Savings and Investments in Serbia
Serbia offers diverse savings and investment opportunities – from bank deposits to government bonds and investment funds. The Deposit Insurance Agency protects savers up to a legally defined amount.
Bank savings and deposit protection
The Serbian Deposit Insurance Agency (AOD) guarantees deposit protection up to 50,000 EUR equivalent per person per bank (RSD amount converted at the NBS exchange rate). The National Bank of Serbia (NBS) regulates the banking sector and sets the reference interest rate affecting term deposit returns. RSD term deposit rates were relatively high in 2022-2024 due to the NBS's anti-inflationary policy.
Government bonds and investment funds
The Republic of Serbia issues government bonds and treasury bills accessible to individuals through the Public Debt Administration of the Ministry of Finance and primary dealers (banks). Dinar and euro-denominated bonds offer conservative investors a safe return. Investment funds (UCITS) are regulated by the Capital Market Commission (KHTOV). Interest income is taxed at 15% personal income tax (with certain exemptions).
Stock market and alternative investments
The Belgrade Stock Exchange (BELEXline index) provides access to Serbian company shares. Market capitalisation is moderate but liquidity of individual stocks can be limited. Gold and silver deposits (bars, coins) are popular as alternative investments. Investment real estate remains the most popular long-term investment form in Serbia, particularly in Belgrade and Novi Sad where residential property prices have seen strong growth.
Frequently Asked Questions
How much deposit protection is there in Serbian banks?
The Serbian Deposit Insurance Agency (AOD) guarantees protection up to 50,000 EUR equivalent per person per bank. If you have funds in multiple banks, each deposit is separately protected.
Where can I buy Serbian government bonds as an individual?
Serbian government bonds and treasury bills can be purchased through banks and investment intermediaries that are primary dealers. The Ministry of Finance publishes auction schedules and issuance terms.
What is the tax treatment of savings income in Serbia?
Interest on bank deposits in Serbia is taxed at 15% personal income tax. Capital gains from share sales are also taxable at 15%. Consult a tax advisor for current exemptions and relief.