The Tenancy Deposit Account offers private individuals a nice tax relief, in the form of an amount of interest exempted from withholding tax, and adjusted to the index on an annual basis.
Natural persons enjoy an annual exemption. For 2015 the exemption is EUR 1,880.
This exemption is applied to each Savings Account for withholding tax.
Married and legally cohabiting couples who open a savings account in both their names even enjoy double exemption on this Savings Account. Interest for which the bank cannot apply an exemption is subject to 15% withholding tax.
If you have benefited from exemptions for several Savings Accounts (including those of your minor children) for which the exemption ceiling has been exceeded, you are obliged to declare on your income tax return the amount in interest payments from which no withholding tax was deducted and which exceeds the exemption ceiling.