Selic Yield Calculator

How Tesouro Selic (LFT) returns are calculated

Tesouro Selic is the popular nickname for the LFT (Letra Financeira do Tesouro), a post-fixed federal government bond. It pays 100% of Selic plus a small spread (positive or negative depending on market conditions at purchase). With Selic at roughly 15% per year in 2026, the gross yield sits near that level. The gross-amount formula is M = C · (1 + Selic_anual)^(d/252), using 252 business days per year — the standard Brazilian fixed-income convention.

Income tax is regressive: 22.5% up to 180 days, 20% 181–360, 17.5% 361–720, 15% above 720. B3 also charges a 0.20% per year custody fee, but since 2023 holdings up to R$ 10,000 are exempt from it. Example: R$ 10,000 held for 2 years at 15% Selic yields about R$ 3,225 gross; income tax of 15% on the gain takes R$ 484, leaving a net of roughly R$ 2,741.

Brazilian context in 2026

Tesouro Selic is the recommended emergency-fund vehicle in Brazil: liquidity is D+0 (you receive the redemption on the same business day, under reforms the BCB implemented in 2020), volatility is minimal (LFTs are post-fixed, so price stays close to face value even if Selic moves), and the yield far exceeds the poupança at any Selic above 8.5%. It is also the de-facto risk-free benchmark — every other fixed-income product is compared against it net of IR.

FAQ

Is Tesouro Selic risk-free? It carries Brazilian sovereign risk (default by the federal government), which is the lowest possible risk inside Brazil — there is no FGC because none is needed at that level. Currency and credit risk against external benchmarks remain, of course.

What is the small spread sometimes shown on Tesouro Direto? It is a tiny rate adjustment applied at purchase: Selic + 0.0%, Selic − 0.05%, etc. It comes from supply and demand and rarely exceeds 0.10 pp in absolute value.

How does the 0.20% custody fee work? Charged on B3's settlement infrastructure, semiannually, on holdings above R$ 10,000. For an emergency reserve under R$ 10,000, the effective cost is zero.

Can I lose money on Tesouro Selic? Practically no, if you hold to maturity or for any meaningful period — the price oscillates by a few basis points due to spread changes, but the gain accumulated from daily Selic interest absorbs that quickly. It does not behave like Tesouro Prefixado or IPCA+, which can drop materially before maturity.