Overview

• Net withdrawals reached R$15.0 billion in September, the largest negative result for that month since the data series began in 1995, according to the Central Bank.
• Deposits totaled R$356.6 billion and redemptions R$371.6 billion in September, producing the monthly deficit.
• The total poupança balance fell to R$1.01 trillion, down 0.84% from August and 0.91% year over year.
• The Central Bank has signaled that savings‑based funding for mortgages is nearing exhaustion and that alternative funding sources will be pursued.
• Returns capped by rule (0.5% per month plus TR when the Selic exceeds 8.5%) lagged products like Tesouro Direto and CDBs, even as poupança credited R$6.4 billion in September and R$56.6 billion year to date.