Tesouro Direto Guide: Selic, Prefixado & IPCA+ Returns & Rules
Complete Tesouro Direto 2026-2027 guide: Tesouro Selic, Prefixado, IPCA+ inflation hedge, regression income tax table, and comparison simulator.
How does Tesouro Direto work and which bond type should you choose?
Comparador de Títulos Públicos: Tesouro Selic vs. Prefixado vs. IPCA+
Simulação oficial com desconto de Imposto de Renda de 15% (Secretaria do Tesouro Nacional / B3)
The Three Pillars of Public Debt: Selic, Prefixado, and IPCA+
Launched in 2002, Tesouro Direto revolutionized retail financial access in Brazil by enabling citizens to purchase sovereign government paper without intermediary mutual fund management fees. Unlike corporate debentures or bank certificates subject to institutional balance sheet risks, federal bonds carry the credit risk of the sovereign state, making them the safest asset class in the national financial system.
Choosing the appropriate security requires matching your financial goals with the underlying indexation mechanism. Tesouro Selic (LFT) tracks the benchmark rate daily. Because its principal value does not decline when interest rates rise, it is the only bond suitable for short-term liquidity, working capital buffers, and emergency funds.
In contrast, Tesouro Prefixado (LTN and NTN-F) and Tesouro IPCA+ (NTN-B Principal) incorporate interest rate duration risk. When future market interest curves shift upward, the secondary market valuation of existing fixed-rate bonds drops. Conversely, when forward rates tumble, bond prices surge, allowing tactical investors to capture substantial capital gains through early exit before maturity.
Regressive Income Tax and B3 Custody Fee Structure
Profits generated in Tesouro Direto are taxed under the progressive holding-period table established by Receita Federal Normative Instruction RFB 1.585. Gains realized within 180 days incur a 22.5% withholding tax. Between 181 and 360 days, the rate drops to 20.0%; between 361 and 720 days, it falls to 17.5%; and for holdings exceeding 720 days (2 full years), the rate reaches its terminal floor of 15.0%.
Crucially, Tesouro Direto is free from the biannual 'Come-Cotas' tax deduction that penalizes open-ended DI funds in May and November. Taxes are deferred entirely until actual liquidation or coupon payment, compounding gross principal for superior efficiency. Additionally, B3 exempts all custody fees on Tesouro Selic positions up to R$ 10,000, charging 0.20% annually only on balances exceeding that threshold.
Comparative Roster of Official Tesouro Direto Bonds
| Bond Name | Indexation | Volatility / Mark-to-Market | Best Purpose | Interest Payout |
|---|---|---|---|---|
| Tesouro Selic | 100% Selic Over + Spread | Negligible / Zero downside | Emergency Fund & Short Term (<1 yr) | At Maturity / Redemption |
| Tesouro Prefixado | Fixed Nominal % (e.g. 12.5% a.a.) | High if sold before maturity | Medium Term with visible goal (2-5 yrs) | At Maturity / Redemption |
| Tesouro Prefixado com Juros | Fixed Nominal % | High if sold before maturity | Complementary income cash flow | Semiannual Coupons |
| Tesouro IPCA+ | IPCA Inflation + Real % (e.g. +6.5%) | High if sold before maturity | Retirement & Long-Term Purchasing Power | At Maturity / Redemption |
| Tesouro RendA+ | IPCA + Real % | High in accumulation phase | Structured Retirement (240 monthly payouts) | Monthly for 20 years |
| Tesouro Educa+ | IPCA + Real % | High in accumulation phase | University tuition (60 monthly payouts) | Monthly for 5 years |
Step-by-Step Guide to Purchasing Federal Bonds
Open Account at Zero-Fee Broker
Register with an accredited Brazilian brokerage firm or digital bank that does not charge intermediary brokerage fees for Tesouro Direto.
Access the Official Tesouro Direto Portal
Connect your CPF through Gov.br (Prata or Ouro level) to link your custodial account directly to the National Treasury system.
Select Bond Aligned with Horizon
Use Tesouro Selic for capital needed within 2 years; select Tesouro IPCA+ with maturity matching your target retirement or real estate down payment date.
Schedule Automated Monthly Aportes
Set up recurrent monthly investments (investimento programado) via PIX or automatic debit to benefit from dollar-cost averaging.
Fundamentação Legal e Fontes Oficiais
📺 Tutoriais e Análises em Vídeo Verificados
4 Vídeos SelecionadosAnálises de Especialistas e Práticos de Mercado
"There is no excuse for leaving money in savings accounts. A simple transfer of R$ 50 to Tesouro Selic yields higher net returns with superior credit safety backed by the Brazilian federal government."
"Tesouro IPCA+ with real rates above 6.0% represents a historic real return opportunity rarely found anywhere else globally. If you hold until maturity, inflation cannot erode your wealth."
Perguntas Frequentes (FAQ)
Can I lose money in Tesouro Direto?▼
If you hold any bond until its maturity date, you will receive 100% of the agreed nominal or real yield. However, if you sell Tesouro Prefixado or Tesouro IPCA+ early before maturity, market-to-market repricing can cause temporary capital loss if interest curves have risen.
What is the minimum amount to start investing in Tesouro Direto?▼
You can start with approximately R$ 30, which corresponds to the purchase of 1% (0.01 fractional unit) of a federal bond.
How does the B3 custody fee work?▼
B3 charges zero custody fees on Tesouro Selic balances up to R$ 10,000. For amounts exceeding R$ 10,000 in Selic or in any amount for Prefixado/IPCA+, a small fee of 0.20% per year is debited semiannually.
