Savings vs CDB vs Tesouro Selic: what each one pays in Brazil
Enter an amount, a holding period in days and the rates, and the calculator shows side by side what Brazil's three most common low-risk options — the <em>poupança</em> savings account, a CDI-linked CDB and Tesouro Selic — leave you with after IOF, income tax and custody fees.
| Poupança (savings) | CDB | Tesouro Selic | |
|---|---|---|---|
| Gross return | R$834.23 | R$1,365.00 | R$1,375.00 |
| IOF | R$0.00 | R$0.00 | R$0.00 |
| Income tax | R$0.00 | R$238.88 | R$240.63 |
| Custody fee | R$0.00 | R$0.00 | R$0.00 |
| Net return | R$834.23 | R$1,126.12 | R$1,134.37 |
| Net amount at redemption | R$10,834.23 | R$11,126.12 | R$11,134.37 |
| Net return in the period | 8.34% | 11.26% | 11.34% |
- Best option in this scenario
- Tesouro Selic
- Income-tax rate for the period
- 17.50%
- Estimated business days (× 252/365)
- 252
- Poupança anniversaries in the period
- 12
- Poupança monthly return
- 0.6699%
- Estimate: constant rates over the period; CDB and Tesouro Selic on estimated business days; Tesouro without premium/discount.
Estimate only; it does not replace an accountant, an employment lawyer or the official calculation by the employer/Receita Federal.
Tables in force on 11/13/2026 — source: Selic target, CDI and TR (Central Bank) · Savings account (poupança) return (rule since 4 May 2012) · Regressive income tax on fixed income · Regressive IOF on redemptions within 30 days · all tables and sources
How it is calculated
1. Poupança (savings account)
The poupança is the traditional Brazilian savings account. Its return is set by Lei 8.177/1991, art. 12, item II, as amended by Lei 12.703/2012. While the Selic target (the Central Bank's policy rate) is above 8.5% a year, it pays TR + 0.5% a month; at 8.5% or below it pays TR + 70% of the Selic, converted to a monthly rate. TR (taxa referencial) is a reference rate published by the Central Bank. The calculator compounds the two parts: (1 + TR) × (1 + interest) − 1. Interest is credited only on the monthly anniversary of the deposit; the calculator counts one anniversary every 30 calendar days and drops partial months, so anything withdrawn within 30 days earns nothing. For individuals the poupança is exempt from income tax.
2. CDB
A CDB (certificado de depósito bancário) is a bank deposit certificate, usually paying a percentage of the CDI, the interbank rate (100% by default). The CDI is an annual rate on business days (252-day base), so calendar days become estimated business days via days × 252 ÷ 365, rounded. Gross return is amount × ((1 + CDI × %CDI)^(business days ÷ 252) − 1).
3. Tesouro Selic
Tesouro Selic is a federal government bond that tracks the Selic rate, computed here with the same business-day method. It is simplified: no premium or discount on purchase or sale. The custody fee is zero by default; if one applies, check the current annual rate on the official Tesouro Direto site and type it in. It is charged as amount × fee × days ÷ 365.
4. IOF and income tax
Redemptions within 30 days pay IOF (a federal tax on financial transactions) on the return of the CDB and Tesouro Selic, under Decreto 6.306/2007, art. 32. The calculator uses the regressive table in the decree's annex, which reaches zero from day 30; we are still confirming the per-day percentages against the official text. Then the regressive income tax on fixed income (Receita Federal) applies to the remaining return:
- up to 180 days: 22.5%;
- 181 to 360 days: 20%;
- 361 to 720 days: 17.5%;
- over 720 days: 15%.
5. Default rates and limits
Defaults come from the Central Bank, checked on 13 Nov 2026: Selic target 13.75% a year, CDI 13.65% a year, TR 0.1691% a month. All are editable. The maths assumes rates stay constant for the whole period, which rarely happens. Results are estimates; your bank or broker statement is the official figure. To model monthly contributions over time, use the compound interest calculator.
