Retirement Savings Account

Get ready for retirement and benefit from tax exemption.

With the OTP Retirement Savings Account, you can save up for your years in retirement. You are entitled to a pre-savings subsidy on the investments you place in an account labelled NYESZ-R; the profits and gains on transactions (but not dividend income) are tax-free if you meet the specific conditions set out in the law.

Pre-savings subsidy on contributions

Tax-free savings

You decide the structure of your savings

What you need to know about Retirement Savings Account?

Savings deposited in an account labelled NYESZ-R are eligible for a retirement savings subsidy equal to 20 percent of the amount paid each year, subject to a cap of HUF 100,000
It also entitles you to additional tax benefits over and above your membership in a voluntary pension fund.
You can invest free of charge the amounts you pay into a NYESZ-R account by transfer or in cash and also the pre-savings subsidy paid to you by the Tax Authority.
With the exception of dividend income, the returns on your savings and any profits from transactions are tax-exempt if certain conditions laid down in law are met.

Who is it recommended for?

You would benefit from opening a Retirement Savings Account if you

want to save up for retirement,
would like to make your own decisions about the structure of your savings,
wish to grow your savings originating from investments tax-free, and
want to boost your investment returns with the retirement savings subsidy.

How does it work?

Opening an account
You can open an OTP NYESZ-R Retirement Savings Account at any time and at any one of our branches. Each account holder may have only one Retirement Savings Account.
Savings
You will need to pay in at least HUF 5,000 when you open your OTP Retirement Savings Account. Your savings on the account may be one-off or regular, and you will have access to a wide range of securities: you can purchase the investment funds managed by OTP Fund Management Ltd. and distributed in OTP Bank’s network, government securities, securities traded on the BSE and bonds issued by OTP Bank; you can also participate in subscriptions and/or auctions of securities sold in public offerings, or buy and sell securities issued in HUF or a foreign currency, and listed on regulated markets.
You can also give us a standing order to buy securities for your NYESZ-R account.
Payment
You will be able to withdraw your savings from your NYESZ-R account tax-free if you can evidence that you are entitled to a pension and if the 10th tax year since the tax year in which you opened the account has ended. If you terminate the account and withdraw your savings without it qualifying as a pension benefit (you are not yet retired and/or 10 tax years have not yet passed since the account was opened), you will be liable for personal income tax and social contribution tax. Also, you will not be eligible to declare any pre-savings subsidy for that tax year and you must repay the amount of pre-savings subsidy already claimed plus 20%.