SMP

Popular savings book rate down to 4% on August 1, 2024

Publié le 19 juillet 2024 - Directorate for Legal and Administrative Information (Prime Minister)

The People's Savings Book (PBS) is intended for people with modest means and is subject to an annual revised income limit. Its rate of pay is reviewed twice a year. From 1er August 2024, it is set at 4%.

The rate of pay for the People's Savings Book (PBS) had been set at 5% for the period from 1er February to July 31, 2024. From 1er August 2024 and until January 31, 2025, it decreased by one point to 4%.

Designed to encourage the savings of the most modest households or individuals, SMP is a regulated savings product, the rate of which is fixed, as in booklet A, by the Ministry of the Economy on a proposal from the Governor of the Banque de France, according to the level of inflation.

Please note

An order of 28 July 2023 provides that the rate of Livret A is set at 3% until 31 January 2025. The Banque de France indicated on 12 July 2024 that maintaining this rate at 3 % is justified.

Reminder

The ceiling of the popular savings book is set at €10,000 since 1er October 2023. This amount is composed of the payments you made and interest already capitalized. Once the ceiling is reached, the booklet continues to bear interest, but any additional payments are prohibited.

Revenue caps not to be exceeded in 2024

To open a SMP in 2024, your 2022 benchmark tax income (listed on your 2023 tax notice) or your 2023 benchmark tax income (2024 tax notice) must not exceed the limits listed below.

Tableau - Income ceilings according to family situation - Metropolitan France

Family Quotient

Revenue cap

1 part

€22,419

1.5 part

€28,406

2 shares

€34,393

2.5 shares

€40,380

3 shares

€46,367

3.5 shares

€52,354

4 shares

€58,341

Additional half-share

€5,987

If you live overseas, another ceiling scale applies. Consult this scale on the sheet of Service-Public.fr : Popular savings booklet  (section "Who can open a SMP?").

FYI  

If your tax income exceeds the limits in one year but falls below the limits in the following year, you can keep your SARA. If your SMP is exceeded for two consecutive years, it is closed and the funds in it must be transferred.

Please note

You cannot open multiple SMPs, with each taxpayer entitled to only one popular savings book. However, there may be 2 SMPs in a tax shelter (one booklet for you and another for your Civil partnership or partner).

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