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Last updated October 24, 2026.

CDB and Tesouro Direto Basics for CPF Holders (2026)

The Alt Desk · Brazil · Checked against official sources, October 2026 · Educational only, not financial advice

Once you have a CPF and a Brazilian account, you'll hear two names again and again: CDB and Tesouro Direto. Both are ways to earn interest on reais. They work differently, they're protected differently, and the fees and taxes are not the same as leaving cash in a checking account.

This is a plain map of both. No picks and no rate calls.

The quick win: one question per product

Before you put reais into anything, ask one question. Who owes me this money, and what happens if they can't pay?

Write the answer next to every holding. It takes one line and tells you most of what matters about risk.

What a CDB is

A CDB (Certificado de Depósito Bancário) is a time deposit with a bank. You lend the bank reais for a set period. It pays you interest. Some CDBs let you redeem any day, others lock your money until maturity. Read which one you have.

Protection. Time deposits like CDBs are covered by the FGC (Fundo Garantidor de Créditos), Brazil's deposit guarantee fund. The limit is R$ 250,000 per CPF per institution or financial group, with a total cap of R$ 1 million per CPF over a rolling four-year period.[1][2] The FGC says non-residents are covered for eligible products too.[1]

Two details people miss. The limit is per financial group, not per brand name, so two banks in the same group can share one limit. If you're near the cap, check the FGC's own pages for how balances are counted.

What Tesouro Direto is

Tesouro Direto is the federal government's program for selling its bonds directly to individuals. To buy, you need a CPF and an account at a bank or broker authorized to offer it.[3] There are three main families:[3]

Fixed-rate and inflation-linked bonds have prices that move each day. If you sell before maturity, you can get more or less than the rate you locked in. Tesouro Selic tends to move the least, but it can still move.

Protection. The FGC lists Tesouro Direto among products it does not protect.[1] Your claim is directly on the government.

Fees

Tesouro Direto has two possible fees. B3, the exchange that holds the bonds, charges a custody fee. For Tesouro Selic, there's no custody fee on balances up to R$ 10,000 per CPF, and the fee applies only to the amount above that. The bank or broker can also charge its own fee, and Tesouro Direto publishes a ranking of what each institution charges.[3][4]

CDBs usually don't show a separate fee. The cost is built into the rate the bank offers. Compare rates the same way, for the same term and the same redemption terms.

Taxes, as published for these products

Tesouro Direto lists the same taxes as other fixed income such as CDBs. IOF applies to redemptions made in less than 30 days. Income tax applies on a declining scale by holding period, from 22.5% for up to 180 days down to 15% for over 720 days.[3][4]

That's the general rule shown for these products. People who live outside Brazil can face different rules. Brazilian law has a separate income tax rule for some non-resident investors in federal bonds, with exceptions.[5] Don't assume either set of rules applies to you. Ask a professional in Brazil.

And the US side is separate. US citizens and resident aliens are taxed on worldwide income, so interest and gains in Brazil are generally part of your US tax picture.[7] Bring your Brazilian statements to a US tax pro.

If you live outside Brazil

The Banco Central's FAQ on the current foreign capital rules says a non-resident individual can invest their own money held in a non-resident account in reais in financial assets, without first appointing a representative or registering with Brazil's securities regulator.[6] The same FAQ describes when a representative is needed, such as above certain monthly amounts sent from abroad, and it also mentions a representative for tax purposes.[6]

In practice, each bank and broker sets its own onboarding rules for non-residents. Ask before you open the account, not after.

What the free tracker covers, and what it doesn't

The free Two-Country Money Tracker gives you the CPF and account basics, a side-by-side log for every transfer, the questions to bring to a professional on each side, and a three-question send test.

It doesn't pick an account type for a non-resident, walk through opening one, or set up a ladder of CDBs and Tesouro bonds by term and FGC limit. A deeper guide on CPF and banking is coming.

Get the free Two-Country Money Tracker

Log every transfer, every holding and the question to ask about each. Made-up example numbers only.

Get the free tracker
A deeper CPF and banking guide is coming.

Sources

  1. FGC (Fundo Garantidor de Créditos), About the FGC guarantee: coverage limits, non-resident coverage and products not protected: fgc.org.br
  2. FGC, Regulation (list of covered products, including time deposits): fgc.org.br
  3. Tesouro Nacional, Tesouro Direto rules and regulation (requirements, bond types, fees, taxes): tesourodireto.com.br
  4. B3, Tesouro Direto frequently asked questions: b3.com.br
  5. Lei No. 11.312/2006, art. 1 (income tax on federal bonds for some investors resident abroad, with exceptions): planalto.gov.br
  6. Banco Central do Brasil, FAQ on Resolução Conjunta No. 13/2024 (foreign capital, non-resident investment): bcb.gov.br
  7. IRS, U.S. citizens and resident aliens abroad (tax on worldwide income): irs.gov

This article is educational and informational only. It is not financial, tax, or legal advice, and it is not tailored to your situation. Tax rules for people who live outside Brazil can differ from the resident rules described here. Confirm your own situation with a professional in Brazil and a US tax pro. Rules and figures described are current as of October 2026 and can change.

Rules in Brazil and the US change. Check current rules with a qualified professional in Brazil and a US tax pro before acting.

TAD, The Alt Desk. Brazil. Tangibles. Rails.