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Polish treasury bonds calculator

Calculate how much you earn with Polish retail treasury bonds (EDO, COI, TOS, ROR and others) after the Belka tax and any early redemption fee, with this month's rates.
Treasury bonds calculator
How much you want to invest. Each bond costs PLN 100, so the calculator counts whole bonds.Ile chcesz zainwestować. Jedna obligacja kosztuje 100 zł, więc kalkulator liczy pełne obligacje.
PLNzł
Only people who receive the 800+ child benefit can buy the ROS and ROD family bonds.Obligacje rodzinne ROS i ROD mogą kupić tylko osoby, które otrzymują świadczenie 800+.
EDO 10-year
After how many months you get your money back. If you enter less than the time to maturity, the calculator deducts the early redemption fee.Po ilu miesiącach odzyskasz pieniądze. Jeśli wpiszesz mniej niż czas do wykupu, kalkulator odejmie opłatę za przedterminowy wykup.
monthsmies.
From year 2, COI, EDO, ROS and ROD pay the inflation rate published by GUS plus a margin. Enter the average inflation you expect. The NBP target is 2.5%.Od drugiego roku COI, EDO, ROS i ROD płacą inflację podaną przez GUS plus marżę. Wpisz, jakiej średniej inflacji się spodziewasz. Cel inflacyjny NBP to 2,5%.
%
From month 2, ROR pays the NBP reference rate and DOR pays that rate plus 0.15%. Od drugiego miesiąca ROR płaci stopę referencyjną NBP, a DOR tę stopę plus 0,15%.
%
CalculateOblicz
Results
Amount at the endKwota po zakończeniu -
Number of bondsLiczba obligacji -
Gross interestOdsetki brutto -
Early redemption feeOpłata za przedterminowy wykup -
Belka tax (19%)Podatek Belki (19%) -
Net profitZysk netto -
Average annual net returnŚrednioroczny zysk netto -
End amount in today's moneyKwota końcowa w dzisiejszych złotych -

Interest rate by periodOprocentowanie w kolejnych okresach
PeriodOkresRateOprocentowanieGross interestOdsetki brutto
All bonds held to maturityWszystkie obligacje trzymane do wykupu
Same amount, inflation and NBP rate. Sorted from the highest average annual net return.Ta sama kwota, inflacja i stopa NBP. Ułożone od najwyższego średniorocznego zysku netto.
BondObligacjaNet per yearRocznie nettoNet profitZysk netto

These results are estimates and do not constitute investment advice. Rates after the first period depend on future inflation or the NBP rate. Always check the offer terms on obligacjeskarbowe.pl.Wyniki są szacunkowe i nie stanowią porady inwestycyjnej. Oprocentowanie od drugiego okresu zależy od przyszłej inflacji lub stopy NBP. Zawsze sprawdź list emisyjny na obligacjeskarbowe.pl.

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Earnings breakdown —
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Total value
Invested capital
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Net interest
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Glossary

Which Polish treasury bonds can you buy?

The Polish Ministry of Finance sells eight types of retail bonds every month. Each one costs PLN 100. They differ in term and in how the rate is set:

  • OTS (3 months) and TOS (3 years): a fixed rate for the whole term.
  • ROR (1 year) and DOR (2 years): a fixed rate in the first month, then the NBP reference rate (plus 0.15% in DOR). Interest is paid monthly.
  • COI (4 years) and EDO (10 years): a fixed rate in year 1, then inflation plus a margin of 1.50% (COI) or 2.00% (EDO).
  • ROS (6 years) and ROD (12 years): family bonds with a fixed rate in year 1, then inflation plus 2.00% (ROS) or 2.50% (ROD).

The first-period rates change with every monthly issue. The calculator always uses the current issue, shown under the Calculate button, and the full terms are on obligacjeskarbowe.pl.

How do inflation-linked bonds pay interest?

COI, EDO, ROS and ROD pay a fixed rate in year 1. From year 2 the rate is inflation plus a margin. Inflation is the annual consumer price index that GUS (Statistics Poland) publishes in the month before each interest period starts.

For example, if inflation is 3%, an EDO bond with a 2.00% margin pays 5.00% that year. If inflation is negative, it counts as zero, so the rate never falls below the margin.

The calculator cannot know future inflation, so it asks you for an average for the whole period. Try a few scenarios, such as 2.5% (the NBP target) and 5%.

How much does early redemption cost?

If you sell your bonds back before maturity, the State Treasury charges a fee per bond:

  • OTS: no fee, but you lose all the interest.
  • ROR: PLN 0.50. DOR: PLN 0.70.
  • TOS: PLN 1.00. COI: PLN 2.00. ROS: PLN 2.00.
  • EDO: PLN 3.00. ROD: PLN 3.00.

For TOS, EDO, ROS and ROD the fee never exceeds the interest accrued, so you never lose capital. For ROR, DOR and COI this cap only applies in the first interest period. After that the full fee is charged, even if it is higher than the interest accrued since the last payment.

What tax do you pay on Polish treasury bonds?

Interest is taxed at 19% (the capital gains tax known as "podatek Belki"). The institution that pays the interest withholds it, so you do not need to declare anything. On early redemption the tax is charged on the interest minus the fee.

You can also hold ROR, DOR, TOS, COI and EDO bonds in an IKE account (IKE-Obligacje, run by PKO Bank Polski). ROS, ROD and OTS cannot go into an IKE. If you meet the withdrawal conditions of the IKE and IKZE act (age 60, or 55 with pension rights, and contributions in at least 5 calendar years), you pay no Belka tax. Tick the IKE option in the calculator to see the result without tax. The IKE contribution limit for 2026 is PLN 28,260.

Who can buy the ROS and ROD family bonds?

Only people who receive the 800+ child benefit (świadczenie wychowawcze) can buy family bonds. You can buy them up to the total benefit received, minus any family bonds bought before. Money from an early redemption of family bonds cannot be used to buy family bonds from a new issue.

How does this calculator work?

The calculator follows the terms of the current issue:

  • It calculates interest for each PLN 100 bond and rounds it to the grosz, as the issue terms do.
  • It assumes the same inflation and NBP rate for the whole period. In reality both will change.
  • For early redemption it counts interest in whole months. The State Treasury counts actual days, so the result can differ by a few grosze per bond.
  • ROR, DOR and COI pay interest out during the term. The calculator does not reinvest it.
  • It does not include rollovers (zamiana), where you buy the new bonds slightly cheaper, usually at PLN 99.90.
  • "End amount in today's money" divides the end amount by the inflation you entered, which shows what it would be worth at today's prices.