Treasury Direct 2025: How to Calculate Returns and Invest

Treasury Direct continues to be one of the main options for those seeking security and predictability in investments in 2025. With federal government bonds that offer different return strategies, it’s essential to know how to calculate yields to make informed decisions.

The platform allows investments starting from R$ 30.00, making it accessible to various profiles of Brazilian investors.

What is Treasury Direct

Treasury Direct is the federal government program that allows purchasing government bonds online. When you invest, you are lending money to the government in exchange for compensation.

Types of available bonds

In 2025, three main types of bonds are available:

• Selic Treasury: Return linked to the basic interest rate
• IPCA+ Treasury: Inflation protection + real interest rate
• Fixed-rate Treasury: Fixed interest rate known at purchase time

Each type serves different investment strategies and specific time horizons.

Investment advantages

Treasury Direct offers unique benefits in the financial market:

• National Treasury guarantee (sovereign risk)
• Daily liquidity for all bonds
• Low minimum investment (around R$ 30)
• Variety of terms (2 to 35 years)
• Complete transparency of costs and fees

How returns work

Returns vary according to the type of bond chosen. Each type has specific characteristics that directly impact yield calculations.

Selic Treasury

Selic Treasury follows 100% of the basic interest rate (Selic). With Selic at 10.75% per year (January 2025), this bond offers variable returns.

Example: Investing R$ 1,000 in Selic Treasury at current rate, the gross annual return would be approximately R$ 107.50.

Daily return is calculated by the formula: Return = Value × (Selic/100) ÷ 252 business days.

IPCA Treasury

IPCA+ Treasury combines inflation adjustment plus a fixed real rate. Bonds available in 2025 offer real rates between 5.5% and 6.2% per year.

Main characteristics:

• Automatic protection against inflation (IPCA)
• Predefined real rate at purchase time
• Semi-annual interest payments (interest-bearing type)
• Various maturities (2029, 2035, 2045)

Fixed-rate Treasury

Fixed-rate Treasury offers a fixed rate known in advance. In January 2025, rates vary between 11.5% and 12.8% per year, depending on the term.

Example: Fixed-rate Treasury 2031 with 12.0% annual rate → R$ 1,000 invested will yield approximately R$ 1,973 at maturity.

How to calculate returns

Calculating Treasury Direct returns involves different variables depending on the type of bond chosen.

Calculation formulas

For Fixed-rate Treasury, the formula is: Final Value = Initial Value × (1 + rate)^time in years

For Selic Treasury, daily calculation is: Daily Return = Balance × Current Selic ÷ 100 ÷ 252

For IPCA+ Treasury, combine: Final Value = Initial Value × (1 + accumulated IPCA) × (1 + real rate)^time

Fees and costs involved

Treasury Direct costs in 2025 include:

• B3 custody fee: 0.20% per year on invested amount
• Income Tax: Progressive table (22.5% to 15%)
• IOF: Only for withdrawals in less than 30 days
• Brokerage fee: Many brokers charge no fee

Practical simulation

Let’s simulate a real investment to demonstrate calculations in practice.

Investment example

Scenario: R$ 5,000 investment in IPCA+ Treasury 2035 with 6.0% annual real rate for 3 years.

Considering average IPCA of 4.0% per year:

Calculation:

• Nominal return: 4.0% (IPCA) + 6.0% (real) = approximately 10.24%
• Gross value after 3 years: R$ 6,706
• IR (15% on gains): R$ 256
• Custody fee: R$ 40
• Net value: R$ 6,410

Use our Treasury Direct calculator to accurately simulate different scenarios.

Investment strategies

Choosing the ideal bond depends on your objectives and investment timeframe.

For emergency fund

Selic Treasury is the best option due to daily liquidity and low volatility. Ideal for amounts that may be needed at any time.

For medium-term goals

IPCA+ Treasury offers inflation protection and attractive real returns. Recommended for goals between 5 and 15 years.

For retirement

IPCA+ Treasury with long maturities (2045, 2055) maximizes compound interest power and protects against long-term inflation.

Term diversification

Consider creating a “ladder” combining:

• 30% Selic Treasury (liquidity)
• 40% IPCA+ Treasury medium-term
• 30% IPCA+ Treasury long-term

Frequently Asked Questions

What’s the minimum amount to invest in Treasury Direct?

The minimum investment is R$ 30.00 or 1% of the bond value, whichever is higher. In practice, most bonds allow starting with around R$ 30 to R$ 100.

How is Income Tax charged on Treasury Direct?

IR follows the progressive table, varying from 22.5% (up to 180 days) to 15% (over 720 days). Tax applies only to returns, not to the initially invested amount.

Is it possible to redeem before maturity?

Yes, all Treasury Direct bonds have daily liquidity. The National Treasury repurchases bonds at market value on the redemption day, which may be higher or lower than the invested amount.

What’s the difference between IPCA+ Treasury with and without semi-annual interest?

IPCA+ Treasury without interest accumulates all returns until maturity. With semi-annual interest pays coupons every 6 months, ideal for those seeking periodic income.

What happens if the government doesn’t pay the bonds?

Treasury Direct bonds are guaranteed by the National Treasury, representing the country’s lowest credit risk. Historically, the Brazilian government has never failed to honor bonds in reais.

How to choose between Selic Treasury and savings account?

Selic Treasury generally offers higher returns than savings accounts, plus daily liquidity. Savings accounts yield 70% of Selic when it’s above 8.5%, while Selic Treasury yields close to 100% of Selic, minus taxes.

Is it safe to invest all money in Treasury Direct?

Although it’s the country’s safest investment, it’s recommended to diversify among different assets and terms. Treasury Direct should be part of a balanced portfolio, not necessarily 100% of it.