Calculator
Polish retail treasury bonds: EDO, COI, ROS and TOS next to a deposit
Enter the amount and horizon, and the calculator shows the net result of each retail series and a deposit: after the early-redemption fee, after capital-gains tax and in today’s money. First-year rates per the Ministry of Finance offer for October 2026; you set inflation for later years.
Highest net: ROS
23 735zł
All series for this horizon
| Series | Net at the end | Real |
|---|---|---|
| TOS3 years, fixed, 4,40 % | 22 846 | 19 529 |
| COI4 years, inflation + margin, annual coupon, 4,75 % | 23 565 | 20 144 |
| ROS6 years, family (800+), 5,00 % | 23 735 | 20 289 |
| EDO10 years, inflation + margin, 5,35 % | 23 641 | 20 208 |
| Deposit | 22 016 | 18 819 |
- EDO
- Deposit
- First-year rates are the Ministry of Finance offer for October 2026 – they change monthly; check obligacjeskarbowe.pl.
- Early redemption carries a fee (TOS PLN 1, COI and ROS PLN 2, EDO PLN 3 per PLN 100), capped at accrued interest.
- Horizon longer than the issue: at maturity the money rolls into the same series (after tax).
- ROS is only available to beneficiaries of the “Rodzina 800 plus” programme.
Indicative result – not a loan offer or investment advice. Statutory and market parameters checked on 2026-10-10.
An indicative tool: the result is an order of magnitude on your assumptions, not a valuation or tax, legal or investment advice. Data entered into the form is never sent or stored anywhere.
| Series | Year 1 (Oct 2026) | Later years |
|---|---|---|
| TOS, 3 years | 4.40 % | fixed 4.40 % |
| COI, 4 years | 4.75 % | inflation + 1.5 pp, annual coupon |
| ROS, 6 years (800+) | 5.00 % | inflation + 2 pp |
| EDO, 10 years | 5.35 % | inflation + 2 pp |
How it is computed
- 1Year by yearTOS, ROS and EDO add interest to principal every year; COI pays it out yearly (after tax it goes into a deposit at the rate you set). From year two the rate = assumed inflation + margin, not below zero. If the horizon exceeds the issue, the money rolls into the same series at maturity.
- 2Redemption, tax, inflationIf the horizon ends before maturity: a fee (TOS PLN 1, COI and ROS PLN 2, EDO PLN 3 per PLN 100), capped at accrued interest. Then 19 % of the gain – unless the bonds sit in an IKE withdrawn after 60. Real value = result ÷ (1 + inflation)^years.
Frequently asked questions
EDO or COI?
EDO has the higher margin (2 pp) and compounds for 10 years, so it gives the most over a long horizon. COI is shorter (4 years), pays interest yearly and has a lower early-redemption fee. If you are unsure whether you will need the money earlier, COI is the safer choice.
Bonds or a deposit?
A deposit wins over a very short horizon with a high promotional rate. From 3–4 years inflation-linked bonds usually give more, as the margin over inflation protects real value – which a deposit does not guarantee. Both are subject to capital-gains tax unless the bonds are in an IKE.
What inflation should I assume?
Nobody knows. September 2026 was 4.0 % y/y; the NBP target is 2.5 % ± 1 pp. Run two scenarios – say 2.5 % and 5 % – and watch the ranking change. With inflation-linked bonds higher inflation raises the coupon; with TOS and a deposit it eats real value.
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