What is an individual investment account (INR)? NLB publishes first price list

The Individual Investment Account (INR) is a new banking product for long-term savings that will be launched in Slovenia in March 2026. It is a special investment account intended for individuals (Slovenian tax residents) through which the investor can gradually build a portfolio of shares, bonds, funds and other financial instruments with a different tax treatment than a classic trading account.

The purpose of the INR is to encourage smaller investors to actively participate in capital markets and save for the long term, as the system introduces annual contribution limits and tax incentives that strengthen savings for a longer period.

How does INR work and what is its purpose?

INR is a dedicated trading account through which the holder buys and sells permitted financial instruments. You can save gradually with it and have transparent control over your investments in one place. The law stipulates that you can deposit up to 20,000 euros for the first time, and then up to 5,000 euros each year (to the main account), with an additional 5,000 euros per year to a special "Slovenian" sub-account for domestic instruments. The total deposit over the entire period may not exceed 150,000 euros.

During the withdrawals, capital gains, dividends and interest in INR are tax-free. Tax (15-% rate) is levied only on withdrawal of funds. If the investor makes the first withdrawal only after 15 years from the date of opening (without interim withdrawals), this withdrawal is completely tax-free. This tax-deferred mechanism reduces the tax burden and encourages long-term holding of investments.

Benefits of INR for individuals

• Tax benefits: Investment returns (capital gains, dividends, interest) in INR are not taxed while invested. A 15-% tax is payable on the profits when funds are withdrawn. However, if the first withdrawal is made after 15 years from the opening of the account (and without any intermediate withdrawals), the returns are completely tax-free. This makes the effective tax rate lower than with a regular trading account, which allows for a better final yield on long-term savings.
• Simplified tax treatment: The investor does not have to deal with the tax authorities themselves. The INR provider (bank or broker) calculates and pays the tax on the funds upon withdrawal. There is no need to separately declare dividends or profits received in the annual tax return. This means less administration and simpler reporting for the investor.
• Greater transparency and security: All investments within the INR are collected in one dedicated account, which allows for easier overview of the portfolio. Only established and regulated types of investments are allowed (shares, bonds, ETFs and funds on EU/EEA/OECD markets), which brings additional security in terms of liquidity and control. Due to the limited annual contributions, the INR also encourages disciplined and gradual saving over a longer period.
• Flexibility of long-term savings: INR is suitable for saving for larger and long-term goals (retirement, real estate, etc.). Although it is committed to long-term savings (tax exemption after 15 years), the investor can withdraw the funds at any time or transfer the account to another provider. Until he makes a withdrawal, the money remains available to him without restrictions.

Investing through INR: What financial instruments are available?

The legislation determines which financial instruments can be invested in via an INR trading account. Shares, bonds and treasury bills issued on regulated markets in the EU/EEA/OECD are available. In addition, ETFs (market indices) and open-end investment funds (collective investment undertakings for transferable securities - UCITS) are permitted, which are intended for broad investment.

A special Slovenian sub-account is very important. In this part of the account, you can invest up to €5,000 per year (in addition to €5,000 in the main account) in Slovenian instruments (shares of Slovenian companies, Slovenian government bonds or Slovenian funds). This option additionally encourages investing in domestic securities. However, investments with excessive risk or without supervision are prohibited, including cryptocurrencies, derivative financial instruments (CFDs, options, futures contracts), unregulated investments and securities from outside the EU/EEA/OECD.

Costs, opening and managing INR account

The costs of maintaining an INR account vary depending on the provider, but they are introduced with the aim of being as transparent and competitive as possible. Opening and maintaining an account is free of charge with most providers, for example, NLB will not charge any monthly or annual fees for an INR trading account. The costs are usually only incurred by the transactions themselves (purchases/sales). These are calculated according to the provider's price lists, currently only NLB's price list is known (more below).

The investor only deposits money into the INR. Transferring existing investments from other accounts is not permitted. The account is managed by the provider (bank or brokerage house) after the contract is concluded, and each individual can open only one INR in their lifetime. The provider then takes care of a comprehensive balance review, record keeping, calculation of the tax base and deducts 15-% tax upon withdrawal of funds. During the dormant period of the account (if the investor temporarily does not make any purchases/sales), there are no additional fees (for example, at NLB, there is the option to freeze INR without costs). In general, providers will be required to publicly publish their INR price lists (in accordance with the instructions of the Agency for the Supervision of Securities Markets), which allows investors to compare costs between different banks and brokers.

