Brazil Tesouro Direto Calculator: Government Bond Growth
Estimate what a Brazilian Tesouro Direto investment grows to at a given annual rate over time — the government bond programme that lets individuals lend to the Treasury at attractive rates, with the gross return before tax.
Adjust the inputs and select Calculate for a full breakdown.
Compare Common Scenarios
How the numbers shift across typical situations for this calculator:
| Scenario | Gross value at maturity | Gross return |
|---|---|---|
| R$10k · 10% · 10yr | $25,937.42 | $15,937.42 |
| R$5k · 12% · 5yr (Prefixado) | $8,811.71 | $3,811.71 |
| R$50k · 8% · 15yr | $158,608.46 | $108,608.46 |
| R$20k · 11% · 20yr | $161,246.23 | $141,246.23 |
How This Calculator Works
Enter the amount invested, the bond's annual rate, and the years to maturity. The calculator compounds the investment and shows the gross value at maturity and the gross return. Tesouro Direto offers different bond types — fixed-rate (Prefixado), Selic-tracking, and inflation-linked (IPCA+) — so use the rate that matches your chosen bond, and remember income tax applies to the gain.
The Formula
Future Value of a Lump Sum
PV = present value, r = annual rate, n = number of years
Worked Example
R$10,000 in Tesouro Direto at 10% a year for 10 years grows to about R$25,937 gross — roughly R$15,937 of return, before income tax. Tesouro Direto is Brazil's online platform for buying federal government bonds in small amounts. The main types are Tesouro Selic (tracks the overnight Selic rate, low volatility, good for reserves), Tesouro Prefixado (a fixed rate locked at purchase), and Tesouro IPCA+ (pays inflation plus a fixed real rate, protecting purchasing power). Because Brazilian policy rates are often high, these government bonds can offer strong nominal yields with sovereign-level safety.
Key Insight
Tesouro Direto democratised access to Brazilian government bonds, and a few features explain its popularity and the gap between gross and net return. Bond types serve different goals: Tesouro Selic floats with the Selic policy rate and barely moves in price, making it the standard home for an emergency reserve; Tesouro Prefixado locks a fixed nominal rate at purchase, so you know the exact maturity value if held to the end (but its market price swings if rates change before maturity); and Tesouro IPCA+ pays the official inflation index (IPCA) plus a fixed real rate, guaranteeing a return above inflation — valuable in a country with an inflation history. Safety is sovereign — these are direct obligations of the National Treasury, considered the lowest-risk investment in Brazil. The crucial things this gross calculator omits are taxes and fees: income tax (IR) on the gain is regressive by holding period — from 22.5% for under 180 days down to 15% for over 720 days — so longer holdings keep more; the IOF tax hits gains on very short holdings (under 30 days) and then disappears; and there's a small annual custody fee charged by B3 (the exchange) on most bonds, plus possibly a broker fee. Liquidity is good — the Treasury guarantees daily buyback — but selling a Prefixado or IPCA+ bond before maturity means accepting the current market price, which can be below purchase if rates rose (marcação a mercado), so 'held to maturity' is when the contracted rate is assured. This calculator shows the gross compounded value at the rate you enter; for your net outcome, subtract the regressive IR on the gain (15% if held over two years), the small custody fee, and note that IPCA+ returns here are nominal only if you've included inflation in the rate.
Frequently Asked Questions
How is Tesouro Direto growth calculated?
Compound the amount at the annual rate over the years: value = amount × (1 + rate)^years. R$10,000 at 10% for 10 years grows to about R$25,937 gross, roughly R$15,937 of return — before income tax (IR) on the gain and the small custody fee.
What is Tesouro Direto?
Brazil's online platform for individuals to buy federal government bonds in small amounts. The main types are Tesouro Selic (tracks the Selic rate), Tesouro Prefixado (fixed rate locked at purchase), and Tesouro IPCA+ (inflation plus a real rate). They're the lowest-risk investments in Brazil, backed by the National Treasury.
How is the gain taxed?
By a regressive income tax (IR) based on holding period: 22.5% for under 180 days, falling in steps to 15% for over 720 days. There's also IOF on gains from holdings under 30 days. So the longer you hold, the less tax you pay — this calculator shows the gross return before these taxes.
Which Tesouro bond should I choose?
It depends on your goal. Tesouro Selic suits an emergency reserve (stable price, tracks the policy rate); Tesouro Prefixado locks a known fixed return if held to maturity; Tesouro IPCA+ guarantees a real return above inflation, good for long-term goals. Match the bond — and the rate you enter — to your objective.
Can I sell before maturity?
Yes — the Treasury guarantees daily buyback, so liquidity is good. But selling a Prefixado or IPCA+ bond early means accepting the current market price (marcação a mercado), which can be below what you paid if interest rates rose. The contracted rate is only assured if you hold to maturity.
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Methodology & Review
The future value compounds a lump sum at the annual rate over the years, compounded annually. It assumes a single investment held to maturity at a constant rate and does not model the regressive income tax (IR) on the gain, the IOF tax on very short holdings, custody fees, or inflation indexing on IPCA-linked bonds.
Written by Ugo Candido · Last updated May 22, 2026.