dematerialized Hungarian Government Securities Plus, Premium Hungarian Government Securities, Bonus Hungarian Government Securities, Fixed Hungarian Government Securities as well as the printed Hungarian Government Securities Plus, and the 1 and 2-year Treasury Savings Tickets.

Currently, you cannot submit redemption orders through Fundamenta as an intermediary.

For more information about each specific government security, please click here.

No, the Hungarian State Treasury does not make transfers initiated in HUF to foreign bank accounts. From a treasury securities registration account, it is only possible to initiate a transfer of the equivalent value in euros related to the Euro Hungarian Government Securities to a foreign bank account.

To initiate a transfer, you must enter the following data at the commercial bank:

*In case of domestic EUR transfers both formats can be used, but their related costs may differ. We recommend you to obtain information in advance on the costs occurring in relation to the transfer from your account holder financial institution. Both formats of account number are only suitable for receiving euro transfers, transfers in other currencies will be rejected. The transferred amount of EUR will be credited on the client’s account on the T+1 business day after the crediting on the account of the Distributor held at the Hungarian National Bank.

** Correct indication of this number is a precondition for identification.

In person at the employees of the government securities distribution customer services, and by telephone at the Central Customer Service Office on the number 1811, if you have requested a Telekincstár service. The receipt of the transfer can also be verified through the WebKincstár and MobilKincstár system. If you have requested an SMS notification service, we will also inform you about the credit on the Treasury securities account by SMS.

To make a transfer, you must know the 3x8-digit payment reference number of the securities account. You will find this on the first page of the Securities Account contract, under the name "Securities registration account payment reference number" in the personal data section. If you have WebKincstár and MobileKincstár authorization, you can find this data on their interface, under the menu item "Settings/Customer data". In addition to the above, you have the option to request information personally from the staff of the government securities distributor's customer services or, in the case of the TeleKincstár service, over the phone from the Central Customer Service Office.

For the execution of the forint transfer, the payee shall provide the 3x8 digit payment reference number of the securities account, including the following data in the notice box of the order:

To complete the HUF transfer,

• 8-digit number of the beneficiary securities registration account, and
• the name of the account holder.

The above two data can also be found on the first page of the Securities account contract. 

In any case, please inquire in advance about the costs incurred in connection with the transfer to the treasury securites registration account from the financial institution managing the account.

The execution of the transfer is identical to that experienced in your commercial bank. The transfer is not subject to an individual treasury fee, and you only need to pay a transaction fee if the owner of the treasury securities account or the beneficiary account is not a natural person. You are obliged to declare the owner of the beneficiary account when recording the bank account number. In the case of HUF transfers, never record your bank account number in IBAN format.

You can find out about the cases and amount of payment of the transaction fee by clicking here.

Transfers initiated from the treasury securities account are not executed immediately. Transfer orders submitted to the Hungarian Treasury are processed and fulfilled by the Hungarian State Treasury in the IG2 clearing system operated by GIRO Zrt., taking into account the regulations defined by GIRO Zrt. in the Business Regulations of the Bank Clearing System.

According to the current legislation, payment service providers are obliged to ensure that domestic individual HUF transfers of less than HUF 20 million submitted electronically by their customers reach the payee's payment service provider within 5 seconds. Transfers complying with these conditions will be credited to securities accounts held in the Hungarian State Treasury continuously, 24 hours a day, every day of the year – including on weekends and holidays.

Transfers that do not meet the above conditions are received in the intraday multiple settlement system (IG2) operated by GIRO Zrt., on weekdays in 10 intraday cycles, every hour, to the securities registration accounts kept at the Hungarian State Treasury.

The transfer is not subject to an individual treasury fee, and you only need to pay a transaction fee if the owner of the treasury securities account or the beneficiary account is not a natural person. You are obliged to declare the beneficiary account holder.

Click here to find out about the cases and extent of payment of the transaction fee

When you want to settle the consideration for the purchase of government securities with a transfer, you must first record the order for the purchase and when this has been done, you must start the transfer. It is important that during the transfer, you transfer exactly the amount corresponding to the value of the transaction in one item. In order for the purchase to be completed successfully on a given value day, the consideration must arrive in your securities account by the close of day (Monday-Thursday 4:00 p.m.; Friday 2:00 p.m.). If the consideration is not received by the value date indicated on the purchase order, the purchase transaction will not be completed and will be cancelled, and the transferred amount will be credited to your non-interest-bearing bank account.

You can transfer your government securities managed with other investment service providers to your Treasury securities account by so-called transfer of government securities. A transfer of government securities is similar to a transfer, you have to entrust the execution of it to your current investment provider.

What data will be needed when starting the transfer of government securities?

• the 8-digit number of the securities registration account kept at the Hungarian Treasury (which you can find on the account agreement);
• the name of the owner of the securities registration account kept at the Hungarian Treasury;
• KELER code of the Hungarian State Treasury: 0434/000001.

