Polish government retail bonds (obligacje skarbowe detaliczne) are one of the safest savings instruments available in Poland, backed by the full credit of the Polish state. They are available to individuals — including foreign residents — and offer guaranteed returns that often outpace standard savings accounts. Here is your complete guide for 2026.
Types of Polish Treasury Bonds Available in 2026
The Polish Ministry of Finance offers several retail bond series, each with different maturities and interest structures:
- OTS — 3-month bonds: Short-term, fixed interest rate. Suitable for parking cash short-term. Interest paid at maturity. Current rate in 2026: around 5.00% per annum.
- ROR — 1-year bonds: Fixed rate for 12 months, interest paid monthly. Useful for regular income. Approximate rate: 5.75% per annum.
- DOR — 2-year bonds: Variable rate linked to the NBP reference rate (set monthly by the Polish central bank) plus a margin. Pays interest monthly. A good hedge against rate changes.
- TOS — 3-year bonds: Fixed rate for the first year, then tied to inflation (CPI) plus a margin. Interest capitalised annually. Suitable for medium-term savings.
- COI — 4-year inflation-linked bonds: Fixed rate in year 1, then CPI + fixed margin from year 2. Interest paid annually. Popular for protecting savings from inflation.
- EDO — 10-year inflation-linked bonds: Fixed rate in year 1, then CPI + higher margin. Interest capitalised (compound). Best long-term option; the highest coupon among retail bonds.
Exact rates change each month. Check the official portal for the current month's rates before purchasing.
How to Buy Polish Treasury Bonds Online
All retail bonds are sold through the official government portal:
- Go to moje.obligacjeskarbowe.pl (the Ministry of Finance retail bond platform).
- Create an account — you will need a Polish phone number (for SMS verification), PESEL number (or NIP for foreign nationals without PESEL), and a Polish bank account for settlements.
- Link your bank account for transfers. Deposits are made via standard bank transfer (przelew).
- Select the bond series you want, choose the amount (minimum 100 PLN per bond unit), and confirm the purchase order.
- Bonds are registered in your account electronically — no physical certificates.
Bonds can also be purchased at PKO Bank Polski branches and by phone (for existing customers). The online portal is available in Polish only — use a browser with translation if needed.
Can Expats and Foreigners Buy Polish Bonds?
Yes. Foreign nationals who are legal residents of Poland can purchase retail bonds if they have:
- A valid PESEL number (issued to residents with a residence permit or temporary protection status), or
- A Polish NIP number (tax identification number) for those without PESEL.
- A Polish bank account in PLN.
Non-residents without Polish identity numbers may face difficulties with the online platform — the platform is primarily designed for Polish residents.
Tax on Bond Income — Belka Tax
Interest earned on Polish treasury bonds is subject to the Belka tax — a flat 19% withholding tax on capital gains and investment income (podatek od dochodów kapitałowych). This tax is:
- Deducted automatically at source when interest is paid or at maturity — you do not need to file anything separately for standard bond interest.
- Applied to the gross interest before it reaches your account.
- Not subject to the tax-free personal allowance (kwota wolna od podatku) — it is charged regardless of your income level.
Example: if your bond earns 500 PLN interest, you receive 405 PLN after 19% Belka tax.
Early Redemption — Rules and Penalties
Polish retail bonds allow early redemption (przedterminowy wykup), but with costs:
- 3-month OTS bonds: no early redemption before maturity (they are very short-term already).
- 1-year ROR and 2-year DOR: redemption allowed after the first month; a fee of 0.50 PLN per bond unit (100 PLN face value) is charged.
- 3-year TOS and 4-year COI: redemption after 1 month; fee of 0.70 PLN per unit.
- 10-year EDO: redemption after 1 month; fee of 2.00 PLN per unit.
The early redemption fee is deducted from your accrued interest — if you redeem very early, the fee may consume most or all of the interest earned. Redeeming after a longer hold typically still leaves a positive return.
Practical Tips for Expats
- Start with shorter-term bonds (OTS or ROR) to get familiar with the platform before committing to 10-year EDO.
- Inflation-linked bonds (COI, EDO) are particularly useful in periods of elevated inflation — they protect purchasing power automatically.
- Keep PLN liquidity in mind — bonds are denominated in Polish złoty and returns are in PLN. Currency risk applies if you plan to convert to EUR or other currencies.
- Bonds do not appear in your roczny PIT tax return — the Belka tax is final and withheld at source.
Use our treasury bond calculator to estimate the net return on any bond series, or our savings deposit calculator to compare bonds against bank deposits.