Tesouro Direto Calculator (Brazil)

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tesouro selic vs ipca plus

Tesouro Selic vs IPCA+: what changes in the simulation

Selic vs IPCA+ is usually not just a product comparison, it is a goal comparison: liquidity reserve or longer-term real return, and B3’s custody fee applies equally to both, even when the final outcome diverges considerably.

How to separate their roles

Tesouro Selic pays the Selic rate minus the 0.20% per year B3 custody fee. In a simulation with a 15% p.a. Selic rate, the nominal return already drops to 14.80% p.a. before any tax, and it still works as a liquidity base because it tracks the policy rate almost fully.
In Tesouro IPCA+, the nominal return combines the contracted inflation with the prefixed real rate: with a simulated IPCA of 4.5% p.a. and a 6% p.a. real rate, the nominal figure comes out at (1.045 × 1.06 − 1) × 100 = 10.77% and drops to 10.57% after the same 0.20% B3 fee.
The regressive table of art. 206-A of Lei 9.532/1997 applies to both bonds and, above 720 days, drops to the 15% floor. In a BRL 10,000.00 simulation over 5 years, Tesouro Selic (14.80% p.a. nominal) yields BRL 8,347.99 net against BRL 5,447.31 for IPCA+ (10.57% p.a. nominal) in this specific scenario, and the accumulated B3 fee adds BRL 100.40 to each, with income tax applying only to the yield, never to the invested principal.

Common readings

Reserve

Input: R$ 10.000 · Tesouro Selic · 5 anos · Selic 15% a.a.
Expected output: Líquido R$ 8.347,99 (IR 15%, taxa B3 R$ 100,40)

Nominal of 14.80% p.a. already net of the B3 custody fee.

Longer horizon

Input: R$ 10.000 · Tesouro IPCA+ · 5 anos · IPCA 4,5% + taxa real 6%
Expected output: Líquido R$ 5.447,31 (nominal 10,57% a.a.)

Combines simulated inflation with the contracted real rate; the real rate alone, net of B3, is 5.80% p.a.

Accumulated B3 fee

Input: R$ 10.000 · 5 anos · taxa de custódia 0,20% a.a.
Expected output: R$ 100,40 descontados nos dois títulos

The fee applies year over year on the balance, it is not charged only once.

Full tool FAQ

What is the minimum investment for Tesouro Direto?

The minimum is 0.01 units of a bond, which in practice means approximately R$30–100 depending on the bond type and its current unit price.

Is Tesouro Direto safer than CDB?

What is the B3 custody fee?

How is IR calculated on Tesouro Direto?

Can I sell Tesouro Direto before maturity?

What is the advantage of Tesouro IPCA+ for long-term savings?

How often does Tesouro Selic pay yield?

What does 'Tesouro IPCA+ with semi-annual coupons' mean?

Frequently asked questions

Does Tesouro IPCA+ always beat inflation?

In the bond logic, that is the goal: the contracted real rate (for example, 6% p.a.) stays preserved above IPCA, but the effective result still depends on holding to maturity and on the real rate available at purchase time.

Is Tesouro Selic always the best for short-term goals?

It is often a strong candidate because it tracks Selic almost fully (minus the 0.20% p.a. B3 fee), but the real decision still depends on desired liquidity and the tax bracket at redemption time.

Is the B3 custody fee charged only once?

No. B3 charges 0.20% per year on the balance, equivalent to BRL 100.40 accumulated over 5 years on BRL 10,000.00 invested, applying continuously while the bond is held, regardless of whether it is Tesouro Selic or IPCA+.

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tesouro selic vs ipca plus

Tesouro Selic vs IPCA+: what changes in the simulation

How to separate their roles

Tesouro Selic pays the Selic rate minus the 0.20% per year B3 custody fee. In a simulation with a 15% p.a. Selic rate, the nominal return already drops to 14.80% p.a. before any tax, and it still works as a liquidity base because it tracks the policy rate almost fully.

In Tesouro IPCA+, the nominal return combines the contracted inflation with the prefixed real rate: with a simulated IPCA of 4.5% p.a. and a 6% p.a. real rate, the nominal figure comes out at (1.045 × 1.06 − 1) × 100 = 10.77% and drops to 10.57% after the same 0.20% B3 fee.

The regressive table of art. 206-A of Lei 9.532/1997 applies to both bonds and, above 720 days, drops to the 15% floor. In a BRL 10,000.00 simulation over 5 years, Tesouro Selic (14.80% p.a. nominal) yields BRL 8,347.99 net against BRL 5,447.31 for IPCA+ (10.57% p.a. nominal) in this specific scenario, and the accumulated B3 fee adds BRL 100.40 to each, with income tax applying only to the yield, never to the invested principal.

Common readings

Reserve

Input: R$ 10.000 · Tesouro Selic · 5 anos · Selic 15% a.a.
Expected output: Líquido R$ 8.347,99 (IR 15%, taxa B3 R$ 100,40)

Nominal of 14.80% p.a. already net of the B3 custody fee.

Longer horizon

Input: R$ 10.000 · Tesouro IPCA+ · 5 anos · IPCA 4,5% + taxa real 6%
Expected output: Líquido R$ 5.447,31 (nominal 10,57% a.a.)

Combines simulated inflation with the contracted real rate; the real rate alone, net of B3, is 5.80% p.a.

Accumulated B3 fee

Input: R$ 10.000 · 5 anos · taxa de custódia 0,20% a.a.
Expected output: R$ 100,40 descontados nos dois títulos

The fee applies year over year on the balance, it is not charged only once.

Full tool FAQ

What is the minimum investment for Tesouro Direto?

The minimum is 0.01 units of a bond, which in practice means approximately R$30–100 depending on the bond type and its current unit price.

Is Tesouro Direto safer than CDB?

What is the B3 custody fee?

How is IR calculated on Tesouro Direto?

Can I sell Tesouro Direto before maturity?

What is the advantage of Tesouro IPCA+ for long-term savings?

How often does Tesouro Selic pay yield?

What does 'Tesouro IPCA+ with semi-annual coupons' mean?

Frequently asked questions

Does Tesouro IPCA+ always beat inflation?

Is Tesouro Selic always the best for short-term goals?

It is often a strong candidate because it tracks Selic almost fully (minus the 0.20% p.a. B3 fee), but the real decision still depends on desired liquidity and the tax bracket at redemption time.