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Fixed Income: CDI, IPCA+ and Selic — which to choose?

Compare the main types of fixed income and understand when to use each one.

Fixed income is a category of investments where you know (or can estimate) how much you'll receive at maturity. The main indexes are CDI, IPCA and Selic.

Types of fixed income

Fixed Rate

Rate defined at the time of application. You know exactly how much you'll receive at maturity. Good when expecting falling interest rates.

Floating Rate (CDI)

Return linked to CDI, which follows Selic. Ideal for emergency fund and short terms, as it follows interest rate variations.

IPCA+

Return = IPCA (inflation) + fixed rate. Protects your purchasing power and guarantees real gain. Ideal for long-term goals.

When to use each type?

  • Emergency fund: Treasury Selic or CDB with daily liquidity
  • Short term (up to 2 years): Floating rate (CDI)
  • Medium term (2-5 years): Fixed rate or IPCA+
  • Long term (5+ years): IPCA+

Taxation

Most fixed income investments follow the regressive income tax table: 22.5% up to 180 days, 20% from 181 to 360 days, 17.5% from 361 to 720 days, 15% above 720 days.

TermIncome tax rate
Up to 180 days22.5%
181 to 360 days20%
361 to 720 days17.5%
Over 720 days15%

Related calculators

Fixed Income Comparator

Compare fixed income investments (Fixed Rate, CDI, IPCA+, Selic) net of IR/IOF taxes and inflation.

Compound Interest

Calculate the yield of your investments with compound interest over time.

Frequently Asked Questions

Is CDB better than Treasury bonds?
It depends. CDBs may offer better rates but have bank credit risk. Treasury bonds are government-guaranteed. For amounts up to R$250k, CDBs have FGC guarantee.
What does 100% of CDI mean?
It means the investment yields exactly the same as the CDI rate. 110% of CDI means it yields 10% more than CDI, and 90% of CDI means 10% less.
Can IPCA+ have negative returns?
At maturity, no — you always receive IPCA + contracted rate. But if you sell before maturity, the value may fluctuate downward (mark-to-market).
What's the difference between CDI and Selic?
They're very close. Selic is the basic interest rate set by the Central Bank. CDI is the interbank lending rate, which closely follows Selic (usually 0.1% below).
Are LCI and LCA better for being tax-exempt?
Not always. Compare the net rate. A CDB at 110% of CDI with tax may yield more than an LCI at 90% of CDI without tax, depending on the term.
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Fixed Income: CDI, IPCA+ and Selic