Fixed income calculator (Brazil)
Compare Brazilian CDBs, LCI/LCA, Treasury bonds (Selic, fixed-rate, IPCA+) and savings for the same amount and term, with taxes and real return.
Fixed income calculator (Brazil)
Highest net value in 2 years
LCI or LCA
R$12,595.81
Total invested: R$10,000.00
1.LCI or LCAhighest net
90% of CDI · tax-exempt · FGC
R$12,595.81
+R$2,595.81 (+25.96%)12.21% p.a. netreal +15.15%
2.Tesouro Selic
Selic (13.65%) + 0.05% p.a. · B3 custody fee
R$12,490.69
+R$2,490.69 (+24.91%)11.74% p.a. netreal +14.19%taxes and fees R$445.15
3.CDB, LC or RDB
100% of CDI · 15% income tax · FGC
R$12,484.45
+R$2,484.45 (+24.84%)11.72% p.a. netreal +14.14%taxes and fees R$438.43
4.Tesouro Prefixado
13.5% p.a. · B3 custody fee
R$12,416.67
+R$2,416.67 (+24.17%)11.41% p.a. netreal +13.52%taxes and fees R$472.06
5.Tesouro IPCA+
IPCA (4.58%) + 7% p.a. · B3 custody fee
R$12,109.47
+R$2,109.47 (+21.09%)10.03% p.a. netreal +10.71%taxes and fees R$417.18
6.Savings (poupança)
0.643% per month today · tax-exempt · FGC
R$11,661.79
+R$1,661.79 (+16.62%)7.98% p.a. netreal +6.61%
LCI/LCA × CDB equivalence for this term (731 days, 15% income tax)
An LCI/LCA at 90% of CDI is worth the same as a CDB at 103.9% of CDI. And a CDB at 100% of CDI is worth the same as an LCI/LCA at 86.5% of CDI.
Rule of thumb: LCI % ÷ (1 − tax rate). The figures above are exact, with compounding and IOF.
Do more with Fixed Income ProPro
What it would really have earned, several bonds with different maturities and the tax on each contribution.
Show detailed table
| Product | Gross | IOF | Income tax | Fees | Net | Net % | Real % |
|---|---|---|---|---|---|---|---|
| CDBCDB, LC or RDB | R$12,922.88 | R$0.00 | R$438.43 | R$0.00 | R$12,484.45 | +24.84% | +14.14% |
| LCI/LCALCI or LCA | R$12,595.81 | R$0.00 | R$0.00 | R$0.00 | R$12,595.81 | +25.96% | +15.15% |
| T. SelicTesouro Selic | R$12,935.83 | R$0.00 | R$439.53 | R$5.62 | R$12,490.69 | +24.91% | +14.19% |
| T. PrefixadoTesouro Prefixado | R$12,888.73 | R$0.00 | R$426.47 | R$45.58 | R$12,416.67 | +24.17% | +13.52% |
| T. IPCA+Tesouro IPCA+ | R$12,526.64 | R$0.00 | R$372.26 | R$44.92 | R$12,109.47 | +21.09% | +10.71% |
| SavingsSavings (poupança) | R$11,661.79 | R$0.00 | R$0.00 | R$0.00 | R$11,661.79 | +16.62% | +6.61% |
The link keeps the amount, term, contribution and offered rates. Reference rates are included only if you changed them; otherwise whoever opens it sees that day's rates. Nothing is stored.
How it is calculated
- CDI, Selic and Treasury bonds accrue per business day, on a 252 business-day year. Calendar days are converted to business days at 252/365 (no holiday calendar).
- Regressive income tax on earnings: 22.5% up to 180 days, 20% up to 360, 17.5% up to 720 and 15% beyond (Law 11,033/2004). IOF on earnings for redemptions within 30 days, per the official table (Decree 6,306/2007).
- Tesouro Direto: B3 custody fee of 0.20% per year on the bonds’ value (Tesouro Selic exempt up to R$ 10k per taxpayer), deducted before income tax in this simulation. Assumes you hold until the end of the term: selling earlier can return more or less due to mark-to-market.
- Tesouro IPCA+ and the real return use the last 12 months of IPCA (4.58%) as inflation for the whole period. It is an assumption, not a forecast.
- Savings: with Selic above 8.5% per year it earns 0.5% per month + TR; with Selic at 8.5% or less, 70% of Selic + TR. TR fixed at 0.1419% per month (last 30 days average). It only pays on the monthly anniversary.
- LCI and LCA: income-tax exempt for individuals, with a 6-month minimum term (CMN Resolution 5,215/2025).
- CDB, LC, RDB, LCI, LCA and savings are covered by FGC up to R$ 250k per taxpayer per institution (R$ 1 million cap every 4 years). Tesouro Direto bonds are backed by the National Treasury.
This is a simulation, not a promise of returns: rates change every day and results depend on the rate you actually get. Rules checked in November 2026.
