Tesouro Direto is a Brazilian government program that allows individual investors to buy federal public bonds directly from the National Treasury, starting with investments as low as R$ 30. This program was created in 2002 by the Secretaria do Tesouro Nacional in partnership with B3 to make government bonds accessible to regular people through the internet.
The program changed how Brazilians invest by removing the barriers that once kept federal public securities out of reach for small investors. Before Tesouro Direto existed, only wealthy investors could access these safe government investments through banks and brokers.
Understanding how this investment platform works—and knowing the different types of títulos públicos federais out there—can help investors make smarter choices. The program offers several bond options with different risk levels and return potential.
It’s actually pretty flexible, so there’s something for various financial goals and time horizons.
How Tesouro Direto Works
The Tesouro Direto program operates as a partnership between the Secretaria do Tesouro Nacional and B3 exchange. Individuals can purchase federal government bonds online.
The system requires account registration through authorized financial institutions. Investors can buy and sell títulos públicos during specific trading hours.
Program Structure and Key Participants
The Tesouro Direto investment program was set up by the Secretaria do Tesouro Nacional (STN) and B3 exchange. This collaboration lets the federal government sell títulos públicos directly to regular folks.
STN manages the dívida interna by issuing these government bonds. B3 handles the tech side and trading platform.
Key participants include:
- Tesouro Nacional: Issues the bonds
- B3: Provides trading platform
- Corretoras de valores: Act as intermediaries
- Banks: Offer access through their systems
- Individual investors: Purchase the bonds
The program operates during specific horário de funcionamento. Trading happens Monday through Friday from 9:30 AM to 6:00 PM.
A few bonds can even be purchased 24 hours a day through the official website.
Eligibility and Account Opening
Any Brazilian citizen with a valid CPF can invest in Tesouro Direto. Foreign residents with CPF registration are also eligible.
Investors need to open an account through an authorized instituição financeira. That could be a traditional bank like Caixa or one of the independent corretoras.
Account opening requirements:
- Valid CPF number
- Personal identification documents
- Bank account information
- Email address and phone number
The registration process can be completed online via internet banking or at a physical branch. The system gives you a senha provisória for first-time access.
Many corretoras charge different fees. Some banks, though, offer zero custody fees for certain bond types.
Purchase and Redemption Process
The minimum investment amount starts at about R$30. Investors can buy fractions of bonds—no need to purchase a whole unit.
Payment methods include bank transfers, PIX, and direct debits from checking accounts. PIX is fast and usually settles immediately during trading hours.
Purchase steps:
- Log into the platform
- Select the bond type you want
- Enter the investment amount
- Pick your payment method
- Confirm the transaction
Redemption works two ways. You can hold bonds until maturity for guaranteed returns, or sell them back to Tesouro Nacional early at current market prices.
The platform offers Tesouro Direto Coletivo for group investments, letting multiple people invest together in the same bond.
Settlement usually happens on the next business day for most transactions. Unless you say otherwise, the system automatically reinvests interest payments.
Tesouro Direto Investment Options and Strategies
Tesouro Direto offers three main bond types, each with its own risk profile and payment structure. It’s important to consider custodial fees, income taxes, and daily liquidity when thinking through your investment strategy.
Types of Government Bonds
The Brazilian government issues three primary categories of bonds through Tesouro Direto’s accessible platform.
Tesouro Prefixado (LTN) has a fixed interest rate decided at purchase. You know exactly how much you’ll receive at maturity.
These bonds are best when interest rates seem likely to drop.
Tesouro Prefixado com Juros Semestrais (NTN-F) is similar, but pays out interest every six months. This one suits anyone who wants regular income.
Tesouro Selic (LFT) follows the Selic rate, Brazil’s main interest rate. Returns change with monetary policy.
These are good if you’re worried about rising rates.
Tesouro IPCA+ (NTN-B Principal) gives you inflation protection plus a fixed extra return. You get the IPCA inflation adjustment plus a set rate at maturity.
Tesouro IPCA+ com Juros Semestrais (NTN-B) is like the previous one but with semi-annual interest payments. This helps keep your purchasing power and gives you regular income.
Tesouro Renda+ and Tesouro Educa+ are more specialized. They’re designed for retirement and education funding, with tax perks and structured payment schedules.
Yield, Fees, and Taxes
Tesouro Direto comes with a few costs that impact your final returns. It’s smart to know these fees so you can figure out your real yield.
Taxa de Custódia B3 is 0.20% annually on invested amounts. This covers custody and platform maintenance, and it’s deducted semi-annually.
Taxa de Administração varies by brokerage. Some offer zero-fee Tesouro Direto investments, so it’s worth shopping around to keep costs down.
Imposto de Renda hits all bond profits with a regressive table. Investments held less than 180 days pay 22.5% tax, but the rate drops to 15% for those held over 720 days.
IOF (Imposto sobre Operações Financeiras) only applies to bonds sold within 30 days of purchase. It starts at a whopping 96% for same-day sales and drops daily.
Rentabilidade calculations have to take these taxes and fees into account. Tesouro Direto remains competitive because of government backing and consistent returns, even with these costs.
Liquidity and Risk Management
Tesouro Direto offers liquidez diária—the government will buy back your bonds any business day.
Resgate antecipado happens at current market prices, not necessarily what you paid. Marcação a mercado means prefixed bonds can trade below their purchase value if rates go up.
Venda antecipada of Tesouro Selic bonds usually happens near face value since they’re post-fixed. IPCA+ bonds have similar risks as prefixed ones during their accumulation period.
Risk management? Many people just hold bonds until maturity to dodge market swings. Diversifying across different bond types can also help reduce risk.
Fluxo de pagamento changes by bond type. Some pay only at maturity, others provide semi-annual payments. It’s worth matching payment schedules to your own financial needs—nobody wants surprises there.
Comparative Analysis with Other Investments
Tesouro Direto goes head-to-head with other renda fixa options like poupança, CDB, LCI, and LCA.
| Investment | Minimum Amount | Liquidity | Tax Treatment | Government Guarantee |
|---|---|---|---|---|
| Tesouro Direto | R$ 30 | Daily | IR + IOF | Yes |
| Poupança | R$ 1 | Daily | Tax-free | Up to R$ 250,000 |
| CDB | Varies | Varies | IR + IOF | Up to R$ 250,000 |
| LCI/LCA | R$ 1,000+ | Limited | Tax-free | Up to R$ 250,000 |
Tesouro Direto’s low minimum investment makes it pretty approachable, even for folks just getting started.
The government backing? That’s a real comfort for anyone worried about bank failures or private risk.
If you’re thinking about aposentadoria, Tesouro IPCA+ bonds bring inflation protection to the table—something poupança just can’t do.
Long-term investors also get a break from taxes as time goes on, which is a nice bonus.
Honestly, investir no Tesouro Direto lets you diversify instead of just parking cash in a regular savings account.
It’s transparent, the government guarantee is solid, and for anyone who’s a bit more cautious but wants more than poupança offers, it’s worth a look.
