CDB, Tesouro Selic or LCI/LCA: Which Pays More in Brazil? Tax, FGC and Liquidity

October 1, 2026

CDB, Tesouro Selic and LCI/LCA are Brazil's most common fixed-income investments and almost always track the CDI rate. What ends up in your pocket depends on four things: the percentage of the CDI, income tax, the guarantee and liquidity.

1. Tax changes everything

CDBs and Tesouro Direto pay income tax on the gain under a regressive table — the longer you stay, the lower the rate:

Holding period	Income tax
Up to 180 days	22.5%
181 to 360 days	20%
361 to 720 days	17.5%
Over 720 days	15%

Redemptions within 30 days also pay IOF, which starts at 96% of the gain and reaches zero on day 30. LCI and LCA are income-tax free for individuals, which is why they usually pay a lower percentage of the CDI.

2. The equivalent-CDB formula

To compare a tax-free LCI with a taxed CDB, divide the LCI percentage by (1 − income-tax rate):

Equivalent CDB = LCI % ÷ (1 − tax)

An LCI paying 90% of the CDI for more than 2 years (15% tax) equals a CDB paying 90 ÷ 0.85 = 105.9% of the CDI. If the CDB offers less for the same term, the LCI pays more.

3. An example in numbers

R$ 10,000 for 2 years with the CDI at 12% a year (illustrative rate):

Investment	Gross at the end	Net at the end
CDB 100% of the CDI	R$ 12,544.00	R$ 12,162.40 (15% tax)
LCI 90% of the CDI	R$ 12,276.64	R$ 12,276.64 (tax-free)

Tesouro Selic pays practically the Selic rate, which moves with the CDI, and is taxed like a CDB. It charges the B3 custody fee of 0.20% a year, but only on the amount above R$ 10,000 invested in Tesouro Selic.

4. Guarantee and liquidity

Tesouro Selic: backed by the National Treasury, daily liquidity and little price movement — the usual choice for an emergency fund.
CDB and LCI/LCA: covered by the FGC up to R$ 250,000 per taxpayer per institution, with a total cap of R$ 1 million every 4 years. Some have daily liquidity; others pay only at maturity — and usually pay more for it.
LCI and LCA have a minimum lock-up before the first redemption.

Checklist

Compare everything net of tax and over the same term.
Check the FGC coverage and the issuer's soundness.
Think about when you will need the money: daily liquidity matters most for an emergency fund.

Do the maths

The fixed-income calculator compares CDB, LCI/LCA, Tesouro Selic, fixed rate, IPCA+ and savings side by side, with tax, custody fee and monthly contributions.

Educational content, not investment advice. Past returns do not guarantee future returns.

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