Before starting the transfer of government securities, please pay attention to the following:

• The Hungarian State Treasury can only accept government securities issued by the Hungarian State, which are indicated on its exchange rate table. You can access the exchange rate tables of the Hungarian State Treasury by clicking here.
• Shares and investment units cannot be managed in the treasury securities account, so they are not accepted by the Hungarian State Treasury.
• the transfer of government securities paying the due date (interest and/or principal) Within 2 working days prior to the due date may not be carried out, but only on the working day following the crediting.

The transfer of government securities always comes at a cost, so please always check with your current investment provider for the extent of this.

Yes.

The Hungarian State Treasury quotes daily gross purchase rates (with the exception of the two business days preceding maturity or interest payment dates), which are determined by the Government Debt Management Agency. Redemption takes place at these daily gross purchase rates, except for the Euro Hungarian Government Securities, where redemption occurs using the gross purchase rate applicable on the business day following the date in question.

Information concerning these rates can be obtained personally at customer service centres of the government securities distribution offices, online by clicking here on our official website, as well as through the MobilKincstár (Rates section) and the WebKincstár platform (Information section).

Due to the processing of settlement transactions related to maturity payments.

The Hungarian State Treasury repurchases the distributed government securities at the prevailing purchase rate, with the exception of the two business days prior to maturity disbursements (interest or maturity).

The redemption of printed Hungarian Government Security Plus is possible at the designated post offices operated by the Magyar Posta Zrt. The list of post offices offering services for printed government securities can be accessed by clicking here on the website of the Magyar Posta Zrt.

The redemption of printed Treasury Savings Ticket is possible at the designated post offices operated by the Magyar Posta Zrt. The list of post offices offering services for printed government securities can be accessed by clicking here on the website of the Magyar Posta Zrt.

The printed Hungarian Government Securities Plus can be redeemed at any time starting from the day of purchase, at which point it becomes due. It's important to note that partial redemption and payment is not possible for printed Hungarian Government Securities Plus.

In case of redemption prior to maturity date of the printed Hungarian Government Securities Plus the redemption amount of the investor is calculated at 100% of the nominal value during the 5 business days following each interest accrual date, and at 99.75% on other days. The 5 business day periods following the interest accrual dates can be found on the front side of the purchased printed Hungarian Government Securities Plus. For precise calculation of the redemption amount, we kindly ask you to contact the Magyar Posta Zrt. The list of post offices offering services for printed government securities can be accessed by clicking here on the website of the Magyar Posta Zrt.

The Treasury Savings Ticket can be redeemed at any time starting from the day of purchase, at which point it becomes due. The Treasury Savings Ticket does not pay interest beyond its maturity date.

For precise calculation of the redemption amount, we kindly ask you to contact the Magyar Posta Zrt. The list of post offices offering services for printed government securities can be accessed by clicking here on the website of the Magyar Posta Zrt.

The interest and the total amount of the principal and the accrued interest is automatically credited to your customer account on the due payment date, when the interest on your government security becomes due or it reaches maturity. If you have previously opted for bank transfer as the payment method for the due payment, the Hungarian State Treasury will automatically transfer the amount to the bank account number you specified on the due payment date.

Regarding the utilization of the credited amount of the principal and interest upon the interest payment date or maturity, the client is free to decide after the due payment has been made. If you wish to reinvest this amount or transfer it to a bank account again, it is possible through the following methods:

• via personal administration through any customer service centres of the government securities distribution offices
• without personal appearance, through the electronic distribution platforms of the Hungarian State Treasury (WebKincstár, MobilKincstár, TeleKincstár).

If you prefer to withdraw this amount in cash, it is possible at the customer service centres of the government securities distribution offices of County Seat Centres.

In contrast to the description above, for the Hungarian Government Securities Plus and Baby Bond series, the accrued interests until maturity will automatically be reinvested in government securities of the same series, in which case the quantity of the government securities credited will increase the base capital.

Information regarding upcoming due payments and maturity dates can be obtained from the exchange rate tables posted on our website, as well as within the "Memorandum" of securities, in addition to the data content presented in the account statements and documents. Furthermore, within the interfaces of WebKincstár and MobilKincstár, you can retrieve details about due payments for government securities held within your portfolio, with the convenience of making preliminary arrangements through online platforms.

Using our complimentary SMS notification service, the Hungarian State Treasury can send informative messages to the mobile phone number provided, notifying you about the date of due payments. It should be noted that the informational service provided by the Hungarian State Treasury regarding credits is of an informative nature and does not constitute a comprehensive notification. Prior to initiating any purchasing or selling orders or transfer instructions based on this information, the client is required to check the actual credit and balance. For inquiries related to this service, we kindly ask you to personally engage with the staff of the customer service centres of the government securities distribution offices.

