Savings withdrawal exceeds deposit by R$12.3 billion in November

Withdrawals in savings accounts exceeded deposits for the fourth consecutive month, according to data released by the Central Bank on Monday (6). In November, the first month without the payment of emergency aid, the result was negative by R$ 12.37 billion.

This is the second largest net withdrawal of the modality in the year, only behind January, which had an outflow of R$ 18.1 billion, the worst result in 26 years.

In November, Brazilians withdrew BRL 294 billion from the booklet and deposited BRL 281.7 billion. In the year, savings accumulate negative funding (difference between entries and exits) by R$43.1 billion.

Even with the negative result, the balance, which is the entire amount invested in the modality, remained above R$1 trillion in the month. The stock hit the mark for the first time in history in September of last year.

This year, savings had positive results only between April and July. In October, there was a net withdrawal of BRL 7.43 billion and in September, BRL 7.71 billion.

Since the beginning of the pandemic, the results of the passbook are impacted by the payment of emergency aid.

The amounts are paid through Caixa Econômica Federal’s digital savings account, which helped explain the sharp rise in net funding throughout 2020, which set a record with R$ 166.3 in net inflows.

After the arrival of the virus in the country, in March of last year, the book recorded high values ​​in net uptake in the following months, compared to the rest of the series.

Emergency aid was repaid in early April and ended in October. The new round had a lower value than the first version, paid between April and December of last year — initially R$600 and then reduced to R$300.

This year, the benefit had an average value of R$250, but it was between R$150 or R$375, depending on the size of the recipient’s family.​

At the height of the crisis, in April 2020, the fundraising of savings reached a record, with R$ 30.4 billion. The result was surpassed in May of that year, with BRL 37.2 billion, the highest in the historical series so far.​

The passbook yields the TR (Referential Rate), now zeroed, plus 70% of the Selic, which is at 7.75% per year.

The rule provides that, when the base interest rate is above 8.5% per year, the savings yield is 0.50% per month, plus TR. If the Selic rate is less than or equal to 8.5% per year, the investment is remunerated at 70% of the Selic, plus the TR.

The BC signals that the Selic will be raised by 1.5 percentage point next Wednesday (8), to 9.25% per year. If the discharge takes place, there will be a change in the remuneration of the modality.