Tesouro Direto: How to Calculate Returns in 2025

Tesouro Direto has established itself as one of the main investment options for Brazilians seeking safety and profitability. In 2025, with the Selic rate at attractive levels and the growing need for financial planning, understanding how to calculate returns on these federal government bonds is essential for making more informed investment decisions.

This government program allows individuals to purchase federal public debt securities directly, without intermediaries, with minimum investments starting at approximately R$ 30.00. For investors looking to build a solid and predictable portfolio, Tesouro Direto offers different options that adapt to various objectives, from emergency reserves to retirement.

Tesouro Direto in 2025

What the program is

Tesouro Direto is a program by the National Treasury, in partnership with B3, that democratizes access to federal government bonds. Created in 2002, it allows any individual with a CPF (tax ID) and a bank or brokerage account to invest in Brazilian government securities, considered the safest investments in the country.

The program works as a loan you make to the federal government. In return, you receive interest and have the guarantee that the amount will be returned on the maturity date or when you request early redemption. Since the government is the debtor, the risk of default is practically non-existent, making it the benchmark for “risk-free investment” in Brazil.

In 2025, Tesouro Direto maintains its special relevance due to Brazil’s economic scenario, where interest rates remain attractive for fixed-income investments. With more than 23 million registered investors, the program continues to be the gateway for those starting in the financial market.

Investment advantages

The main advantages of Tesouro Direto include high liquidity, low minimum investment amount, complete cost transparency, and competitive returns. Unlike many private investments, government bonds offer National Treasury guarantee, eliminating credit risk.

Ease of access is also an important differential. You can buy and sell securities Monday through Friday, from 9:30 AM to 5:00 PM, through accredited brokerages. On weekends and holidays, operations are available from 9:30 AM to 1:00 PM.

Another significant advantage is the possibility of scheduling automatic monthly contributions, facilitating the building of reserves or executing a long-term retirement plan. Amounts start at just R$ 30.00 monthly, making investment accessible to different income profiles.

Types of securities

Tesouro Selic

Tesouro Selic is ideal for those seeking liquidity and protection against basic interest rate fluctuations. Its return follows the Selic rate variation, offering positive real returns even in scenarios of economic volatility.

In 2025, with the Selic projected between 11% and 12% per year, this security presents itself as an excellent option for emergency reserves. Returns are calculated daily, and there’s no risk of principal loss in case of early redemption, as the security price doesn’t fluctuate negatively.

For a R$ 10,000.00 investment in Tesouro Selic 2027, considering Selic at 11.50% per year, the gross return after one year would be approximately R$ 1,150.00, subsequently deducting Income Tax and custody fees.

Tesouro Prefixado

Tesouro Prefixado offers returns defined at the time of purchase, being suitable for investors who believe future interest rates will be lower than current rates. In January 2025, prefixed securities offer rates between 11% and 12% per year for different maturities.

This security is more sensitive to market fluctuations. If you need to redeem before maturity, you may have gains or losses depending on the interest rate scenario. When interest rates rise, the prefixed security price falls, and vice versa.

A practical example: investing R$ 5,000.00 in Tesouro Prefixado 2028 with an 11.50% annual rate, at the end of the period you would receive approximately R$ 7,700.00, considering compound interest and deducting tax costs.

Tesouro IPCA+

Tesouro IPCA+ combines inflation protection with positive real returns. Composed of a prefixed rate plus IPCA (inflation index) variation, it guarantees purchasing power over time, being fundamental for long-term objectives like retirement.

In 2025, IPCA+ securities offered real rates between 5.5% and 6.5% per year, depending on maturity period. For a scenario where inflation stays at 4% per year and the real rate is 6%, the total nominal return would be approximately 10.24% per year.

This security is especially attractive for horizons above 5 years. A R$ 15,000.00 investment in Tesouro IPCA+ 2035, held until maturity, can generate final assets exceeding R$ 40,000.00, preserving and expanding real purchasing power.

How to calculate returns

Calculation methodology

Return calculation in Tesouro Direto follows the compound interest formula, considering interest rate, investment time, and applied amount. For post-fixed securities like Tesouro Selic, calculation is daily, while for prefixed and hybrid ones, the rate defined at purchase is used.

The basic formula is: FV = PV × (1 + i)^t, where FV is future value, PV is present value, i is the interest rate, and t is time. For Tesouro IPCA+, inflation variation is added to the calculation.

It’s essential to consider that gross amounts must be adjusted for costs (0.20% annual custody fee) and Income Tax, which varies according to investment period, following the regressive table for fixed income.

Practical simulation

Let’s simulate a R$ 20,000.00 investment distributed among the three types of securities. In Tesouro Selic 2027 (R$ 7,000.00), Tesouro Prefixado 2029 (R$ 6,000.00), and Tesouro IPCA+ 2035 (R$ 7,000.00), considering rates in effect in January 2025.

For Tesouro Selic, with an 11.25% annual rate, after 2 years we would have approximately R$ 8,680.00 gross. In Tesouro Prefixado at 11.75% per year for 4 years, the amount would be about R$ 9,350.00. The Tesouro IPCA+ with a 6% real annual rate for 10 years would result in approximately R$ 18,900.00.