There are no individual treasury fees or costs for cash withdrawals, you only need to pay the transaction fee. You can find information about the amount of the transaction fee in our Announcement by clicking here.

An amount not exceeding HUF 3 million can be withdrawn without prior notice at the customer service centre’s of the government securities distribution offices.

If the intended withdrawal amount reaches or exceeds 3 million Hungarian Forints, regardless of its purpose, you are required to notify your intention for cash withdrawal – regardless of its legal basis – at least two business days prior to the planned date of withdrawal.

In case of failure to comply with the notification obligation, the Hungarian State Treasury reserves the right to refuse the payment. However, even in such instances, the client is entitled to transfer this amount to a bank account specified by them.

It is possible to make the notification for cash withdrawal personally at any customer service centres of the government securities distribution offices, through written correspondence or email without personal appearance, via the WebKincstár and MobilKincstár platforms, or by phone through the Central Customer Service Office during business hours at the phone number 1811.

The following details are required in the cash withdrawal notification:

• The name of the account holder
• The registration number of the securities account
• The date of cash withdrawal
• The amount of cash withdrawal
• The location of cash withdrawal as one of the customer service centres of the government securities distribution offices

At the Sales Points cash deposits and withdrawals cannot be initiated; these transactions can exclusively be performed at customer service centres of the government securities distribution offices.

The Treasury does not provide the payout of the EUR amount in cash, regardless of its legal basis.

The interest or capital payment related to the Premium Euro Hungarian Government Securities and Euro Hungarian Government Securities will be executed by the Hungarian State Treasury exclusively through a bank transfer to the bank account provided by the customer in IBAN format.

Cash deposit and withdrawal can not be initiated at the Sales Points of the Hungarian State Treasury, only at the customer service centres of the government securities distribution offices.

The accepted methods of payment at Sales Points are as follows:

• Bank transfer
• Card payments through both HUF and EUR based POS terminals
• Payment debited from the customer's account.

The financial transactions involving cash settlements, including both deposits and withdrawals are not available at the agent’s of Fundamenta.

At the post offices of Magyar Posta Zrt. participating in government securities distribution, it is indeed feasible to carry out financial operations involving cash settlements, cash deposits, and the collection of redemption proceeds for government securities. At the post offices of Magyar Posta Zrt. participating in the distribution of government securities, it is possible to settle financial transactions with cash, to make cash payments, and to withdraw the consideration of redeemed government securities in cash. You can find a detailed list of post offices participating in the distribution of government securities by clicking here on the website of Magyar Posta Zrt.

The Hungarian State Treasury accepts the following forms of authorization:

• the authorization included in a handwritten or non-handwritten document that is considered a private document with full evidentiary force, on which two witnesses (indicating their personal data) have confirmed with their signatures that the issuer signed the document in front of them, or recognized the signature as his own signature in front of them;
• the authorization countersigned by lawyer;
• the authorization certified by a notary or court;
• the authorization certified by the foreign delegation;
• the authorization signed by the client and the lawyer appointed by him/her;
• „General" authorization prepared by the Hungarian State Treasury.

In the absence of countersignations by two witnesses, lawyers or notaries, the Hungarian State Treasury will not accept an authorization written and signed in its own hand.

A new authorization can be given by a written statement made in front of the customer service staff of any government securities distributor during a personal appearance of the customer.

The Hungarian State Treasury does not authorization  of attorney given by the authorized person to another third party.

With the "General Authorization" created by the Hungarian State Treasury, the account holder can give the authorized person a full, continuously valid right of disposal, on the basis of which the authorized person is entitled to take all measures that the account owner's customer is entitled to, with the following exceptions.

The authorized person is not entitled to:

• signing and amending the account agreement,
• amendment of the annexes, which are an inseparable part of the account agreement,
• to terminate the account agreement.

With "ad hoc authorization", the account holder can give the right of case disposal to the person designated by him/her, for certain individual cases.

With the "General Authorization" created by the Hungarian State Treasury, the account holder can give the authorized person a full, continuously valid right of disposal, on the basis of which the authorized person is entitled to take all measures that the account owner's customer is entitled to, with the following exceptions.

The authorized person is not entitled to:

• signing and amending the account agreement,
• amendment of the annexes, which are an inseparable part of the account agreement,
• to terminate the account agreement.

The document named "General authorization for domestic and foreign natural persons" issued by the Hungarian State Treasury for this purpose does not qualify as a general authorization according to the Code Civil, it only ensures the exercise of the right of disposal over the securities registration account.

With "ad hoc authorization", the account holder can give the right of case disposal to the person designated by him/her, for certain individual cases.

The Hungarian State Treasury shall consider general powers of attorney valid until the authorizing account holder revokes the power of attorney in person in writing or the authorized client renounces it. The authorization becomes invalid if any party (authorizer or authorized person) dies, and the Hungarian State Treasury is informed of this in a credible manner.

