Polish Treasury Bonds Complete Guide 2026 — All Types Explained
Complete guide to Polish Treasury Bonds (obligacje skarbowe) in 2026. Compare OTS, ROR, DOR, TOS, COI, EDO, ROS and ROD — September 2026 rates (EDO 5.35%, COI 4.75%), margins, minimum purchase and early-redemption fees.
- 5.35%
- EDO first-year rate, Sept 2026 offer (then CPI + 2.00%, compounded)
- 4.75%
- COI first-year rate (then CPI + 1.50%, paid annually)
- 100 PLN
- minimum purchase — one bond, no upper limit
- 8
- bond types on sale: OTS, ROR, DOR, TOS, COI, ROS, EDO, ROD
Fact-checked against primary sources on · figures re-verified on regulator, issuer or SEC filings — not copied from other sites
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 8 bond types — from the 3-month OTS to the 12-year ROD. They carry a full State Treasury guarantee (no deposit limit like bank accounts), and inflation-linked variants (COI, EDO, ROS, ROD) provide real protection against rising prices. You can buy them entirely online at obligacjeskarbowe.pl. Rates below are the September 2026 offer.
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, 2.00% p.a. (Sept 2026) | 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)
ROR — 1-Year Floating-Rate Bonds
Duration: 1 year | Rate: 4.00% in month 1 (Sept 2026), then the NBP reference rate monthly | Interest: monthly
ROR replaced the discontinued DOS in 2022. It floats with the central-bank reference rate, re-set monthly, and pays interest every month — the closest thing to a Treasury-backed savings account with monthly cash flow.
Early redemption cost: 0.50 PLN per bond
DOR — 2-Year Floating-Rate Bonds
Duration: 2 years | Rate: 4.15% in month 1 (Sept 2026), then NBP reference rate + 0.15% monthly | Interest: monthly
DOR (successor of the WIBOR-linked TOZ, withdrawn in 2021) floats with the NBP reference rate plus a 0.15% margin, re-set and paid monthly. When rates rise, DOR follows within a month.
Early redemption cost: 1.00 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 pays a fixed rate of 4.75% (September 2026), then from year 2: CPI inflation + 1.50% margin. Interest is paid out annually (not capitalized).
Early redemption cost: 2.00 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 of 5.35% (September 2026), then CPI + 2.00% margin with annual capitalization — meaning compound interest. During Poland's 14.4% inflation in 2022, EDO paid over 15%.
EDO is widely considered the best inflation hedge available to individual Polish investors.
Early redemption cost: 3.00 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. Year 1 pays 5.00% (September 2026); from year 2, CPI + 2.00% with annual capitalization.
Early redemption cost: 2.00 PLN per bond
ROD — 12-Year Family Bonds
Duration: 12 years | Rate: variable (CPI + 2.00% margin) | Interest: annually (capitalized)
ROD offers the highest margin above inflation — 2.50% (year 1: 5.60%, September 2026). Like ROS, it's only available to 800+ beneficiaries.
Early redemption cost: 3.00 PLN per bond
Savings in one bank, investments in another? See it all in one place — and how many months it could carry you.
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| Type | Duration | Rate | Indexation | Min. Purchase | Early Redemption Cost |
|---|---|---|---|---|---|
| OTS | 3 months | 2.00% fixed | None | 100 PLN | None (no interest if redeemed early) |
| ROR | 1 year | 4.00% month 1, then NBP ref. rate | Rate-linked | 100 PLN | 0.50 PLN/bond |
| DOR | 2 years | 4.15% month 1, then NBP ref. + 0.15% | Rate-linked | 100 PLN | 0.70 PLN/bond |
| TOS | 3 years | 4.40% fixed, capitalized | None | 100 PLN | 1.00 PLN/bond |
| COI | 4 years | 4.75% yr 1, then CPI + 1.50% | Inflation | 100 PLN | 2.00 PLN/bond |
| EDO | 10 years | 5.35% yr 1, then CPI + 2.00% | Inflation | 100 PLN | 3.00 PLN/bond |
| ROS | 6 years | 5.00% yr 1, then CPI + 2.00% | Inflation | 100 PLN | 2.00 PLN/bond (800+) |
| ROD | 12 years | 5.60% yr 1, then CPI + 2.50% | Inflation | 100 PLN | 3.00 PLN/bond (800+) |
How to Choose the Right Bond
Short-term (up to 1 year): OTS — liquid, no penalty, predictable returns.
Medium-term (1–4 years): ROR/DOR for rate-linked monthly income, TOS for a fixed 4.40%, 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) — the highest margins on offer.
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:
- Inflation risk (OTS, TOS) — fixed rates may fall behind inflation
- Interest rate risk (ROR, DOR) — falling NBP rates reduce your monthly interest
- Opportunity cost — capital locked for long periods (EDO = 10 years)
- Early redemption cost — you lose some interest plus pay a fee
- 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 3 PLN per bond depending on type) and may forfeit some accrued interest.
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