Deducting costs and taxes, the total net return of the portfolio would exceed R$ 8,500.00, demonstrating the effectiveness of diversification among different types of securities. For more precise calculations, use our Tesouro Direto calculator, which automatically considers all costs and taxes.

Investment costs

Custody fee

B3 charges a custody fee of 0.20% per year on the value of custody securities, collected semi-annually on the first business day of January and July. This fee compensates for security custody services and system maintenance.

For a R$ 50,000.00 investment, the annual fee would be R$ 100.00, an amount that can be deducted directly from returns or debited from the brokerage account. It’s important to include this cost in profitability calculations to evaluate real net returns.

Some brokerages offer exemption from this fee for preferred clients or upon meeting certain criteria, such as minimum invested volume or banking relationship. Always check your financial institution’s conditions.

Income Tax

Income Tax on Tesouro Direto follows the regressive table for fixed income: 22.5% up to 180 days, 20% from 181 to 360 days, 17.5% from 361 to 720 days, and 15% above 720 days. Taxation applies only to returns, not to the principal amount invested.

The deduction is automatic at redemption or maturity, facilitating tax control. For long-term investments, the minimum rate of 15% makes Tesouro Direto even more attractive, especially when compared to investments taxed as variable income.

It’s important to plan redemptions considering tax periods. An investment held for 721 days will have 15% taxation, while early redemption at 719 days will be taxed at 17.5%, a difference that can significantly impact final profitability.

Investment strategies

Conservative profile

Conservative investors should prioritize Tesouro Selic for emergency reserves and Tesouro IPCA+ for long-term objectives. This combination offers security, liquidity when needed, and inflation protection.

An efficient strategy is to maintain 6 months of personal expenses in Tesouro Selic and direct resources for retirement to Tesouro IPCA+ with maturities between 2040 and 2055. This approach balances immediate needs with sustainable wealth growth.

For beginners, it’s recommended to start with 70% in Tesouro Selic and 30% in Tesouro IPCA+, adjusting the proportion as the emergency reserve grows and familiarity with investments increases.

Diversification

Diversification in Tesouro Direto can be done among different types of securities and maturity periods. This strategy reduces risks and allows taking advantage of opportunities in different economic scenarios.

A balanced portfolio could include: 40% Tesouro Selic (liquidity), 30% Tesouro IPCA+ (long-term inflation protection), and 30% Tesouro Prefixado (taking advantage of current attractive rates). Percentages should be adjusted according to personal objectives and time horizon.

Also consider diversifying by maturities, creating a “laddering” of securities that mature in different years. This allows reinvesting resources periodically, taking advantage of possible changes in market conditions.

Redemption and liquidity

Maturity

At maturity, the investor automatically receives the principal amount plus interest, according to conditions established at purchase. Payment is made directly to the brokerage account, usually on the first business day after the maturity date.

It’s essential to track your securities’ maturity dates to properly plan reinvestment or use of resources. Tesouro Direto offers a clear payment schedule, facilitating personal financial planning.

For securities with semi-annual coupon payments, like some Tesouro IPCA+, you’ll receive interest every six months, plus principal at maturity. This feature can be useful for those seeking periodic income.

Early redemption

Early redemption is available every business day, from 9:30 AM to 5:00 PM, with D+1 settlement. The National Treasury guarantees securities repurchase at market price at the time, providing liquidity superior to most fixed-income investments.

In Tesouro Selic, early redemption presents no risk of principal losses, as the price is always increasing. For prefixed and IPCA+ securities, the value may vary according to market conditions, potentially resulting in gains or losses if redeemed before maturity.

To minimize early redemption risks, maintain an adequate reserve in Tesouro Selic and invest in prefixed or IPCA+ securities only resources you won’t need before maturity. This planning is essential for optimizing profitability.

Tesouro Direto Calculator

How to use

Our Tesouro Direto calculator allows simulating different investment scenarios, considering initial amount, monthly contributions, period, and type of security. The tool automatically calculates costs and taxes, presenting expected net results.

To use the calculator, enter the amount you intend to invest, choose the security type, define the investment period, and include any monthly contributions. The system will calculate final amount, total return, and annual net profitability, facilitating comparison between different strategies.

The tool also allows comparing scenarios, such as investing everything at once versus making monthly contributions, or choosing between different types of securities for the same objective. This analysis is fundamental for making more informed decisions about your investments.

Comparison with other investments

Compared to savings accounts, which yield 70% of Selic when it’s above 8.5% per year, Tesouro Direto offers superior returns. In 2025, while savings yield approximately 8% per year, Tesouro Selic offers about 11.25% per year, even after deducting costs.

Regarding CDBs (bank certificates of deposit) from major banks, which frequently offer CDI percentages between 90% and 110%, Tesouro Direto maintains competitiveness, especially considering the additional security of being guaranteed by the National Treasury.

Fixed-income funds usually have management fees between 1% and 3% per year, plus performance fees in some cases. Tesouro Direto, with total cost close to 0.35% per year (including custody fee and brokerage spread), presents superior cost-benefit for medium and long-term horizons.