The general authorization according to the Civil Code applies to an unspecified range of cases, while the general authorization prepared by the Hungarian Treasury only applies to the Account Holder's securities registration account.

Yes, the Hungarian State Treasury does not limit the number of general agents associated with the securities registration account.

The general power of attorney prepared by the Hungarian Treasury is linked to the person of the holder of the securities registration account, and is valid for the current entire stock in the securities account.

The new rules set out in Act LII of 2018 on social contribution tax apply only to payments that qualify as interest income under Act CXVII of 1995 on personal income tax.

The social contribution tax payment obligation arises in the case of Hungarian government securities issued before 1 June 2019, if the government securities were acquired by the private individual on or after 1 July 2023.

Following the amendment to Act LII of 2018 on social contribution tax, the following must be taken into account:

• There is no social contribution tax payment obligation in the case of government securities issued after 1 June 2019.
• In the case of government securities issued before 1 June 2019 acquired between 1 June 2019 and 1 July 2023, the interest income is subject to the tax obligation under the Personal Income Tax only.
• In the case of government securities issued before 1 June 2019 and acquired after 1 July 2023, in addition to the interest tax obligation under the Personal Income Tax, social contribution tax must also be paid.
• In the case of government securities placed in the Start account (regardless of the year of issue), there is no social contribution tax obligation.
• In the case of government securities placed in the TBSZ, there is no social contribution tax obligation.

The income distributed by the Hungarian State Treasury and paid by the private individual in the form of interest or yield during the term, as well as the portion of the income due to the private individual upon the redemption (expiration) and transfer of the government securities, determined in accordance with the rules on exchange rate gains, is taxable as interest income as follows.

The tax rate for interest income on government securities issued before 1 June 2019 is 15%.

Government securities issued after 1 June 2019, distributed by the Hungarian State Treasury to the general public as a target market of investors are exempt from paying interest tax (except in the case of Long-term Investment Accounts terminated before the 5th year of expiry).

In the case of a Long-term Investment Account, in the event of termination before the 5th year expires, a tax liability also arises for the interest-free government securities.

The rate of interest tax is 15% until the end of the 3rd year on the Long-term Investment Account, and 10% after the 3rd year.

As a general rule, income tax in the case of private individuals is established, deducted and paid by the Hungarian State Treasury as a paying agent to the National Tax and Customs Office. The income tax deducted in this way does not have to be separately indicated by the individual in the personal income tax return. There are the following exceptions to this.

In the case of a transfer of securities between the accounts of two different account holders, it is also the responsibility of the clients to determine, declare and pay the income tax payable on the basis of the Earned Income.

Different rules apply to the calculation, declaration and payment of income from government securities managed in the Long-term Investment Account. In this case, it is the duty of private customers to declare the tax based on the statement provided by the Hungarian State Treasury.

In the case of non-private clients, it is the sole responsibility of the client to calculate, declare and pay the income tax.

The Discount Treasury Bill is a government bond issued to the public as a target market for investors, so the Discount Treasury Bills issued to private individuals after June 1, 2019 are exempt from paying interest tax.

In the case of Discount Treasury bills issued before June 1, 2019, there is an obligation to pay interest tax of 15%. In this case, interest income is considered to be the part of the income obtained at the time of transfer, redemption (maturity), established in accordance with the rules on exchange rate profit. Regardless of how it is divided into items recognised as net exchange value and accrued interest or return.

As a non-private investor in matters related to the taxation of The Discount Treasury bill, we recommend that you contact a tax expert to clarify how the income from the purchase, ownership, transfer of The Discount Treasury bill, as well as the income and obtained upon redemption (maturity) income how is it affects your taxation.

In the case of government securities issued before June 3, 2019, the percentage indicators are understood as gross, from which the income tax is deducted.

In the case of government securities issued after June 3, 2019, the interest in the exchange rate table is to be understood and calculated in a net manner, in their case no further deductions are made.

Since the market value is the amount calculated at the gross sales rate of the given day, i.e. the amount for which the portfolio can then be redeemed, the market value increases day by day due to the interest and is not credited in one sum.

One of the technical conditions for using the WebKincstár service is the use of a suitable, supported browser type. The Internet-based securities trading system of the Hungarian Treasury supports all browser types common among Internet users. However, it is possible that the browser you are using has been automatically updated to the latest version, with which the WebKincstár service can only be accessed after the compatibility procedure of the Hungarian State Treasury. Please note that the compatibility procedure on the part of the Hungarian State Treasury may take a few days. Until then, please download a browser with the appropriate version number to use the WebKincstár service. You can see the list of supported browser types in the WebKincstár User Manual.

By clicking on the text "Request a new password" on the WebKincstár login interface. To request a new password, you must enter the username and e-mail address registered with the Treasury. Through the mobile treasury, after logging in, only password changes are possible in the "Profile" menu item. In addition, for all electronic distribution channels, you have the option to change or disable the password via TeleKincstár, so no personal administration is necessary. For users of the TeleKincstár service after identification.

