Polish treasury bonds calculator 2026
See how much you earn on Polish government savings bonds after the 19% Belka tax and whether you beat inflation. Anyone with a Polish PESEL number and a bank account in PKO BP or Pekao can buy them.
Bond interest rates — October 2026
The Ministry of Finance offer for October 2026 is unchanged since April. One bond costs 100 PLN.
| Bond | Term | 1st period | Following periods |
|---|---|---|---|
| ROR | 1 year | 4.00% | NBP ref. rate, monthly |
| DOR | 2 years | 4.15% | NBP ref. rate + 0.15 pp |
| TOS | 3 years | 4.40% | fixed 4.40% |
| COI | 4 years | 4.75% | inflation + 1.50 pp |
| EDO | 10 years | 5.35% | inflation + 2.00 pp |
Which bonds to choose?
EDO (10-year) bonds compound interest every year and are protected against inflation — the best choice for the long term, especially inside an IKE account where you pay no Belka tax. COI (4-year) bonds pay out interest every year, so they suit people who want regular passive income. TOS give a fixed rate for 3 years — worth it if you expect inflation and interest rates to fall. ROR are short-term, with a rate that follows the central bank’s decisions.
Bonds can be redeemed early for a small fee (usually 0.50–3 PLN per bond), which can never exceed the interest earned. You can buy them at obligacjeskarbowe.pl, in PKO BP or Bank Pekao.
How we calculate
For EDO and TOS interest is compounded every year and the 19% tax is taken at redemption. COI pay out interest every year (taxed as it is paid, no compounding). For ROR we assume 4.00% in the first month and the NBP rate afterwards, with monthly payouts. “Real” means the return after subtracting the inflation you entered. COI and EDO results are estimates — they depend on actual inflation.