Start Free Trial

Polish Treasury Bonds Complete Guide 2026 — All Types Explained

Complete guide to Polish Treasury Bonds (obligacje skarbowe) in 2026. Compare OTS, DOS, TOZ, COI, EDO, ROS and ROD — interest rates, duration, inflation indexation, minimum purchase and early redemption costs.

Quick Answer

Polish Treasury Bonds (obligacje skarbowe) are government-backed securities available to individuals starting from just 100 PLN (~€23). In 2026, the Ministry of Finance offers 7 bond types — from 3-month OTS to 12-year ROD. They carry full State Treasury guarantee (no deposit limit like bank accounts), and inflation-linked variants (COI, EDO) provide real protection against rising prices. You can buy them entirely online at obligacjeskarbowe.pl.

Why Polish Treasury Bonds?

If you live and work in Poland — whether as a citizen or an expat — Treasury Bonds offer several compelling advantages:

  • State guarantee — backed by the Polish government, no cap on coverage (unlike bank deposits limited to €100,000 by BFG)
  • Low entry barrier — minimum purchase is just 100 PLN (1 bond)
  • Inflation protection — COI and EDO bonds are indexed to Polish CPI
  • No brokerage fees — buy directly from the Treasury, no commissions
  • Simple taxation — 19% flat tax on interest (Belka tax), withheld automatically

All 7 Types of Polish Treasury Bonds

OTS — 3-Month Bonds

Duration: 3 months | Rate: fixed, ~3.00% p.a. | Interest: paid at maturity

OTS bonds are the shortest available. Think of them as a savings account alternative — your money works for 3 months and returns with interest. No penalty for early redemption makes them the most liquid option.

Early redemption cost: none (proportional interest)

DOS — 2-Year Bonds

Duration: 2 years | Rate: fixed, ~3.25% p.a. | Interest: annually

DOS offers a fixed rate for 2 years. Predictable returns — you know exactly what you'll earn. Interest paid annually provides regular cash flow.

Early redemption cost: 0.50 PLN per bond

TOZ — 3-Year Floating Rate Bonds

Duration: 3 years | Rate: variable (WIBOR 6M) | Interest: semi-annually

TOZ is the only bond type linked to WIBOR (Warsaw Interbank Offered Rate). When interest rates rise, TOZ rates follow. Interest paid every 6 months.

Early redemption cost: 0.70 PLN per bond

COI — 4-Year Inflation-Linked Bonds

Duration: 4 years | Rate: variable (CPI + margin) | Interest: annually

COI is the first inflation-indexed option. Year 1 has a fixed promotional rate (~6.75% in March 2026), then from year 2: CPI inflation + 1.00% margin. Interest is capitalized annually.

Early redemption cost: 0.70 PLN per bond

EDO — 10-Year Inflation-Linked Bonds

Duration: 10 years | Rate: variable (CPI + margin) | Interest: annually (capitalized)

EDO is the flagship product. Year 1 fixed rate (~6.80% in March 2026), then CPI + 1.00% margin with annual capitalization — meaning compound interest. During Poland's 14.4% inflation in 2022, EDO paid 15.4%.

EDO is widely considered the best inflation hedge available to individual Polish investors.

Early redemption cost: 2.00 PLN per bond

ROS — 6-Year Family Bonds

Duration: 6 years | Rate: variable (CPI + 1.50% margin) | Interest: annually (capitalized)

ROS is exclusively available to beneficiaries of the 800+ child benefit program. Higher margin over inflation (1.50% vs 1.00%) and no early redemption penalty make it very attractive.

Early redemption cost: none

ROD — 12-Year Family Bonds

Duration: 12 years | Rate: variable (CPI + 2.00% margin) | Interest: annually (capitalized)

ROD offers the highest margin above inflation — 2.00%. Like ROS, it's only available to 800+ beneficiaries. No early redemption fee.