Fixed Income Pro
Go beyond the simulation
History with real Central Bank data, a portfolio with several investments, exact income tax for monthly contributions and CSV export. Calculated on the server; nothing you type is stored.
How much it would have earned from a date until today, with the actual daily CDI, Selic, TR and IPCA, with a chart.
CDB, LCI and Tesouro Selic use the offered rates set above. For fixed-rate and IPCA+ bonds, enter the rate the bond paid on the investment date (rate history is on the Tesouro Direto website). Data available from 1/3/00 to 11/5/26.
Several investments at once (different products, amounts and maturities) with per-item income tax and a calendar of what comes back on each date.
Each contribution with its own income tax rate and IOF at redemption, like banks do, compared with the simplified calculation.
Set a monthly contribution in the form above to compare.
CSV export of any simulation (comparison, history, portfolio and contributions), to open in Excel or Google Sheets.
Pay once and use it forever (Fixed Income Pro) or subscribe to Hub Premium, which unlocks every tool.
How to use it
- Enter how much you will invest and for how long (days, months or years; fractions of a year such as 1.5 work too). Optionally add a monthly contribution.
- Under Offered rates, replace the examples with what your bank, broker or Tesouro Direto offers today: a CDB at X% of CDI, an LCI/LCA at Y% of CDI, Tesouro Selic (Selic + spread), Tesouro Prefixado (fixed rate per year) and Tesouro IPCA+ (IPCA + rate).
- Products are listed from the highest to the lowest net value, with earnings, taxes and the real return (after inflation). The detailed table shows gross, IOF, income tax, fees and net for each one.
Reference rates (CDI, Selic, IPCA and TR) come from the Central Bank of Brazil and are updated daily. You can adjust them to try another scenario. The calculation runs in your browser: nothing you type is sent or stored.
How taxes work
- Income tax (Law 11,033/2004): charged only on earnings, on a regressive table by calendar days held: 22.5% up to 180 days, 20% from 181 to 360, 17.5% from 361 to 720 and 15% beyond 720 days. Note that "6 months" usually means 181 to 184 days, which already falls in the 20% bracket.
- IOF (Decree 6,306/2007): only on redemptions within 30 days, on earnings, starting at 96% on day one and reaching zero on day 30.
- LCI and LCA are income-tax exempt for individuals and have a 6-month minimum term (CMN Resolution 5,215/2025).
- Savings (poupança) are tax-exempt with no IOF, but only pay on the monthly anniversary: withdrawing one day early forfeits the month.
- Tesouro Direto charges the B3 custody fee of 0.20% per year on the bonds' value. Tesouro Selic is exempt up to R$ 10k per taxpayer (above that, only the excess is charged).
The calculator also shows the equivalence: what a CDB must pay to match an LCI/LCA over the same term. The rule of thumb is LCI % ÷ (1 − tax rate); the tool computes the exact figure, with compounding and IOF.
Assumptions (read before deciding)
- CDI, Selic and Treasury bonds accrue per business day, on a 252 business-day year. Calendar days are converted to business days at 252/365, without a holiday calendar.
- Rates are held constant over the whole term. In reality, CDI and Selic change at every Copom meeting.
- Tesouro IPCA+ and the real return use the last 12 months of IPCA as inflation for the whole period. It is an assumption, not a forecast.
- Savings: with Selic above 8.5% per year they earn 0.5% per month + TR; with Selic at 8.5% or less, 70% of Selic + TR. TR is the last 30 days average.
- Treasury bonds are assumed held to the end of the term. Selling earlier can return more or less due to mark-to-market.
- With monthly contributions, the free version applies the full-term income tax rate to all earnings (a simplification). The per-contribution calculation is a Pro feature.
Guarantees
CDB, LC, RDB, LCI, LCA and savings are covered by FGC up to R$ 250k per taxpayer per institution (or financial group), capped at R$ 1 million every 4 years. Tesouro Direto bonds are backed by the National Treasury.
Pro features
With Fixed Income Pro (one-time payment, lifetime access) or Hub Premium you get:
- Real history: how much an amount invested on a given date would have earned until today, with the actual daily CDI, Selic, TR and IPCA, with a chart.
- Portfolio and maturity ladder: several investments at once, with per-item income tax and a calendar of what comes back on each date.
- Exact taxes on contributions: each contribution with its own tax rate and IOF, like banks do.
- CSV export of any simulation.
Sources
- Central Bank of Brazil (SGS): CDI (series 4389), Selic target (432), effective Selic (1178), TR (226), monthly IPCA (433) and 12-month IPCA (13522).
- Law 11,033/2004 (income tax and LCI/LCA exemption), Decree 6,306/2007 (IOF), Law 8,177/1991 as amended by Law 12,703/2012 (savings), CMN Resolution 5,215/2025 (LCI/LCA minimum term), B3 Tesouro Direto fees and FGC rules. Rules checked in November 2026.
Source: Banco Central do BrasilUpdated on Nov 5, 2026
This is an educational simulation, not investment advice nor a promise of returns. Check the terms with the institution before investing.