Popular savings booklet (SMP)
Verified 01 February 2025 - Directorate for Legal and Administrative Information (Prime Minister)
Revenue caps to benefit from SMP
Tax scale In the absence of a budget for 2025 and the evolution of the income measure for 2025, the income ceilings not to be exceeded to benefit from a SMP are not changed.
You have a modest income and you want to open a savings book ? The Popular Savings Book (PEL) is made for you. It is an investment with an attractive interest rate set by the state. There is no risk to your savings. You don't have to pay interest taxes, but you have to meet income requirements to open and hold a SMP. We present you with the information you need to know.
The Popular Savings Booklet (PBS) is reserved for people with tax domicile in France and income-contingent.
Fiscal domicile requirement
You have to be a person fiscally resident in France to be able to open and hold a SMP.
There is no nationality requirement to open a SMP.
Conditions relating to the tax household
In the same tax shelter, each spouse or Civil partnership partner may hold a SMP.
But other persons attached to that tax household cannot hold a SMP until they have a separate tax.
An adult (or minor) may not hold a SMP as long as he or she is fiscally dependent on his or her parents. This is the case, for example, of an apprentice or a student attached to his parents' tax home, a disabled adult or a protected adult if he does not have his own tax return.
Income conditions
To have the right to open and hold a SMP, the reference tax income of the person must not exceed certain ceilings.
These ceilings are reviewed annually. They take into account the composition of the family (number of shares) and differ according to the place of residence.
In the metropolis
In order to open a SMP, the banking institution examines the reference tax income for year N-1 or year N-2.
For example, to open a SMP in 2025, depending on the date of the opening request, the bank will verify the 2023 benchmark tax income (which appears on the 2024 tax notice) or the 2022 benchmark tax income (which appears on the 2023 tax notice). This tax revenue must not exceed the following limits:
Family quotient shares number | Revenue cap |
|---|---|
1 | €22,419 |
1.25 | €25,413 |
1.5 | €28,406 |
1.75 | €31,400 |
2 | €34,393 |
2.25 | €37,387 |
2.5 | €40,380 |
2.75 | €43,374 |
3 | €46,367 |
3.25 | €49,361 |
3.5 | €52,354 |
3.75 | €55,348 |
4 | €58,341 |
4.25 | €61,335 |
4.5 | €64,328 |
4.75 | €67,322 |
5 | €70,315 |
5.25 | €73,309 |
5.5 | €76,302 |
5.75 | €79,296 |
6 | €82,289 |
Extra quarter share | €2,994 |
Additional half-share | €5,987 |
Where the tax household's reference income exceeds these limits in one year, it is possible to retain the SMP if the next year's reference income falls below the limits.
Overseas
In order to open a SMP, the banking institution examines the reference tax income for year N-1 or year N-2.
For example, to open a SMP in 2025, depending on the date of the opening request, the bank will verify the 2023 benchmark tax income (which appears on the 2024 tax notice) or the 2022 benchmark tax income (which appears on the 2023 tax notice). This tax revenue must not exceed the following limits:
Family quotient shares number | Guadeloupe, Martinique, or Reunion | Guiana | Mayotte |
|---|---|---|---|
1 | €26,531 | €27,737 | €41,570 |
1.25 | €29,699 | €31,555 | €47,289 |
1.5 | €32,867 | €35,371 | €53,008 |
1.75 | €36,035 | €39,189 | €58,727 |
2 | €38,854 | €41,358 | €61,976 |
2.25 | €42,022 | €45,176 | €67,695 |
2.5 | €44,841 | €47,345 | €70,944 |
2.75 | €48,009 | €51,163 | €76,663 |
3 | €50,828 | €53,332 | €79,912 |
3.25 | €53,996 | €57,150 | €85,631 |
3.5 | €56,815 | €59,319 | €88,880 |
3.75 | €59,983 | €63,137 | €94,599 |
4 | €62,802 | €65,306 | €97,848 |
4.25 | €65,970 | €69,124 | €103,567 |
4.5 | €68,789 | €71,293 | €106,816 |
4.75 | €71,957 | €75,111 | €112,535 |
5 | €74,776 | €77,280 | €115,784 |
5.25 | €77,944 | €81,098 | €121,503 |
5.5 | €80,763 | €83,267 | €124,752 |
5.75 | €83,931 | €87,085 | €130,471 |
6 | €86,750 | €89,254 | €133,720 |
Extra quarter share | €3,168 | €3,818 | €5,719 |
Additional half-share | €5,987 | €5,987 | €8,968 |
Where the tax household's reference income exceeds these limits in one year, it is possible to retain the SMP if the next year's reference income falls below the limits.
