Retail Treasury Bonds Calculator 2026

Retail treasury bonds are securities issued by the State Treasury for individuals, usually with a PLN 100 face value per bond. They guarantee return of capital and payment of interest. Maturities include 3-month, 1-, 2-, 3-, 4- and 10-year bonds, including inflation-indexed ones.

It depends on the bond type. Some pay interest annually, others capitalise it and pay at maturity. The calculator lets you choose: annual compounding (compound interest) or accrual at maturity (simple interest on the initial capital).

Interest is subject to the 19% Belka capital-gains tax. For retail bonds the tax is withheld automatically at source when interest is paid, so the investor receives the net amount with no separate PIT filing.

Annual compounding means interest for a year is added to the capital and itself earns interest the following year (compound interest). The effective return is higher than with simple interest. The "annual" mode uses amount × (1 + rate)^years.

Retail treasury bonds are among the safest instruments for individual investors, as repayment is guaranteed by the State Treasury. The main real risk is inflation — with a fixed rate the real return can be low if inflation exceeds the rate.

Inflation-indexed bonds (4- and 10-year) have a fixed rate in the first year and then a rate equal to inflation plus a margin. They protect the real value of savings during high inflation, but in low inflation they may yield less than fixed-coupon bonds.

Most retail bonds can be presented for early redemption. This involves a fee (e.g. PLN 0.50–2 per bond, not exceeding accrued interest). The calculator assumes holding to maturity, so early redemption lowers the real return.

Retail bonds are for individuals, have a low face value (PLN 100) and are bought directly from the issuer. Wholesale bonds are market-listed and bought mainly by institutions. The value of retail bonds grows with accrued interest, without market price swings.

It depends on current rates. Bonds often offer rates competitive with deposits, and indexed bonds hedge inflation. Both are subject to the 19% Belka tax. Deposits are protected by the BFG up to EUR 100,000; bonds carry an unlimited State Treasury guarantee.

No. The calculator gives an indicative result assuming a fixed rate and holding to maturity. Actual terms (variable rate, indexation, fees) are set by the series prospectus. This is an informational tool, not investment advice.