Treasury Direct Simulator: Compare Selic Rate, IPCA (Inflation Index)+, and Prefixado

What is Treasury Direct and which title to choose?

Treasury Direct is a program created by the National Treasury to allow the sale of federal public titles to individuals in a 100% online format. By purchasing a title, you are lending money to the Federal Government in exchange for interest.

The Main Types of Titles

Selic Treasury Rate (Post-Fixed): Its yield closely follows the Selic rate. It is ideal for emergency reserves and short-term objectives, as it has daily liquidity and almost no market oscillation (low volatility).
Tesouro IPCA (Inflation Index)+ (Hybrid): It yields a fixed rate plus the variation of inflation measured by the IPCA (Inflation Index). It guarantees real gain and protects purchasing power in the long term. It is excellent for retirement plans and long-term goals.
Tesouro Prefixado: It yields a fixed annual rate agreed upon at the time of purchase. It is ideal when the investor believes that future interest rates will fall below the contracted rate. However, it has strong daily oscillation (mark-to-market) if redeemed before maturity.

B3 Custody Rate and Income Tax

B3 charges a mandatory custody rate of 0.20% per year on the amount of titles, charged semiannually in January and July. In the case of the Selic Treasury Rate, the first $10,000.00 invested are totally exempt from this custody rate. Income Tax only applies to earnings and follows the standard regressive table:

Up to 180 days: 22.5%
From 181 to 360 days: 20%
From 361 to 720 days: 17.5%
Above 720 days: 15%

Frequently Asked Questions (FAQ)

Yes. The National Treasury guarantees daily redemption of all titles on business days, which means they have daily liquidity. However, in the case of IPCA (Inflation Index)+ and Prefixado titles, early redemption exposes the investor to mark-to-market, which may cause the title to be worth more or less than the amount contracted at the time of purchase. Only the Selic Treasury Rate maintains a positive daily yield without negative market oscillations in early redemption.

Since 2020, investments in the Selic Treasury Rate are exempt from the B3 custody rate (0.20% per year) for balances up to $10,000.00. The rate is only charged on the amount exceeding this limit. For example: if you invest $12,000.00 in the Selic Treasury Rate, you will pay 0.20% per year on only $2,000.00.

Mark-to-market is the daily update of title prices based on future interest rate expectations in the financial market. When market interest rates rise, the prices of already issued fixed-rate and IPCA (Inflation Index)+ titles fall, and vice versa. If you hold the title until the agreed-upon maturity, you will receive the exact contracted return rate. Mark-to-market only affects those who sell the title before the final term.

Treasury Direct Simulator

Net Wealth Evolution

Total Costs (Tesouro IPCA (Inflation Index)+)

Projection Comparison

What is Treasury Direct and which title to choose?

The Main Types of Titles

B3 Custody Rate and Income Tax

Frequently Asked Questions (FAQ)