No, a person cannot open or hold multiple SMPs because each taxpayer is entitled to only 1 SMP.
Before opening a SARA, the bank must verify whether the person already holds the product and whether the conditions are met.
Reminder
There may be 2 SMPs in a single tax household if the Civil partnerships or partners each have 1 SMP.
Yes, it is possible to accumulate a SMP with other booklet accounts (for example, the sustainable development booklet or the booklet A).
A SMP may be opened in banks authorized to market this savings product.
There are no bank charges for opening, managing and closing SMP.
It is prohibited for the bank to open or maintain a SMP if the conditions are not met.
In order to check the income conditions, the bank has the choice between two possibilities: either to ask the tax administration, or directly to ask the client (or future client) who must justify his reference income.
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The bank is questioning the tax authorities
The bank's request deals with whether or not its client complies with the revenue cap. The bank cannot request further information on the personal tax situation of its client.
The request of the bank shall be made by a specially authorized person. It shall be transmitted to the tax authorities by electronic means. The application shall contain the client's identification details (name of birth, given names, sex, date and place of birth, address).
If the 1re if the search is not successful, the bank can make a new request to the tax administration by sending it the tax identification number that its client has communicated to it.
The bank asks the customer to justify his reference tax income
To prove that the customer meets the income requirements, the customer must present to the bank:
- His or her income tax notice (or notice of non-taxation)
- Or the status report for income tax purposes for his tax-paying household.
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The bank is questioning the tax authorities
The bank's request deals with whether or not its client complies with the revenue cap. The bank cannot request further information on the personal tax situation of its client.
The request of the bank shall be made by a specially authorized person. It shall be transmitted to the tax authorities by electronic means. The application shall contain the client's identification details (name of birth, given names, sex, date and place of birth, address).
If the 1re if the search is not successful, the bank can make a new request to the tax administration by sending it the tax identification number that its client has communicated to it.
The bank asks the customer to justify his reference tax income
To prove that the customer meets the income requirements, the customer must present to the bank:
- His or her income tax notice (or notice of non-taxation)
- Or the status report for income tax purposes for his tax-paying household.
If the person has not yet filled out his 1re tax return personal (after a death, divorce, or if she leaves her parents' tax home), the bank may ask her to provide a declaration of honor to certify that the amount of its revenue will be less than or equal to the SMP ceiling. It will then have to provide the bank with the tax (or non-tax) notice as soon as it receives it.
If the individual cannot justify their reference income or if misrepresentation occurs, the bank will close the SMP. The money on SMP will be transferred to another account of the same institution opened in his name or to a suspense account.
FYI
Any breach by the SMP holder of the conditions of detention may result in the loss of vested interests.
At the opening of the SMP, the initial payment shall be a minimum of €30.
Thereafter, payments are free with a minimum of €10.
SMP can be powered by:
- Cash payment only at the window where the account was opened
- Transfer from an account opened in the name of the same holder as the SMP
- Or check.
Since 1er In July 2023, it is possible to make a transfer to your SMP from an account opened in a bank other than the one where the SMP is located.
The ceiling for SMP disbursements is set at €10,000.
Accounting for interest paid by the bank may result in overshooting of the ceiling.