SMS service can be requested for all accounts, after selecting a particular securities registration account. By default, the service can be connected to the mobile phone number specified for using WebKincstár. If you want to enter a different mobile phone number, you can change it during a personal appearance.

Your mobile phone number or e-mail address may be incorrectly entered in the Register of the Hungarian State Treasury and you may not receive the e-mail or SMS message required to change your password. You can change your mobile phone number or e-mail address during a personal appearance.

In order to change the password, the password you want to enter must meet several criteria, which are for enhanced security. The password must formally comply with the following requirements:

• It can be a minimum 8 carachter
• You can use numeric and accented lowercase and uppercase alphabetic characters,
• It must contain at least one number, a lowercase letter, an uppercase letter,
• The new password cannot be the same as your last three passwords,
• The password must be contain special characters. (e.g. @#./_,)

From the WebKincstár User's Manual, which is available on the website of the Hungarian State Treasury.

If the request for the service was made in person through the customer service of the Hungarian State Treasury, you can use the Web Treasury immediately, with the help of the description containing the user name and password request received during administration.

If you requested the service through a Client Gate, the Hungarian State Treasury will send information about the setting up of the service and the data required for entry electronically.

If your child has a Webkincstár authorization authority over his/her Treasury Start Securities account, then access is possible with the password and username issued to the name of the authorizated person (parent).

If you have a Webkincstár authorization in your own name, you can also select your child's Treasury Start Securities account from the authoritor's accounts by entering your user name and password at the time of login.

With the help of a PUSH message, you can enter the WebKincstár interface in a faster and more convenient way, and on the other hand, PUSH is the easiest way to keep in touch, since through this you can receive notifications about bank account credits, from the issuance of new government securities and future due payments. To use PUSH messages, the Hungarian State Treasury needs to download the MobilKincstár application.

On the WebKincstár interface, you have the opportunity to record a new mailing address and select another one from the existing ones. You can specify which channel you would like to receive your account statements and other documents published by the Hungarian State Treasury (WebKincstár, e-mail, not requested). You can choose whether you would like to receive notifications related to your account via SMS or PUSH messages, if you choose PUSH messages, you will be able to mark the notification types as well. You can change data outside of this data range during a personal appearance.

By applying for WebKincstár authorization, all our customers also obtain MobilKincstár authorization. After downloading the application, you can use the MobilKincstár. The passwords of the two distribution channels are managed uniformly by the Treasury, so they cannot differ from each other. You can change your password personally at the customer service of any government securities distributor, via TeleKincstár if you are authorized, or by clicking on the text "Request new password" on the WebKincstár login interface. You can change your password via the mobile treasury, after logging in, in the "Profile" menu item. To request a new password, you must enter the username and e-mail address registered with the Treasury.

Yes, with WebKincstár authorization, you have the opportunity to view your account statements and other documents in electronic form. The Hungarian State Treasury sends the following extracts to the interface: consolidated monthly account statement, securities registration account statement, TBSZ tax certificate. In the absence of authorization, WebKincstár may request that all extracts and other notification documents be published via e-mail. To do this, you must choose the e-mail notification channel, in addition to entering an active e-mail address.

The bank account number (3x8) opened and maintained at a Hungarian financial institution can be recorded by selecting the "bank account" type. If the financial institution entered the bank account number in 2x8 characters, the last, third, eight characters must be filled with 8 "0" values.

In case you wish to transfer euro to a foreign currency account opened and kept with a Hungarian financial institution, you must record the desired bank account number for the "Iban domestic" type. As a general rule of filling, for the first two characters, the country letter designation "HU" and the two-character verification code must be recorded, followed by the bank account number.

If you have an open and maintained bank account with a foreign financial institution, you should choose the "Iban Foreign" type. Here, too, the general rule applies, the first two characters indicate the country, the next two digits are the verification code. This is followed by the Standard Bank Account Number used in that country.

If you want to record a different bank account number than the one described above, you can enter it in the "Other foreigner" type, in which case you must continuously record a bank account number that differs from the general rule.

In order to prevent possible abuses and unauthorized bank transfers, the newly registered bank account number will become active after 48 hours. The user will receive an information message about recording the account number to the e-mail address recorded in the trading system (in the absence of this, in the form of an SMS notification).

It is possible to record a new bank account number, modify or delete previously recorded ones, set up PUSH notifications (notification of free money balance, due date payment, New Securities and new news and information).

The Hungarian State Treasury publishes the MobilKincstár application exclusively in the AppStore and the Google Play store. Please use only the application published here. Do not download or install the MobilKincstár application from unknown sources, the Hungarian State Treasury does not take responsibility for them.

You can apply for a one-time personal administration at any customer service of the Hungarian State Treasury, and in the case of an existing securities registration account, even through the Client Gate. In connection with the service, you will also have WebKincstár authorization.

