Treasury Direct: Complete Investment Guide for Beginners
Learn how to invest safely in Treasury Direct from R$ 30. Complete guide with types, yields, costs and step-by-step instructions.
Treasury Direct is the safest way to invest in Brazil, offering government bonds with 100% federal government guarantee. With just R$ 30, anyone can start investing and build an emergency fund or plan for retirement.
This program allows you to “lend” money to the Brazilian government and receive interest in return. It’s ideal for those seeking security, daily liquidity, and returns higher than savings accounts.
What is Treasury Direct
Treasury Direct is a federal government program that sells government bonds directly to individual investors. Created in 2002, it already has more than 22 million registered Brazilians.
The bonds represent debts of the Brazilian government. By buying a bond, you are lending money to the government, which commits to return the amount with interest.
Investment advantages
- Maximum security: National Treasury guarantee
- Low initial value: From R$ 30
- Daily liquidity: Withdrawals Monday through Friday
- Transparent profitability: Rates known at purchase
- Variety of terms: From 2 to 35 years
- IOF exempt: For investments over 30 days
How it works
You buy bonds through authorized brokerages or banks. The government pays interest according to the conditions of the chosen bond.
Profitability varies according to the type of bond and maturity term. Longer-term bonds generally offer higher interest to compensate for term risk.
Example: Investing R$ 1,000 in Treasury Selic with a rate of 10.65% per year, after 1 year you will have approximately R$ 1,106.50.
Types of Treasury bonds
Treasury Direct offers three main categories of bonds, each with specific profitability and risk characteristics.
Treasury Selic
Treasury Selic is indexed to the Selic rate and considered the most conservative. Its profitability follows the economy’s basic interest rate.
Main characteristics:
- Low risk: No negative price fluctuation
- Total liquidity: Ideal for emergency funds
- Daily profitability: Interest credited every business day
- Current maturity: 2029
This bond is perfect for beginners or those who need to keep money available for emergencies.
Treasury IPCA
Treasury IPCA protects your money from inflation and still offers real interest above the IPCA (Brazil’s official inflation index). It’s ideal for long-term goals.
Treasury IPCA advantages:
- Inflation protection: Return = IPCA + fixed rate
- Real interest: Gains above inflation
- Long maturities: Up to 2055
- Income or principal: Options with and without semi-annual payments
Example: Treasury IPCA+ 2035 with a rate of 5.50% + IPCA. If inflation is 4% per year, your total profitability will be close to 9.50%.
Treasury Prefixed
Treasury Prefixed offers a fixed interest rate, known at the time of purchase. Ideal when you believe interest rates will fall.
How it works:
- Fixed rate: Example: 10.50% per year until maturity
- Price fluctuates: Varies according to economic scenario
- Best strategy: Hold until maturity
- Maturities: 2027, 2031 and others
How to invest step by step
Brokerage registration
Choose a brokerage or bank with Treasury Direct access. Main options include:
- Independent brokerages: XP, Rico, Clear, Easynvest
- Traditional banks: Itaú, Bradesco, Santander, BB, Caixa
- Digital banks: Inter, BTG, Nubank
Complete your registration providing CPF (individual taxpayer ID), personal data, and proof of income. The process is 100% digital and takes about 24 hours.
Choosing the ideal bond
Bond choice depends on your objective and investment term:
| Objective | Recommended Bond | Term |
|---|---|---|
| Emergency fund | Treasury Selic | No fixed term |
| Retirement | Treasury IPCA+ | 15-30 years |
| Property purchase | Treasury IPCA+ | 5-10 years |
| Specific objective | Treasury Prefixed | Determined term |
Use our Treasury Direct calculator to simulate different scenarios and find the best option.
Defining amount and strategy
Start with small amounts to gain experience. R$ 100 per month already allows building a consistent reserve.
Build a diversified portfolio:
- 50% Treasury Selic (liquidity)
- 30% Treasury IPCA+ (inflation)
- 20% Treasury Prefixed (opportunity)
Profitability simulation
Practical examples
Scenario 1: Emergency fund
- Amount: R$ 500/month in Treasury Selic
- Rate: 10.65% per year
- Time: 2 years
- Result: R$ 13,156 (invested R$ 12,000)
Scenario 2: Supplementary retirement
- Amount: R$ 300/month in Treasury IPCA+ 2055
- Rate: IPCA + 5.50% per year
- Time: 20 years
- Estimated result: R$ 150,000+ (invested R$ 72,000)
Comparison with savings
| Investment | R$ 10,000 in 5 years |
|---|---|
| Savings (6% pa) | R$ 13,382 |
| Treasury Selic (10.65% pa) | R$ 16,524 |
| Difference | R$ 3,142 more |
Costs and fees
Custody fee
B3 (Brazilian stock exchange) charges 0.20% per year on the invested amount, debited semi-annually. For R$ 10,000 invested, you pay R$ 20 per year.
Administration fee
Varies by institution:
- Independent brokerages: 0% to 0.50% per year
- Traditional banks: 0.50% to 2% per year
- Digital banks: 0% to 0.30% per year
Income Tax
Follows regressive table:
| Term | Rate |
|---|---|
| Up to 180 days | 22.5% |
| 181 to 360 days | 20% |
| 361 to 720 days | 17.5% |
| Over 720 days | 15% |
IOF exemption: Applications held for more than 30 days.
When to redeem
Maturity vs. early redemption
At maturity: You receive exactly the agreed amount, without price fluctuations.
Early redemption: The government repurchases at market price, which may be higher or lower than the invested amount.
Redemption strategies
- Treasury Selic: Can redeem anytime without loss
- Treasury IPCA+: Better to hold until maturity
- Treasury Prefixed: Only redeem early if price is favorable
Operating hours
- Purchases: Monday to Friday, 9:30 AM to 6:00 PM
- Sales: Monday to Friday, 9:30 AM to 6:00 PM
- Settlement: T+1 for redemptions
Frequently Asked Questions
What’s the minimum amount to invest in Treasury Direct?
The minimum amount is R$ 30 or 1% of the bond value, whichever is greater. For example, if a bond costs R$ 2,000, you can buy from R$ 30. If it costs R$ 1,000, the minimum will be R$ 10.
Is Treasury Direct guaranteed even if the government goes bankrupt?
Yes, Treasury Direct has full federal government guarantee. It’s considered the country’s safest investment, as only a complete collapse of the Brazilian State would affect payments - an extremely unlikely scenario.
Can I lose money in Treasury Direct?
In Treasury Selic, there’s no nominal loss. In prefixed and IPCA+ bonds, there may be negative price fluctuation if you sell before maturity. Holding until maturity, you receive the agreed amount.
How is Income Tax charged on Treasury Direct?
IR (income tax) is charged at source upon redemption or maturity. Follows regressive table from 22.5% (up to 180 days) to 15% (over 720 days). No need to declare if the amount is less than R$ 35,000.
Can I transfer my bonds to another brokerage?
Yes, it’s possible to transfer bonds between institutions through B3. The process is free and takes 3 to 5 business days. You maintain the same purchase and maturity conditions of the bonds.
What’s the difference between Treasury IPCA+ and Treasury IPCA+ with semi-annual interest?
Traditional Treasury IPCA+ pays everything at maturity (principal + interest). Treasury IPCA+ with semi-annual interest pays interest every 6 months and principal at the end. Profitability is the same, but in the second you receive periodic income.
What happens if I forget to redeem at maturity?
Nothing. The National Treasury automatically deposits the amount in your brokerage account on the first business day after maturity. You don’t lose money or deadline - just access your account and transfer to the bank.