BUDAPEST: The National Tax and Customs Office (NAV) showed on its website that Hungarian banks have been deposited with HUF 37.9 billion by having opened 610 “Stability Saving Accounts” last year.
The origins of deposits made on the accounts are not scrutinized by the tax authority, nor does NAV require banks to report the names of account holders.
The deposit rate on the accounts, which require a minimum deposit of HUF 5 mln, is benchmarked to government securities yields and may be withdrawn tax-free after five years.