When the amount entered on the booklet reaches €10,000, it is no longer possible to make a new payment.
Example :
Total payments are €9,850.
The bank recognizes interest for €180.
The balance of the SMP is the sum of €10,030 (€9,850+ €180).
It is no longer possible to make new payments.
If the bank had not accounted for the interest, it would be possible to make further payments for €150.
No, there is no obligation to make periodic payments. Money deposits are possible at any time within the ceiling.
Yes, withdrawals are possible free of charge at any time.
They can cover the entire account without closing the SMP. But the balance of the booklet can never be debtor.
Cash withdrawals must be made at the bank where the SMP was opened.
They can also be made to a distributor in the bank's network if a debit card is associated with the SMP.
Interest rates
Current Rate
The SMP interest rate is 3.5%.
Old rates
Period | Rate |
|---|---|
From 1er august 2024 to january 31, 2025 | 4% |
From 1er february 2024 to july 31, 2024 | 5% |
From 1er august 2023 to january 31, 2024 | 6% |
From 1er february 2023 to july 31, 2023 | 6.1% |
From 1er august 2022 to january 31, 2023 | 4.6% |
From 1er february 2022 to july 31, 2022 | 2.2% |
From 1er february 2020 to january 31, 2022 | 1% |
From 1er August 2014 to January 31, 2020 | 1.25% |
From 1er august 2013 to july 31, 2014 | 1.50% |
From 1er february 2013 to 31 july 2013 | 2.25% |
From 1er august 2011 to january 31, 2013 | 2.75% |
From 1er february 2011 to 31 july 2011 | 2.50% |
From 1er august 2010 to january 31, 2011 | 2.25% |
How is interest calculated?
SMP interest is calculated on 1er and the 16th of each month.
Interest for the first fortnight of the month is calculated on the 16th of the month, and interest for the second fortnight is calculated on the 1ster of the following month.
The date of the value taken into account for the calculation of interest varies according to the date of the transaction (deposit or withdrawal):
Operation | Until the 15th of the current month | From the 16th of the current month |
|---|---|---|
Deposit | 16 of the month | 1er day of the following month |
Withdrawal | Last day of previous month | 15 of the month |
The sums deposited bear interest if they are invested in whole fortnight.
On December 31 of each year, the interest accrued on the year is added to the capital.
The amount of such interest may be withdrawn from 1er January of the following year.
The interest paid by the bank shall be tax-exempt on income and social security contributions.
SMP may be subject to a administrative seizure by third party holders.
Yes, it is possible to transfer a SMP, without losing interest, to another bank that has the right to market the SMP.
Following the transfer request, the bank will wait until the end of the current month to stop the calculation of interest. The transfer will therefore take effect the following month.
There is no time limit.
The booklet remains open as long as the income requirements are met and the holder justifies them to the bank.
If the income for the penultimate year (N-2) exceeds the limits, the person does not automatically lose the right to hold a SMP.
It will be able to keep the SMP if its N-2 revenues fall below the ceilings the following year.
But if its N-2 revenues exceed the ceilings for 2 consecutive years, SMP will be must be closed.
SMP closure is possible at any time.
The SMP opening contract specifies the procedure to be followed with the banking institution (form to be filled in, etc.) to close the SMP.
If the SMP holder is a protected major, the fence must be made by the legal representativeunder the conditions laid down by the applicable legal regime.
Please note
The SMP holder must apply for the closure of the SMP if he ceases to meet the income requirements for 2 consecutive years.
The bank is obliged to automatically close a SMP in the following cases:
- The holder has several SMPs
- The holder no longer fulfills the conditions of income or tax domicile to benefit from the SMP
- SARA is considered to be inactive
- The SMP holder has died.
Who can help me?
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Definition and operation of SMP
SMP beneficiaries (Article R221-33), documents to be provided (Articles R221-34 to R221-37), closure (Article R221-38)
Interest rates for the period of February 1 to July 31, 2025
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Supervisory and Resolution Authority (ACPR)