How to calculate the return on Polish treasury bonds
- 1.
Choose a bond and amount
For example 10-year EDO bonds for PLN 10,000 (100 bonds at PLN 100 each).
- 2.
Assume inflation or the NBP rate
For COI, EDO, ROS and ROD enter expected inflation; for ROR and DOR the NBP reference rate. Separate different values for later years with semicolons.
- 3.
Check the issue terms
The first-period rate, margin and early redemption fee are pre-filled from the October 2026 offer and can be edited.
- 4.
Read the result
See the final value, net profit, tax, a year-by-year table and the deposit comparison. Switch on early redemption to test cashing out sooner.
Polish retail bond rates - October 2026
| Bond | Term | 1st period | Later periods | Early redemption fee |
|---|---|---|---|---|
| OTS | 3 months | 2.00% | fixed | none (but no interest) |
| ROR | 1 year | 4.00% | NBP rate + 0.00 pp, paid monthly | PLN 0.50 |
| DOR | 2 years | 4.15% | NBP rate + 0.15 pp, paid monthly | PLN 0.70 |
| TOS | 3 years | 4.40% | fixed, compounded yearly | PLN 1.00 |
| COI | 4 years | 4.75% | inflation + 1.50 pp, paid yearly | PLN 2.00 |
| EDO | 10 years | 5.35% | inflation + 2.00 pp, compounded | PLN 3.00 |
| ROS | 6 years | 5.00% | inflation + 2.00 pp, compounded | PLN 2.00 |
| ROD | 12 years | 5.60% | inflation + 2.50 pp, compounded | PLN 3.00 |
Figures come from the terms of issue for the series sold from 1 to 31 October 2026 (obligacjeskarbowe.pl); fees are per PLN 100 bond bought on or after 1 September 2024. The NBP reference rate is 3.75%. The Ministry of Finance sets a new offer every month, so every parameter in the calculator can be changed. Bonds are sold through PKO Bank Polski and Bank Pekao, and you need an account with one of them to buy.
How EDO returns are calculated - an example
EDO bonds pay a fixed rate in year 1 and, from year 2, the previous year’s CPI inflation plus a 2 pp margin. Interest is compounded yearly and the 19% Belka tax is withheld once, at redemption.
Example: PLN 10,000 (100 bonds) in EDO with 3.5% inflation throughout. Year 1: PLN 100 × 5.35% → PLN 105.35 per bond. Years 2-10: 3.5% + 2% = 5.5% on the growing value. After 10 years each bond is worth PLN 170.56, so interest totals PLN 7,056, tax is PLN 1,340.64 and you receive PLN 15,715.36. Inside an IKE the payout would be the full PLN 17,056.
By comparison, a 4% deposit renewed yearly (taxed at each renewal) grows to about PLN 13,755.62 over the same time. In today’s money, at 3.5% inflation, the EDO result is worth about PLN 11,140.91, roughly 11% more than the PLN 10,000 invested. Check past price rises in the inflation calculator.
Early redemption, Belka tax and IKE
- Early redemption: a fee is charged per bond. For TOS, EDO, ROS and ROD it is capped at the interest accrued, so your capital stays intact. For ROR, DOR and COI the fee is capped at the interest only in the first interest period; later it is deducted in full from the redemption amount. OTS redeemed early returns PLN 100 without interest.
- Example: EDO for PLN 10,000 redeemed after 2 years: interest PLN 1,114 − fee PLN 300 = PLN 814, tax PLN 154.66, payout PLN 10,659.34.
- Belka tax: 19% on interest (Art. 30a of the PIT Act), withheld automatically. For ROR, DOR and COI at every interest payment, for TOS, EDO, ROS and ROD at redemption.
- IKE and IKZE: bonds held in an IKE are tax-free once the withdrawal conditions are met. IKZE payouts are taxed at a flat 10% on the whole amount. See the limits in the IKE and IKZE calculator.
Which bonds to choose?
It depends on how long you can leave the money and whether you expect high inflation.
- Up to a year: OTS (fixed rate for 3 months) or ROR (rate equal to the NBP reference rate).
- 2-3 years: DOR (floating) or TOS (fixed rate, which pays off if interest rates fall).
- 4 years or more: COI (interest paid out every year, useful as regular income) or EDO (interest compounded yearly for 10 years).
- Families receiving 800+: ROS and ROD have higher margins but can only be bought up to the amount of child benefit received.
The return on inflation-linked bonds depends on future inflation, so test several scenarios such as 2.5%, 3.5% and 5%. For a quick comparison with a fixed bank offer, use the term deposit calculator.
Frequently asked questions
How much will I earn on PLN 10,000 in EDO bonds?
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With 3.5% inflation every year you receive about PLN 15,715 after 10 years and Belka tax, a net profit of about PLN 5,715. Inside an IKE (no tax) it would be PLN 17,056.
What are Polish treasury bond rates in October 2026?
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First-period rates: OTS 2.00%, ROR 4.00%, DOR 4.15%, TOS 4.40%, COI 4.75%, EDO 5.35%, ROS 5.00%, ROD 5.60%. Margins over inflation: COI 1.5 pp, EDO and ROS 2 pp, ROD 2.5 pp.
Can foreigners buy Polish treasury bonds?
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Retail bonds are sold to individuals through PKO Bank Polski and Bank Pekao, so you need a bond registration account (rachunek rejestrowy) at one of these banks, which is normally opened together with a current account. Family bonds ROS and ROD are reserved for 800+ benefit recipients.
Are treasury bonds better than a bank deposit?
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Over long horizons with inflation above about 2%, EDO and COI usually beat deposits because their rate rises with inflation. For short periods a promotional deposit can pay more; compare both results in the calculator.
How much does early redemption of EDO bonds cost?
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PLN 3 per PLN 100 bond bought on or after 1 September 2024, but never more than the accrued interest, so your capital stays intact.
What happens if inflation is negative?
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For COI, EDO, ROS and ROD negative inflation is treated as 0%, so you still get at least the margin.
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