Government securities (Tezaur, Fidelis)
Loans you make to the Romanian state, at a fixed rate and free of income tax.
What are Tezaur and Fidelis government securities?
Government securities are bonds the Ministry of Finance issues to the public. You lend the state money for a number of years; it pays you a fixed rate and repays the sum at maturity.
Tezaur is bought directly from the state, through the Treasury, the Romanian Post or online, and does not trade on the exchange. It can be redeemed early under the issue's rules, usually by giving back the interest already received. Fidelis is bought through brokers in announced windows and then trades on the Bucharest Stock Exchange.
Income from government securities is not taxable: the Fiscal Code exempts it from income tax, unlike bank interest, which is taxed at 10%.
The rate is fixed, but inflation is not. If inflation rises above the security's rate, the real gain turns into a loss, just as with a deposit.
1,000 lei in a security paying 7% a year brings 70 lei a year, free of income tax.
Is there tax on Tezaur or Fidelis interest?
No income tax: income from government securities is not taxable under the Fiscal Code, art. 93.
What is the difference between Tezaur and Fidelis?
Tezaur is bought directly from the state and does not trade on the exchange. Fidelis is bought through brokers and then trades on the Bucharest Stock Exchange.
Related terms
Sources
- Law 239/2025 (capital gains) · static.anaf.ro
Checked on 27 September 2026. Rules and figures can change.
This page explains mechanisms and shows what happened in the past. It does not recommend products, say what to buy, or take your situation into account.