Early redemption cost: none

Comparison Table

Type Duration Rate Indexation Min. Purchase Early Redemption Cost
OTS 3 months ~3.00% fixed None 100 PLN None
DOS 2 years ~3.25% fixed None 100 PLN 0.50 PLN/bond
TOZ 3 years WIBOR 6M Interest rates 100 PLN 0.70 PLN/bond
COI 4 years CPI + 1.00% Inflation 100 PLN 0.70 PLN/bond
EDO 10 years CPI + 1.00% Inflation 100 PLN 2.00 PLN/bond
ROS 6 years CPI + 1.50% Inflation 100 PLN None (800+)
ROD 12 years CPI + 2.00% Inflation 100 PLN None (800+)

How to Choose the Right Bond

Short-term (up to 1 year): OTS — liquid, no penalty, predictable returns.

Medium-term (2–4 years): DOS for fixed rates, or COI for inflation protection.

Long-term (5+ years): EDO — best inflation protection thanks to compound interest and CPI margin.

800+ beneficiaries: ROS (6 years) or ROD (12 years) — higher margins, no redemption penalties.

Taxation for Expats

All Treasury Bonds are subject to 19% Belka tax on interest income. This tax is automatically withheld — you don't need to declare it separately in your PIT return. This applies regardless of your nationality, as long as you're a Polish tax resident.

If you hold bonds in an IKE (Individual Retirement Account), interest may be tax-exempt under retirement program rules.

Important for non-residents: If you're not a Polish tax resident, different rules may apply. Consult a tax advisor regarding double taxation treaties between Poland and your home country.

Key Risks

While Treasury Bonds are very safe, consider:

  1. Inflation risk (OTS, DOS) — fixed rates may fall behind inflation
  2. Interest rate risk (TOZ) — falling WIBOR reduces your returns
  3. Opportunity cost — capital locked for long periods (EDO = 10 years)
  4. Early redemption cost — you lose some interest plus pay a fee
  5. Currency risk (for non-PLN earners) — bonds denominated in PLN, FX fluctuations affect real returns

FAQ

Can foreigners buy Polish Treasury Bonds?

Yes. Anyone with a PESEL number and a bank account in Poland can purchase Treasury Bonds online at obligacjeskarbowe.pl. EU citizens can obtain a PESEL at any municipal office (urząd gminy).

What is the minimum investment?

100 PLN (the price of 1 bond). There is no maximum limit.

Which bonds offer the best inflation protection?

EDO (10-year) and COI (4-year) — both indexed to Polish CPI. EDO additionally capitalizes interest annually, creating a compound effect.

Are Treasury Bonds safer than bank deposits?

Yes — Treasury Bonds are guaranteed by the State Treasury with no limit. Bank deposits are insured by BFG only up to €100,000 equivalent.

Can I sell bonds before maturity?

Yes, all bonds can be redeemed early. However, you'll pay a handling fee (0 to 2 PLN per bond depending on type) and may forfeit some accrued interest.

📊 Track your Treasury Bonds automatically. Freenance monitors EDO, COI, TOS and other Polish bonds — with real return calculations. Start free →

How many months could you live without working?

See your Freedom Runway — free

Related Articles

Bonds

Belgian OLO 2026 Guide — Yields, State Notes, 30% Tax Rules

Complete 2026 guide to Belgian OLO bonds and State Notes for EU investors. Yields ~2.5-3.5%, FDA auctions, 30% roerende voorheffing, foreign WHT relief.

Read more →Bonds

Dutch DSL 2026 Investing Guide — Yields, Spread, Box 3 Tax

Complete guide to Dutch State Loans (DSL) in 2026 for EU investors. Yields ~2.5-3.2%, DSTA auctions, near-Bund spreads, Box 3 wealth-tax mechanics.

Read more →Bonds

Irish Bonds 2026 Guide — NTMA, State Savings, DIRT 33%

Complete 2026 guide to Irish government bonds and State Savings for EU investors. Yields ~2.6-3.3%, NTMA auctions, Solidarity Bond, DIRT 33%, ARF rules.

Read more →Bonds

Portuguese OT 2026 Guide — Yields, IGCP Auctions, Tax 28%

Complete 2026 guide to Portuguese OT government bonds for EU investors. Yields ~2.7-3.6%, IGCP auctions, OTRV variable-rate, 28% IRS tax, NHR specifics.

Read more →
Free 14-day trial

How long could you livewithout working?

Freenance connects your accounts, investments and crypto in one place and shows your Financial Freedom Runway — how many months you could cover your expenses without income. Demo data is seeded on signup, so you can explore before importing anything.

Start free — no card
14 days free
No credit card
Bank-grade encryption