Polish Treasury Bonds 2026: Types, Rates, Tax and How to Buy

Polish retail treasury bonds (obligacje skarbowe) are one of the simplest low-risk ways for people in Poland to earn interest on savings. Each bond costs 100 zł, is issued by the State Treasury, and comes in maturities from three months to twelve years. Some pay a fixed rate, others follow the NBP reference rate, and the longer ones are linked to inflation. In November 2026 first-period rates range from 2.00% (3-month OTS) to 5.35% (10-year EDO). This guide explains each bond type, how the interest works, what early redemption costs, how tax works and how to buy.

What are Polish retail treasury bonds?

Retail savings bonds are sold by the Ministry of Finance directly to individuals. They are not traded on the stock exchange, so their price does not move up and down day to day. You buy at 100 zł per bond, earn interest under the terms of that series and get your money back at maturity or earlier, minus a fee if you redeem early. A new series is issued every month, and the rates for the coming month are usually announced in the last days of the previous one.

Because the issuer is the Polish state, credit risk is low compared with corporate bonds or peer-to-peer lending. The main risks are different: inflation eating into fixed-rate returns, falling interest rates for floating bonds, and fees if you need the money before maturity.

Bond types and November 2026 rates

The table below shows the bonds offered in November 2026, based on the Ministry of Finance offer as reported by Strefa Inwestorów and Finwire. Rates are per year. Always check the current month’s offer before buying, because rates can change monthly.

Early redemption fees are per 100 zł bond and apply to bonds bought from 1 September 2024. Older series may have different fees, so check the terms of the series you hold.

How the interest works

Fixed-rate bonds: OTS and TOS

With OTS and TOS you know your return on day one. TOS compounds its interest each year and pays everything at the end of three years. This suits money you will need on a known date. The trade-off is that if inflation rises, a fixed rate can end up below inflation.

Floating-rate bonds: ROR and DOR

ROR and DOR pay interest every month. After the first month the rate follows the NBP reference rate, plus a small margin for DOR. In October 2026 the Monetary Policy Council kept the reference rate at 3.75%, so after the first month ROR would pay about that level unless rates change. If the central bank cuts rates, your interest falls; if it raises them, your interest rises.

Inflation-linked bonds: COI, EDO, ROS and ROD

These pay a fixed rate in the first year. From the second year the rate is annual CPI inflation published by GUS plus a fixed margin, for example 2.00 pp for EDO. The exact inflation reading used for each period is set in the issue letter of the series. For reference, GUS put September 2026 CPI at 4.1% year on year. If inflation stays near that level, EDO would pay roughly inflation plus 2 pp, but this is not guaranteed: if inflation falls, so does your rate.

COI pays interest out every year, which is useful if you want a regular income. EDO, ROS and ROD compound interest and pay it all at maturity, which helps long-term growth.

Family bonds (ROS and ROD)

ROS and ROD are only available to beneficiaries of the Rodzina 800 plus programme. They offer higher margins than EDO and are designed for saving for children over the long term. They are sold online through PKO BP’s bond service and at PKO BP branches.

Tax: the 19% Belka tax and IKE/IKZE

Interest from treasury bonds is subject to the 19% capital gains tax known as the “Belka tax”. The issuing agent withholds it automatically, so you receive the net amount and do not need to file anything for the interest yourself.

You can avoid or reduce this tax by holding bonds in a retirement wrapper: IKE-Obligacje or IKZE-Obligacje. In general, IKE profits are free of Belka tax if you keep the account until retirement age under the IKE rules, while IKZE contributions can be deducted from your income tax and withdrawals are taxed at a lower flat rate later. Both have annual contribution limits and conditions for withdrawal, so read the rules before you open one.

This is general information, not financial or tax advice. Your situation may differ, so check with a qualified advisor before making investment decisions.

How to buy treasury bonds: step by step

1. Pick your horizon. Decide when you will need the money: in a few months (OTS), in one to three years (ROR, DOR, TOS) or in four years or more (COI, EDO).
2. Open a bond account. Use obligacjeskarbowe.pl (run by PKO BP) or Bank Pekao. You can register online, by phone or at a branch or bond sales point.
3. Transfer money. Fund the registration account with the amount you want to invest. Each bond costs 100 zł.
4. Place the order. Choose the series offered this month and the number of bonds. The bonds appear in your account after settlement.
5. Consider switching at maturity. When your bonds mature, you can often switch them into a new series at a slightly lower price (99.90 zł instead of 100 zł), which gives a small extra return.

Which bond fits which goal?

If you need instant access to your money, a savings account may be more practical. We compare those options in our guide to high-yield savings accounts and CDs. For long-term growth with more risk, see our article on dividend stocks.

Common mistakes to avoid

• Comparing only the first-year rate. A high first-year rate on EDO or COI tells you little about later years, which depend on inflation.
• Buying long bonds with money you may need soon. Early redemption fees on EDO and COI can wipe out much of the interest in the first year.
• Forgetting the Belka tax. A 5% headline rate is about 4.05% after the 19% tax, unless the bonds are held in IKE or IKZE.
• Ignoring the switch option. Letting bonds mature into cash instead of switching means paying the full 100 zł price again.
• Putting everything in one series. Spreading purchases over several months and terms gives you more flexibility.

FAQ

Can I lose money on Polish treasury bonds?

The nominal value is repaid by the State Treasury. You can end up with less than you put in only if an early redemption fee is higher than the interest earned so far, so check the terms of the series. Your real return can also fall below inflation on fixed or floating bonds.

Can foreigners buy Polish retail bonds?

The bonds are aimed at individuals, and the agents set their own account-opening requirements. If you live in Poland but are not a Polish citizen, ask PKO BP or Pekao which documents they need.

Do I have to declare bond interest in my tax return?

No. The 19% Belka tax is withheld automatically by the agent, so there is nothing extra to file for the interest.

When are the next month’s rates announced?

Usually in the last days of the month before the new series goes on sale. The November 2026 offer was reported on 27–28 October 2026.

Conclusion

Polish treasury bonds are a solid, low-risk building block for savings, especially if you choose the term that matches when you need the money. Short bonds are flexible, fixed-rate bonds give certainty, and inflation-linked EDO and COI protect purchasing power over time. Check the current month’s rates, factor in the Belka tax and early redemption fees, and consider IKE or IKZE for long-term savings. Like any form of interest-based income, bonds work best as part of a mix rather than your only plan.

Sources

• Strefa Inwestorów – Treasury bond offer, November 2026
• Finwire – November 2026 bond rates, inflation and NBP rate
• Analizy.pl – Treasury bonds investor guide (fees, tax, where to buy)

Images: EarningTrends graphic.