Brazil Investment Yield Calculator (2026)
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See what a lump sum actually earns in Brazil, net of tax. This calculator uses the rates in force in September 2026 — a 14% Selic policy rate, a 13.90% CDI interbank rate and a savings account (poupança) paying 0.6690% per month — to compare the four instruments most Brazilians choose from: poupança, CDB, Tesouro Selic and tax-exempt LCI/LCA.
The four instruments, compared
Brazilian fixed income is unusually generous by international standards, but the differences between products are large enough to matter. The poupança savings account is legally capped: while the Selic policy rate sits above 8.5% per year, it pays a flat 0.5% per month plus the TR reference rate — regardless of whether the Selic is 10% or 20%. In September 2026, with the TR at 0.1690% per month, that works out to 0.6690% monthly, or about 8.33% per year.
A CDB is a certificate of deposit issued by a bank, usually quoted as a percentage of the CDI interbank rate (13.90% per year today). Tesouro Selic is the floating-rate government bond, tracking the overnight Selic and carrying sovereign risk with daily liquidity. LCI and LCA are real-estate and agribusiness-backed notes that are completely exempt from income tax for individuals, which is why they can quote a lower percentage of CDI and still win on a net basis.
| Instrument | Gross return | Income tax | Net return | Final balance |
|---|---|---|---|---|
| Poupança (0.6690%/month) | R$833.01 | Exempt | R$833.01 | R$10,833.01 |
| CDB at 100% of CDI | R$1,390.00 | R$278.00 | R$1,112.00 | R$11,112.00 |
| Tesouro Selic | R$1,390.00 | R$278.00 | R$1,112.00 | R$11,112.00 |
| LCI/LCA at 90% of CDI | R$1,251.00 | Exempt | R$1,251.00 | R$11,251.00 |
Brazil’s regressive income tax on fixed income
Taxable fixed income in Brazil is charged at a declining rate based on how long the money stays invested. The tax applies only to the gain, never to the principal, and is withheld automatically at redemption. There is no annual filing choice here — it is a final, exclusive withholding.
Savings accounts, LCI and LCA are fully exempt for individuals, which is the single most important thing to understand about Brazilian retail investing.
| Holding period | Tax rate |
|---|---|
| Up to 180 days | 22.5% |
| 181 to 360 days | 20% |
| 361 to 720 days | 17.5% |
| Over 720 days | 15% |
Deposit insurance and liquidity
CDBs, LCIs and LCAs are covered by the FGC deposit guarantee fund up to R$250,000 per taxpayer ID per institution, with a global ceiling of R$1 million renewable every four years. Tesouro Selic is not covered by the FGC because it does not need to be: it is a direct obligation of the federal government, the lowest-risk instrument available in Brazilian reais.
Liquidity differs sharply. Tesouro Selic and daily-liquidity CDBs can be redeemed any business day. LCI and LCA almost always impose a lock-up of 90 days to 12 months. The poupança has a quirk of its own: interest is only credited on the monthly anniversary of each deposit, so withdrawing one day early forfeits the entire month.
What moves these rates
The Copom, Brazil’s monetary policy committee, meets eight times a year. At its 280th meeting on August 4–5, 2026 it cut the Selic target to 14.00% per year, the fourth consecutive cut. Every decision immediately reprices the CDI, Tesouro Selic and all CDI-linked bank notes.
The poupança is the exception: it only reacts if the Selic crosses the 8.5% threshold written into Law 12,703/2012. Above that line it stays frozen at 0.5% per month plus TR, which is precisely why it underperforms so badly during high-rate cycles. Re-run the simulation after each Copom decision for up-to-date figures.
Frequently asked questions
What is the current savings account rate in Brazil?
0.6690% per month in September 2026 — a fixed 0.5% plus the TR reference rate of 0.1690%. That is roughly 8.33% per year, tax-free. The formula changes to 70% of the Selic plus TR only if the Selic target falls to 8.5% per year or below.
Why does an LCI paying 90% of CDI beat a CDB paying 100%?
Because LCI and LCA are exempt from income tax for individuals, while a CDB held for a year loses 20% of its gain to withholding tax. On R$10,000 over 12 months, the LCI at 90% of CDI nets R$1,251 against R$1,112 for the 100%-of-CDI CDB.
Are these returns before or after tax?
After tax. The calculator applies the regressive income-tax table to CDB and Tesouro Selic based on the holding period you enter, and treats poupança and LCI/LCA as exempt. It does not model the IOF financial-transactions tax charged on redemptions within 30 days, nor the B3 custody fee on Tesouro Direto.
Can a foreigner invest in these products?
Non-residents can access Brazilian fixed income, but only through specific regulated structures (Resolution 4,373 accounts) and with different tax treatment. This calculator models the rules that apply to Brazilian tax residents investing as individuals.
Sources
Simulation based on rates in force in September 2026 (Selic target 14.00%/yr, CDI 13.90%/yr, poupança 0.6690%/month with TR at 0.1690%). Excludes IOF on sub-30-day redemptions, B3 custody fees and inflation. Rates change at every Copom meeting. Not investment advice.
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Also available in Portuguese: Quanto Rende Meu Dinheiro?