Short term
- Input
- R$ 10.000 · 90 dias · 100% CDI (Selic 15% a.a.)
- Expected output
- IR 22,5% = R$ 79,50 · líquido R$ 273,83
The highest bracket of the regressive table leaves the final amount at BRL 10,273.83.
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cdb net yield after tax
With CDBs, looking only at “110% of CDI” is only half the story. The other half comes from the regressive income-tax table, which changes bracket depending on the exact redemption day and can erase much of the advertised advantage.
The highest bracket of the regressive table leaves the final amount at BRL 10,273.83.
Waiting 1 extra day changes the tax bracket even with an almost identical gross return.
The table’s minimum bracket, above 720 days, delivers the highest net return of the test.
CDI (Certificado de Depósito Interbancário) is the rate for overnight interbank loans. It tracks the Selic rate closely (typically Selic − 0.1% per year). Most fixed-income investments in Brazil are indexed to CDI.
Not always. Term, liquidity and the tax bracket applied at redemption can change the net-return ranking between two CDBs with different rates.
No. It can be appropriate for liquidity needs, but it faces the highest bracket of the regressive table, 22.5% up to 180 days, versus 15% above 720 days.
Because the art. 206-A table counts calendar days in closed brackets: up to 180 days the rate is 22.5%; from day 181 it drops to 20%, even if gross yield grew only slightly in between. The same jump repeats at 360 and at 720 days.
⚠️ Simulation. Actual CDB rates vary by bank and investment amount. Check offers on the aggregator or bank directly.
Lei 11.033/2004, regressive IR table for fixed income. CDI: CETIP/B3.
Balance evolution
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