LCI/LCA Calculator (no IR)

How LCI and LCA yields work

LCI (Letra de Crédito Imobiliário) and LCA (Letra de Crédito do Agronegócio) are debt notes issued by banks and backed by, respectively, real estate or agribusiness loans — regulated by Laws 10.931/2004 and 11.076/2004. Their headline feature: they are fully exempt from income tax for individuals. Most are post-fixed, paying a percentage of CDI. The gross-yield formula is M = C · (1 + p · CDI)^(d/252), where p is the percentage of CDI as a decimal. Because the yield is already tax-free, the "gross" rate equals the "net" rate.

Typical LCI/LCA pay 85-95% of CDI — lower than a CDB because the issuer already prices in the tax exemption. Equivalence rule: 100% of CDI tax-free ≈ 117.6% of CDI gross in a CDB held more than 720 days (17.5% IR). Below that conversion point, the CDB wins. Brazilian rules now require a minimum holding period of 90 days for both LCI and LCA — so neither is suitable for emergency liquidity. FGC covers up to R$ 250,000 per CPF per institution, same as CDBs.

Brazilian context in 2026

With Selic at 15% and CDI close behind, an LCI at 95% of CDI yields ~14.2% a.a. net — comparable to a CDB at 115% of CDI held more than 2 years, but available in much shorter terms. LCI/LCA are favorite vehicles for medium-term goals (6-24 months) once the 90-day lockup clears. They also reduce annual income-tax declaration friction: you report the balance but pay nothing. Compare options by the equivalent CDI (rate ÷ 0.825 if you would otherwise pay 17.5% IR), not the raw percentage.

FAQ

Are LCI and LCA really tax-free? Yes, for individuals (PF). Legal entities (PJ) pay regular IR. The exemption applies to all interest, not just principal.

Why is the 90-day lockup mandatory? The minimum term protects the credit lines backing the notes (real estate / agribusiness). LCI/LCA issued before 2024 had even longer minimums; current rules harmonized both at 90 days.

Is the FGC the same as for CDBs? Yes — R$ 250,000 per CPF per institution, capped at R$ 1,000,000 across institutions every 4 years. Diversification is your friend for larger balances.

When does a CDB beat an LCI? When the CDB pays more than LCI ÷ (1 − IR). Example: LCI at 95% of CDI is matched by a CDB at ~115% of CDI (long-term, 15% IR) — above that the CDB wins net.