Book II: Products

The balance of a popular savings passbook account may be reduced to zero. However, no transaction may have the effect of debiting the account.

The remuneration of the people’s savings passbook account includes interest set by order of the Minister for the Economy. At 31 December each year, the interest is added to the capital and itself becomes interest-bearing.

The capitalisation provided for in article R. 221-50 may raise the amount of the account above the ceiling on authorised deposits referred to in article D. 221-46.

If the account is closed during the year, the interest earned is credited on the day the account is closed.

The holder of a people’s savings passbook account may transfer his funds from one institution to another, without loss of interest. The formalities relating to this transfer are laid down by the Minister for the Economy.

People’s savings passbooks and rights belonging to their holders may not be pledged as collateral.

Any breach of the rules set out in Articles L. 221-13 to L. 221-17, Articles R. 221-33 to R. 221-35, R. 221-37 to R. 221-39, R. 221-42, R. 221-45, D. 221-46, R. 221-47 and R. 221-54 committed by the holder of a popular savings passbook account may result in the loss of interest, by decision of the competent administrative authority.

In the event of non-compliance with the undertakings given pursuant to article R. 221-61, the competent administrative authority may, after giving the establishment or body concerned the opportunity to present its observations, withdraw all or part of the authorisation.

The competent administrative authority referred to in articles R. 221-55 and R. 221-56 is the Minister for the Economy.

Caisse des Dépôts et Consignations centralises fifty percent of the total deposits collected for the popular savings passbook account in the savings fund provided for in article L. 221-7.