INR providers in Slovenia

From March 2026, INR will be available to banks and brokerage firms (and authorized fund managers). The first providers to confirm the introduction of INR are the Slovenian bank NLB, OTP banka, BKS Bank and the Ilirika brokerage house. Others will join over time (mainly universal banks and investment firms), as all investment service providers must obtain a special permit and be registered in the register of INR providers at the Securities Market Agency (ATVP).

NLB INR price list: free management, reduced fees and funds

NLB will be among the first to enable the opening of INR accounts from the beginning of spring 2026. Opening and maintaining INR accounts at NLB will be free of charge, there are no monthly or annual fees. Online trading via INR is also enabled. Orders can be placed via the online bank or the NLB Klik mobile application, with a commission of 0.3 % of the value (min. €1).

The first group of costs are the costs of maintaining financial instrument balances. These are calculated once a year for the previous year and are linked to the average monthly portfolio value. For domestic financial instruments registered with the KDD, the fee is 0.0009 % of the average portfolio value per month. For foreign financial instruments, the fee is higher and amounts to 0.0050 % of the average portfolio value per month. Regardless of the calculation, the minimum fee is 9 euros per year. An important exception is that this fee is not calculated for investments in investment funds of the company NLB Skladi.

Investors must also consider the KDD fee for opening (or closing) an account of €1.35.

The next important cost is trading. When placing an order in person or by phone, NLB charges 0.60 % of the transaction value, at least 15 euros. When trading electronically, the fee is 0.30 % of the transaction value, with a minimum amount of 1 euro. In 2026, all customers will receive a 50-% discount on this fee. When buying or selling investment fund units from the NLB Funds offer, this fee is not charged. A particularly high fee applies to forced sales due to foreclosures or debt repayments, where it amounts to 1.50 % of the transaction value, with high minimum amounts.

These fees are always supplemented by direct costs of markets, exchanges and custodians. On the domestic market, this primarily means the costs of KDD and the Ljubljana Stock Exchange. For example, the Ljubljana Stock Exchange charges stock exchange fees as a percentage of the value of the transaction with certain minimum and maximum amounts, depending on the type of instrument. On foreign markets, costs of execution partners and local markets are added, which can be percentage or fixed and vary from country to country. These costs are not under the control of NLB and are subject to change.

When settling transactions on the domestic market, NLB does not charge an additional fee for marketable instruments, and for non-marketable instruments, it charges 0.10 % of the transaction value, with a range from 20 to 1,000 euros. For foreign markets, the fee is 8 euros per transaction. Here too, direct settlement costs are added, which are charged by KDD or foreign sub-custodians, often as a combination of a percentage and a minimum fixed amount.

When transferring financial instruments from INR to another account, NLB charges 0.10 % of the instrument value, a minimum of 20 and a maximum of 1000 euros. However, there are several important exceptions. Transfer to another INR provider, transfer during dormancy, transfer to a KDD waiver account and transfer to an heir are free of charge. However, there are minor operational costs, such as €0.50 for the procedure, €10 for cancellation and €1 per day for recycling the order. Direct costs of KDD or foreign custodians may also be added to transfers.

In the area of taxes and corporate actions, NLB does not charge a fee for the mere monitoring and execution of corporate actions. However, it does charge 0.50 % of the payment value for dividends, coupons or matured bonds, with a range from €1 to €10. Applying a reduced tax rate abroad and refunding foreign tax costs €50 per individual payment. Registration for a general meeting in foreign markets costs €60, and other corporate actions cost €10. Here too, additional direct costs of foreign depositories may arise.

Of particular importance is the cost of withdrawing funds from an INR account. For each withdrawal, NLB charges 2 % of the withdrawal value, with a minimum amount of 5 euros and a maximum of 100 euros. Withdrawals are considered withdrawals, payments during a standstill, payments to heirs or payments in enforcement proceedings. This is one of the key costs that affects the final profitability if the user frequently withdraws funds.

In addition to all of the above, there are also direct costs of custody in foreign markets, the so-called storage fees. These are calculated as an annual percentage of the portfolio value and vary by country. In developed markets, they can be very low (for example, a few hundredths of a percent), but in less liquid markets they can be much higher. These costs depend entirely on the global and local custodians and are not under the control of NLB.

The user will therefore pay for portfolio storage, trading fees, brokerage and custodial costs, any tax and corporate services, and the cost of withdrawals. The highest costs are usually incurred by very active investors and those who withdraw funds frequently, while the account is more cost-effective for long-term, less frequent trading.

You can view the full NLB INR price list at https://www.nlb.si/osebno/varcevanja-in-nalozbe/inr.