How to Get Refunded on Postal Savings Bonds After Expiry and Expiry Date

Can You Get a Refund After Expiration and Prescription with Postal Savings Bonds?

Postal savings bonds (PSBs) are considered safe investments highly appreciated by Italians for their ease of management.
However, despite their apparent simplicity, postal savings bonds hide pitfalls related to expiration and prescription.

Once expired, the bonds become unproductive and, if not cashed within ten years, they expire, preventing the holder from claiming both the invested capital and the accrued interest.

This issue is particularly relevant for savers who do not closely monitor the expiration dates of their securities.
Italian regulations, through the Cassa Depositi e Prestiti (CDP) and the Italian Post Office, have established precise rules for the management of postal savings bonds, including procedures for post-prescription refunds.

Postal Savings Bonds: What Happens at Expiration and Prescription?

Paper postal savings bonds, issued by the Italian Post Office as an intermediary for the Cassa Depositi e Prestiti, have a specific expiration date, beyond which they no longer accrue interest.
It is crucial that savers are aware of this date and proceed with the refund within the established timeframe.

Postal savings bonds expire after ten years from the expiration date.

This means that once this period has elapsed, the holder loses the right to cash both the accrued interest and the originally invested capital.
To delve deeper into this topic, you can read the article on what expires in 2024.

The importance of paying attention to these deadlines cannot be underestimated.
According to current regulations, after prescription, unclaimed funds are transferred to the Fund established at the Ministry of Economy and Finance, intended to compensate savers victim of credit fraud.
This makes it even more urgent for holders of postal savings bonds to carefully monitor expiration dates and prescription terms.

The Secret to Getting a Refund

If you have visited a Post Office and discovered that your postal savings bonds are prescribed, do not despair.
There is indeed a way to still obtain the refund: the Italian Post Office must prove that they provided the Analytical Information Sheet (FIA) at the time of subscription, an essential document containing all information regarding the expiration and characteristics of the bond.
This obligation is sanctioned by a Decree of the Ministry of the Treasury dated December 19, 2000.

The failure to deliver the FIA can be contested, thus allowing the saver to claim the refund of the invested capital and the accrued legal interests.
It is important to note that this challenge applies only to bonds issued after December 2000, from which the delivery of the FIA became mandatory.
A significant example is the sentence of April 9, 2024, by the Justice of the Peace of Oristano, which sentenced the Italian Post Office to refund a client for not delivering the FIA at the time of subscription of the bond.

By following these steps, you can contest the prescription of your postal savings bonds and increase your chances of obtaining the refund.
The key is to act promptly and accurately document each step of the process.

Postal Savings Bonds Expiring in 2024

Poste Italiane has announced that the following types of paper postal savings bonds will expire in 2024:
– Various series of 18-month, 2-year, and other dedicated bonds issued during specific periods.
– Different series aimed at minors born in specific years.
– Ordinary series issued during different periods.

Remember to review your bonds’ expiration dates to ensure timely action and avoid prescription issues.
(For more information on other secure investments, you can read about bonds, deposit accounts, and other options.)