To facilitate the use of MobilKincstár, please see the MobilKincstár User Manual.

Password change possible:

• through the MobilKincstár application in your own account,
• through WebKincstár,
• through the TeleKincstár system, with the help of an administrator, and
• at any of our customer services in the context of personal administration.

Disable password:

• through the TeleKincstár system,
• in the context of personal administration, and
• you can block your access to MobilKincstár via WebKincstár as well

Your mobile phone number or e-mail address may be incorrectly entered in the Register of the Hungarian State Treasury and you may not receive the e-mail or SMS message required to change your password. You can change your mobile phone number or e-mail address during a personal appearance.

In order to change the password, the password you want to enter must meet several criteria, which are for enhanced security. The password must formally comply with the following requirements:

• It can be a minimum 8 carachter
• You can use numeric and accented lowercase and uppercase alphabetic characters,
• It must contain at least one number, a lowercase letter, an uppercase letter,
• The new password cannot be the same as your last three passwords,
• The password must be contain special characters. (e.g. @#./_,)

Please note that changing the password also changes the WebKincstár password!

When the account is opened, or later through the WebKincstár, you can set that the confirmation message required to enter the WebKincstár is received in the form of a PUSH message via the downloaded and activated MobilKincstár application. You can also set it up via WebKincstár if you want to request a PUSH message about your free money balance, due date, news and information. You can also request SMS or PUSH notifications about money credits.

Make sure your device is using the correct operating system version. You can find out about the minimum system requirements on the website by opening the following link: MobilKincstár.

The following due payments are also displayed on the MobilKincstár interface, for which you have the opportunity to record a reinvestment order from the 30th day before the interest payment, which invests the interest in the selected government bond on the day of the interest payment. With regard to interest, you can provide payment due at any time during the term of the government bond, for example, a transfer order to a previously fixed bank account number

The bank account number (3x8) opened and maintained at a Hungarian financial institution can be recorded by selecting the "bank account" type. If the financial institution entered the bank account number in 2x8 characters, the last, third, eight characters must be filled with 8 "0" values.

In case you wish to transfer euro to a foreign currency account opened and kept with a Hungarian financial institution, you must record the desired bank account number for the "Iban domestic" type. As a general rule of filling, for the first two characters, the country letter designation "HU" and the two-character verification code must be recorded, followed by the bank account number.

If you have an open and maintained bank account with a foreign financial institution, you should choose the "Iban Foreign" type. Here, too, the general rule applies, the first two characters indicate the country, the next two digits are the verification code. This is followed by the Standard Bank Account Number used in that country.

If you want to record a different bank account number than the one described above, you can enter it in the "Other foreigner" type, in which case you must continuously record a bank account number that differs from the general rule.

MobilKincstár locks the user's password for that day after 5 unsuccessful authentication attempts. Re-entry is possible the next day without changing the password. You can initiate a password change:

• at the Hungarian State Treasury's customer service of any government securities distributor
• at the Central Customer Service Office,
• through the TeleKincstár,
• on the WebKincstár and MobilKincstár log-in interface, by clicking on the "New password request" button. To request a new password, it is necessary to enter the username and e-mail address recorded in the system.

The pension savings account is one of the three state-supported pension savings methods, along with the voluntary pension fund and pension insurance.

The Pension savings account, also known as the NYESZ, is a special securities account that is recommended to be opened specifically for long-term savings for retirement purposes. Every private individual can have a NYESZ account marked R (NYESZ-R), for which he can use a tax discount of 20%, up to a maximum of HUF 100,000, after his annual payments.

The tax refund must be claimed annually at the time of the personal income tax return, and the credited amount increases the balance of the existing NYESZ-R.

Yes, at the customer service of any government securities distributor of the Hungarian State Treasury. The list of customer services is available by clicking here.

Yes, by clicking here you can initiate the opening of a Pension Savings Account online (via the Client Gateway) without appearing in person. When opening an online account, it is necessary to provide free funds of HUF 5,000 in the customer's normal securities registration account. If the Treasury Pension Savings Account is opened in order to transfer the Pension Savings Account managed by another service provider, this can be done with personal administration, given that it is not possible to administer this through the customer portal.

No, a Pension Savings account can only be opened through the customer services of the government securities distributor of the Hungarian State Treasury or Client Gateway.

Yes. The conditions for tax-free payments from the Pension Savings Account are eligibility for pension services and the existence of the Pension Savings Account for at least ten years. If both of these are met, after ten years you can access the savings you have accumulated up to that point tax-free.

The advantage of the Pension savings account compared to the normal securities registration account lies in the available tax relief. This is determined on the basis of the amounts paid into the Pension Savings Account, but its amount may not exceed the amount of personal income tax paid to the National Tax and Customs Office for the client in the relevant year.

