LOYALTY SAVINGS ACCOUNT

Taxable persons who are residents of the Republic of Slovenia are required to comply with the Personal Income Tax Act and submit a tax return for interest from cash deposits in banks and savings banks in Slovenia, and in banks and savings banks of other Member States of the EU, by 28 February of the current year for the previous calendar year.

The taxpayer can file the return to the tax office located where he/she has permanent residence, or in electronic form using the eDavki system. Taxpayers whose total income from interest accrued does not exceed the legally determined amount are not required to file an income tax return. The tax-exempt amount of income from interest is currently 1,000 EUR.

Based on the tax return, the tax authority issues a tax assessment decision on the amount of personal income tax. The deadline for payment of tax is 30 days from the date of receipt of the decision. As of 1 January 2013, the tax rate on interest is 25 %. This tax is final. Personal income tax is not paid on interest accrued on a positive balance in a transaction account or a personal account.
Article 84 of the Personal Income Tax Act allows the taxpayer to add the interest earned on long-term deposits and savings at banks and savings banks to the tax base in the amount attributable to each year of income tax calculation. This means that the tax on interest is spread over as many years as the deposit or savings period lasts.

The Bank calculates interest in a Loyalty savings account at a fixed interest rate, which is determined by the contract and may change during the period defined by the contract.

The Bank shall inform the holder of the savings account of the new interest rate within the time limit and in the manner agreed in the General Terms and Conditions for Savings Accounts. The applicable interest rate is set out in the Interest Rates document, which can be viewed on the Bank's website and in SKB's outlets.

The Bank calculates the interest on a daily basis and proportionally, and compounds it on the last day of each calendar year and when the savings account is closed. The Bank shall calculate interest taking into account the actual number of days in a month and 365/366 days in a year. Days are counted on the first but not the last day of the business event.

The Bank shall calculate interest using a formula where the meanings are as follows:

o = interest

Go = principal

p = interest rate

d = actual number of days in the year for which interest is calculated

Bank deposits are protected pursuant to the Deposit Guarantee Scheme Act.  You can find out more about the Deposit Guarantee Scheme on the website of the Bank of Slovenia.

Yes, in order to open a Goal-based savings account, you must have a personal account with SKB. 

The savings account holder may withdraw from the contract with 31 days notification before the end of each year of the savings term.

The savings account holder should submit a written letter of withdrawal from the contract at the bank outlet where the savings account was opened.

If the savings account holder withdraws from the contract, the Bank closes the savings account on the 92nd day or on the first following business day, counted from the day when the savings term ends. The saved funds with the added interest are transferred to the SKB personal account of the savings account holder specified in the contract.

The savings account holder may withdraw from the contract before the end of the savings term due to exceptional circumstances (unexpected illness or injury to the savings account holder or a close family member, death of a close family member, natural disaster).

If the savings account holder wishes to withdraw from the contract before the end of the savings term due to exceptional circumstances, a written request must be submitted to the Bank, detailing the reason for the withdrawal due to exceptional circumstances, and supporting evidence must be provided.

In case of a withdrawal from the contract before the end of the savings term due to exceptional circumstances, the Bank shall immediately close the savings account and transfer the savings, reduced by a savings account closure fee, to the personal account of the savings account holder specified in the contract.

In case of an early withdrawal from the contract, the Bank shall charge the savings account holder a savings account closure fee, in accordance with the applicable SKB's Service Pricelist for Individuals.

To do so, you will need the following:

• the child’s birth certificate or valid identity document;
• the child’s tax ID;
• a valid identity document and the tax ID of the parent (legal representative);
• official proof of custody, if the child has a legal guardian.

A child can only open the PAPI loyalty savings account if accompanied by a parent (legal representative). If the child’s legal representative is their guardian, he or she must provide official proof of custody.