The Treasury and Public Debt Management Agency – IGCP decided to reinforce the security procedures for savings accounts, with a new mandatory validation of the Tax Identification Number (NIF) and the associated IBAN.
“From October 20, 2025, a new mandatory validation process for the Tax Identification Number (NIF) / bank account number (IBAN) associated with savings accounts will be implemented”, reads the IGCP note.
The objective is “to ensure that the NIF and IBAN actually belong to the account holder, preventing fraud situations and reinforcing the integrity of operations”.
If it is not possible to confirm the correspondence between the registered NIF and IBAN, “the savings account will be temporarily immobilized, and savers must, in this eventuality, go to an authorized service point (CTT stores or Rede de Espaços do Cidadão published on the IGCP website), and present an updated proof of the IBAN”, explains the agency that manages the public debt.
The procedures relating to the opening and movement of savings accounts and the management of savings products will also be updated, to “reinforce security, transparency and efficiency in the relationship with savers”.
There are measures such as greater detail regarding the documentation required to open accounts, the clarification of the documentation necessary for redemptions of products titled by accompanied adults and the reorganization of the procedure in transmissions due to death, “clearly distinguishing the cases of minor holders and accompanied adult holders”.
The IGCP also warns of the importance of updating personal identification data, which is “indispensable to avoid the risk of prescription of values held by the IGCP”.
Last week, the Court of Auditors (TdC) identified risks of prescription of savings and treasury certificates worth 1,174 million euros, in part because the IGCP is unable to pay families, due to immobilized accounts or deceased holders.
According to the report on the General State Account (CGE) of 2024, there was an “increase in the balances held by the IGCP (covering a long period of time – 2005 to 2024), the maintenance in the ‘stock’ of debt of securities that may be prescribed (due to lack of information) and others at risk of prescription”.