Based on the above, in the event that in addition to the pension benefit, no other income subject to personal income tax is generated, then the tax discount cannot be used. Thus, we definitely recommend that our customers who have reached retirement age consider whether it is appropriate to keep their investments in a Pension Savings Account or in a normal securities registry account.

No, a Pension Savings account can only be opened through the customer services of the government securities distributor of the Hungarian State Treasury or Client Gateway.

The opening and management of the Pension Savings Account at the Hungarian State Treasury is free of charge, and no separate treasury fee is charged for the purchase of government securities. In order to open an account, a payment of HUF 5,000 is required based on legal regulations.

In the case of the Pension savings account, a payment of HUF 5,000 is required based on legal requirements. After that, there is no prescribed monthly savings amount, so you can deposit as much money as the customer wants. It is necessary to deposit a minimum of HUF 5,000 into the Pension savings account when the account is opened, and in the case of online account opening, provide free funds of HUF 5,000 in the normal securities registration account

Any HUF government securities distributed by the Hungarian State Treasury can be purchased for the Pension Savings Account

NYESZ is a state-supported pension savings account, so you can apply for the 20% personal income tax credit for pension savings.

In practice, this means that the customer can claim back up to 20% of the amount of the payments made to his pension savings account in the current year from the social insurance company.

The tax discount is credited directly to the pension savings account in the year following the current year, after the tax return has been prepared, thereby increasing the amount of pension savings.

The amount of tax relief that can be claimed for the pension savings account is a maximum of HUF 100,000 per year (HUF 130,000 for those retiring by 2020), which maximum can be reached by paying HUF 500,000 per year.

If a payment entitling to other tax benefits is also made (from Pension Insurance, Voluntary Pension Savings, Self-Help and Health Fund), then the total amount that can be reclaimed, supplemented by the Pension Savings Account, is a maximum of HUF 280,000.

The client has the opportunity to claim back the 20% savings subsidy from the state tax authority after making payments to the account marked NYESZ-R, if in the given year he had a personal income tax payment obligation equal to at least the amount of the claim back.

Reclaiming is the client's obligation, the Treasury cannot execute it on behalf of the client.

The Pension Savings Account consists of a so-called cash account and an associated securities account. The amount you want to save must be transferred/deposited to the Pension savings account, and then the securities must be purchased from there to the securities account.

In the case of Pension savings accounts opened after January 1, 2013, the amount accumulated in the account can be accessed tax-free if the account holder is already entitled to a pension and the account is closed after the tenth year after the account was opened.

In addition to the payment of tax burdens, an amount can be withdrawn from the Pension Savings Account if the above-mentioned conditions are not met. In such a case, not only interest tax (and possibly social contribution tax) must be paid, but the previously credited tax refund must also be paid back, calculated with a value increased by 20%.

The client can request from his other account manager the transfer of securities and free funds registered in his Pension savings account to the pension savings account kept at the Hungarian State Treasury. The institution managing the pension savings account can provide information on the tasks and possible fees related to the transfer.

Before initiating the transfer, the customer must also open a pension savings account at the Hungarian State Treasury. Maintaining the Pension Savings Account at the Hungarian Treasury is free of charge, and no separate treasury fee is charged for the purchase of government securities.

The transfer is considered a legally continuous account transfer. Since during the transfer, the entire amount of money and securities in the NYESZ-R account is legally transferred to the pension savings account maintained at the Hungarian State Treasury, it is not considered a withdrawal of assets, and therefore has no tax consequences. The certificate related to the transfer, which is issued by the former account manager, must be submitted to the Treasury, which can be submitted to the customer service of any government securities distributor.

Compared to financial service providers, our investment is not insured up to HUF equivalent to BEVA 100,000 euros, but by the Hungarian State, for the entire investment.

Treasury Start Securities Account for domestic child can be opened for Hungarian citizens living in Hungary who under the age of 18.

Treasury Start Securities Account for a foreign-resident child can be opened for Hungarian citizens living outside the territory of Hungary who under the age of 18.

Additionally, as a foreign-resident child, a person without Hungarian  citizenship may also open a Treasury Start Securities Account under the age of 18 if they hold a „Hungarian identity card” issued under the Act on Hungarians living in neighbouring countries, provided that acquiring Hungarian citizenship would result in the loss of their current citizenship under the laws of their country of residence.

In the case of a Hungarian citizens with Hungarian residence who are children:

From the person opening the Treasury Start Securities Account: ID card or passport or driving license in card format, as well as Official certificate verifying residence address and Tax identification document.

The child’s (account holder’s) name and disclosure of personal identification data (place and date of birth, mother’s name), as well as presentation of their residence card.

In the case of opening a Treasury Start Securities Account by a relative, in addition to the above, the personal identification details and Tax ID number of the parent/legal guardian entitled to family allowance must be also be provided.