Worked example
The example invests R$10,000.00 for 365 days, with the CDB at 100% of the CDI. That is 252 estimated business days and 12 poupança anniversaries. With the Selic target above 8.5%, the poupança earns 0.6699% a month, or R$834.23 tax-free, for R$10,834.23 at the end. The CDB earns R$1,365.00 gross; since the term is over 360 days, income tax is 17.5% — R$238.88 — leaving R$11,126.12. Tesouro Selic earns R$1,375.00 gross, pays R$240.63 of tax and returns R$11,134.37, the best option here: 11.34% net for the period, against 11.26% for the CDB and 8.34% for the poupança. Try a term under 30 days to watch IOF appear and the poupança drop to zero, and use “Copy simulation link” to keep the scenario.
- Amount invested
- R$10,000.00
- Holding period (calendar days)
- 365
- CDB: % of CDI
- 100
- CDI (% a year)
- 13.65
- Selic (% a year)
- 13.75
- Monthly TR (%)
- 0.1691
- Tesouro custody fee (% a year)
- 0
| Poupança (savings) | CDB | Tesouro Selic | |
|---|---|---|---|
| Gross return | R$834.23 | R$1,365.00 | R$1,375.00 |
| IOF | R$0.00 | R$0.00 | R$0.00 |
| Income tax | R$0.00 | R$238.88 | R$240.63 |
| Custody fee | R$0.00 | R$0.00 | R$0.00 |
| Net return | R$834.23 | R$1,126.12 | R$1,134.37 |
| Net amount at redemption | R$10,834.23 | R$11,126.12 | R$11,134.37 |
| Net return in the period | 8.34% | 11.26% | 11.34% |
- Best option in this scenario
- Tesouro Selic
- Income-tax rate for the period
- 17.50%
- Estimated business days (× 252/365)
- 252
- Poupança anniversaries in the period
- 12
- Poupança monthly return
- 0.6699%
- Estimate: constant rates over the period; CDB and Tesouro Selic on estimated business days; Tesouro without premium/discount.
Frequently asked questions
Why did the poupança return nothing?
Because the poupança only credits interest on the monthly anniversary of each deposit. Take the money out before the month is complete and that month's interest is lost. The calculator counts one anniversary every 30 calendar days, so any term under 30 days shows zero, and a term such as 45 days counts just one anniversary.
Is the poupança taxed?
Not for individuals: its return is exempt from Brazilian income tax, so the calculator deducts nothing. CDBs and Tesouro Selic pay regressive income tax on the return, from 22.5% down to 15% depending on how long you hold them. That is why, over short terms or with a lower Selic, the net gap between the three can be small.
What happens if the Selic falls to 8.5% or less?
The poupança stops paying a fixed 0.5% a month and switches to 70% of the Selic target, converted to a monthly rate, plus TR. The calculator applies this switch automatically from whatever you type in the Selic field, so you can test lower-rate scenarios and see how the CDB and Tesouro advantage changes.
Which CDI percentage should I use for the CDB?
Use the one in the bank's or broker's offer — for example 90%, 100% or 110% of the CDI. It multiplies the annual CDI before compounding. Also check any lock-up period and whether daily liquidity is offered: the calculator assumes you redeem exactly at the end of the term you enter, with no penalty.
Why is the custody fee zero by default?
Because whether a fee applies and how much it is can change, and we would rather not show an outdated number. Look up the current rate on the official Tesouro Direto site and enter it as an annual percentage; the calculator charges it on the amount invested, pro rata to the term.
Are these figures guaranteed?
No. They are estimates with constant rates, approximate business days and no bond premium or discount, while the Selic, CDI and TR move over time. The official figure is your statement. If you are deciding what to do with severance money, the FGTS calculator shows how the balance left in the fund grows.
Legal basis
- Lei 8.177/1991, art. 12, II (as amended by Lei 12.703/2012) — Federal Senate
- Receita Federal — 2026 taxation of fixed-income returns
- Decreto 6.306/2007 (IOF), art. 32 and annex
- Central Bank of Brazil — Selic, CDI and TR
- Tesouro Direto — official site
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Updated Nov 13, 2026 · by Juliana Costa