Comparator CDB vs LCI vs LCA - Online Fixed Income
Compare fixed income investments. See if it pays more to invest in taxable CDB or LCI/LCA exempt from Income Tax. Simulate using CDI profitability.
What is the purpose?
This calculator compares the net income of CDB (with Income Tax), LCI and LCA (exempt from IR for individuals) with the same term and percentage of the CDI. Reveals which fixed income investment offers the highest real return for your profile and time horizon.
Formula Used
To calculate CDB income with regressive income tax: Rendimento\_Líquido\_CDB = Rendimento\_Bruto × (1 - Alíquota\_IR)
For LCI/LCA, net income is equal to gross income due to tax exemption: Rendimento\_Líquido\_LCI = Rendimento\_Bruto
How to interpret the result?
The calculator plots comparative bars of total accumulated net return, discounting the CDB Income Tax according to the simulated period, showing which asset yields more and what equivalent rate is needed in the other to break even.
Practical Examples
If you invest $10,000 for 360 days with a CDI of 10%:
- A CDB at 110% of the CDI yields net $ 880 (20% of IR deducted).
- An LCI at 90% of the CDI yields a net $900 (tax free).
In this case, the 90% LCI yields more than the 110% CDB!
Usage Tips
For short terms, the CDB income tax is heavier (22.5%). Therefore, LCIs/LCAs tend to become even more competitive in terms of up to 180 days.
Important Observations
The CDB IR rate varies depending on the term: 22.5% (up to 180 days), 20% (181 to 360 days), 17.5% (361 to 720 days) and 15% (over 720 days). Savings are exempt and earn a Selic/CDI rate.
Frequently Asked Questions (FAQ)
What is CBD and how does it work?
CDB (Bank Deposit Certificate) is a fixed income security issued by banks to raise funds. The investor lends money to the bank and receives interest in return. Most CDBs yield a percentage of the CDI (e.g. 100% of the CDI or 110% of the CDI). It is guaranteed by the FGC up to $ 250.000 por CPF por instituição e tem incidência de IR conforme a tabela regressiva (22,5% a 15%).
Qual a diferença entre LCI e LCA?
LCI (Letra de Crédito Imobiliário) é um título emitido por bancos lastreado em créditos imobiliários. LCA (Letra de Crédito do Agronegócio) é lastreada em operações do agronegócio. Ambas são isentas de Imposto de Renda para pessoa física, têm prazo mínimo de carência (90 a 360 dias dependendo do banco) e são garantidas pelo FGC até $ 250,000. The IR exemption makes an LCI/LCA of 85% of the CDI equivalent to a CDB of 100% of the CDI for terms of up to 720 days.
How to compare CDB with LCI/LCA fairly?
To compare, convert net profitability to the same basis. A CDB of 100% of the CDI with IR of 20% (term of 181 to 360 days) net yields 80% of the CDI. An LCI of 82% of the IR-free CDI yields 82% of the net CDI — therefore the LCI is more advantageous in this period. The calculator makes this comparison automatically by showing the net income in reais of each alternative.
Do LCI and LCA have the same risk as savings?
LCI, LCA and CDB are guaranteed by the FGC up to $ 250.000 por CPF por instituição financeira (incluindo juros). A poupança tem a mesma garantia do FGC. Porém, para valores acima de $ 250,000, the risk increases if the issuing bank goes bankrupt. Smaller banks (fintechs and digital banks) generally offer higher rates as a premium for the greater perceived risk.
What is the minimum grace period for LCI and LCA?
The minimum waiting period for LCI and LCA is regulated by the Central Bank. For LCI: 90 days (for LCI linked to TR and IPCA) or 36 months (for some modalities). For LCA: 90 days. After the grace period, many LCI/LCAs allow early redemption or have a defined maturity. Liquid CDBs allow redemption at any time, but with a lower yield.
How much does a CDB of 100% of the CDI yield compared to savings?
With Selic at 10.5% per year (CDI ≈ 10.40% per year), savings yield 70% of Selic = 7.35% per year. A CDB 100% CDI for 1 year (IR of 17.5%) yields 10.40% × (1 - 0.175) = 8.58% per year net. A CDB 100% CDI for 2 years (IR of 15%) yields 10.40% × 0.85 = 8.84% net. In all terms, the CDB 100% CDI significantly outperforms savings.
What happens if the issuing bank goes bankrupt?
The FGC (Credit Guarantee Fund) guarantees the payment of up to $250,000 per CPF per CNPJ of a financial institution, including principal and interest. The payment term by the FGC is up to 3 months after the settlement is declared. For amounts above this limit, the investor becomes a creditor of the bankruptcy estate with uncertain deadline and recovery. Therefore, diversifying between different institutions is recommended for high values.
Is it worth investing in CDBs with daily liquidity?
CDBs with daily liquidity generally yield less (70% to 85% of the CDI) than CDBs with a defined term (100% to 120% of the CDI or more). For an emergency reserve, the Treasury Selic may be more advantageous (daily liquidity and yield close to the full CDI). For objectives with a defined term, longer-term CDBs tend to offer better rates.