In the case of children who are Hungarian citizens living outside the territory of Hungary or who are not Hungarian citizens but hold a „Hungarian identity card”:

In the case of children born after June 30, 2017

From the person opening the Treasury Start Securities Account: ID card or passport or driving license in card format.

The child’s (account holder’s) original official identification document or certified copy suitable for proving identity and citizenship, as well as the presentation of the original official document or a certified copy confirming the child's place of residence or stay.

In addition, presentation of the child's Hungarian identity card if the child (account holder) is not a Hungarian citizen.

In the case of children born before July 1, 2017

From the person opening the Treasury Start Securities Account: ID card or passport or driving license in card format.

The child’s (account holder’s) original official identification document or certified copy suitable for proving identity and citizenship, as well as the presentation of the original official document or a certified copy confirming the child's place of residence or stay.

In addition, presentation of the child's Hungarian identity card if the child (account holder) is not a Hungarian citizen.

In the case of Treasury Start Securities Account being opened by a relative, in addition to the above, it is necessary to know and provide the personal identification details of one of the parents/legal guardians.

Natural persons and local government can make deposit into the Treasury Start Securities Account.

From February 13, 2024, a maximum of HUF 1 200 000 can be deposited into the Treasury Start Securities Account each year.

It is possible to make deposits into the Treasury Start Securities Account until the day the child turns 18.

Payout from the Treasury Start Securities Account can be initiated once the child turns 18 or, at the earliest, after three years have passed since the account was opened.

The annual interest rate is the sum of the interest rate base plus the interest premium, simplified: it’s the previous year's inflation + 3%.

The interest rate base is equal to the percentage of the annual average consumer price index (annual inflation) officially published by the Hungarian Central Statistical Office for the calendar year preceding the year in which the interest is determined.

The interest rate premium is 3%.

A Baby Bonds can only be purchased on a Treasury Start Securities Account held at the Hungarian State Treasury.

A child can only have one Start account/ Treasury Start Securities Account. If your child already has a Start account at a commercial bank, you have the option to transfer it to the Hungarian State Treasury, thereby converting the Start account into a Treasury Start Securities Account.

First, you must open a Treasury Start Securities Account for your child - either online (through the Client Gateway) or in person at one of the Hungarian State Treasury’s government securities customer service offices. When opening the Treasury Start Securities Account, you will be provided with a form required to carry out the transfer of the Start account.

As a second step, the form provided for transferring the Start account must be submitted to the previous account manager of the Start account. Based on this form, the receivable in the Start account maintained at the commercial bank will be transferred by the commercial bank to the Treasury Start Securities Account at the same time the Start account is closed.

Under the transfer, the Treasury only accepts amounts in HUF into the Treasury Start Securities Account, which are automatically invested in Baby Bonds. It is not possible to transfer securities or other investment instruments.

For more information on the conditions of transferring the Start account, please contact the previous account manager.

If you have a securities registration account in your own name with the Hungarian State Treasury and the associated WebKincstár/MobilKincstár authorization, you can log in to the online trading platforms by entering your own client identifier (UF) and password. You can view your child’s Treasury Start Securities Account by selecting your child’s Treasury Start Securities Account from the drop-down list in the “Client” field at the top of the Home page after logging in.

If you do not have a securities registration account in your own name with the Hungarian State Treasury and the associated WebKincstár/MobilKincstár authorization, you can access the online trading platforms using your proxy client identifier (UF) and the password you have set.

For certain Treasury Start Securities Accounts opened before 2015, you can access the online platforms by using the child’s client identifier (UF) and a password set by the parent.

A transfer in a currency other than HUF must be made to the IBAN-format account of the county directorate responsible for the location where the Treasury Start Securities Account was opened, indicating the Swift code (BIC), the beneficiary bank, and the beneficiary’s address, and specifying the 8-digit number of the child’s Treasury Start Securities Account and the child’s name in the message field. Click here for information on the IBAN-format account numbers of the Hungarian State Treasury’s county directorates.

For details on the conversion, please contact your account-holding financial institution!

The balance of the Treasury Start Securities Account can be increased by contributions from parents (legal representatives), relatives, and municipalities, while the balance of the Life Deposit Account cannot. The amount in the Life Deposit Account earns interest at the prevailing rate of inflation. The Treasury Start Securities Account earns interest at 3% above the inflation rate.

The legal representative authorized to open the account must open a Treasury Start Securities Account for the child either online (via the Customer Gateway) or in person at one of the Hungarian State Treasury’s government securities customer service offices. A relative of the child can also open the Treasury Start Securities Account in person.

Within a few days of opening the Treasury Start Securities Account for the child, the Hungarian State Treasury will automatically credit the child’s start-up allowance and invest it in the Baby Bond series corresponding to the child’s year of birth.

Within a few days of opening the Treasury Start Securities Account for the child, the Hungarian State Treasury automatically credits the child’s start-up allowance to the account and invests it in the Baby Bond series corresponding to the child’s year of birth.