# Tezaur or Fidelis

A new Tezaur or Fidelis emission lands almost every month, with tax-free coupons up to 7.60%. Through August, every one of them sat below the most recent inflation readings.

Marius Comper · 13 September 2026 · updated to the September 2026 emissions and August 2026 inflation

## Every 2026 rate has sat below recent inflation

Romania went into the summer of 2026 with annual inflation above 10%: 10.42% in June, 8.16% in July, 6.2% in August (INS). Measured against those three readings, the single highest rate in each of the 15 Tezaur and Fidelis emissions launched through September has, almost every time, stayed below them. Against 10.42% (June), all 45 published rates fall short — including the best of them, 7.60%, offered on Fidelis's six-year tenor in April and again on its ten-year tenor in June. Against 8.16% (July), the result is the same. Against 6.2% (August), 41 of the 45 clear it; one matches it exactly — Tezaur's one-year coupon from September, at 6.20% — and three sit below it: Tezaur's one-year coupon from March (5.85%), Fidelis's two-year coupon from March (5.90%), and Fidelis's two-year coupon from February (6.15%).

What this comparison says is what inflation was in those particular months, not what it will be over the years a bond actually stays in a portfolio. A rate fixed today answers to inflation still to be measured over the whole time it's held, not to inflation that has already passed; the calculator below lets the reader choose exactly that assumption.

## Two ways to lend the state money

**Tezaur** — lei only; 1, 3 or 5-year tenors; 1-leu minimum, no fees; sold through Ghișeul.ro, the Treasury, the SPV portal, post offices; early redemption possible, with 25 business days' notice, but only in full and with forfeiture of all interest already paid.

**Fidelis** — lei or euro; 2 and 4-year tenors in every edition, the third tenor was 6 years through May, then 10 years from June; minimum 5,000 lei or €1,000 (500 lei / €100 for blood donors); sold through partner banks and brokers; listed on the Bucharest Stock Exchange, sellable any day at that day's price.

## The 2026 rates, emission by emission

Every rate the ministry published for lei tranches, across the 15 emissions launched between January and September 2026, most recent first:

| Emission | Program | Tenor | Annual rate |
| --- | --- | --- | --- |
| Sep 2026 | Tezaur | 1 year | 6.20% (matches August's inflation) |
| Sep 2026 | Tezaur | 3 years | 6.75% |
| Sep 2026 | Tezaur | 5 years | 7.15% |
| Sep 2026 | Fidelis | 2 years (blood donor 7.30%) | 6.30% |
| Sep 2026 | Fidelis | 4 years | 6.90% |
| Sep 2026 | Fidelis | 10 years | 7.50% |
| Aug 2026 | Fidelis | 2 years (blood donor 7.30%) | 6.30% |
| Aug 2026 | Fidelis | 4 years | 6.90% |
| Aug 2026 | Fidelis | 10 years | 7.50% |
| Jul 2026 | Tezaur | 1 year | 6.25% |
| Jul 2026 | Tezaur | 3 years | 6.75% |
| Jul 2026 | Tezaur | 5 years | 7.15% |
| Jul 2026 | Fidelis | 2 years (blood donor 7.30%) | 6.30% |
| Jul 2026 | Fidelis | 4 years | 6.85% |
| Jul 2026 | Fidelis | 10 years | 7.55% |
| Jun 2026 | Fidelis | 2 years (blood donor 7.35%) | 6.35% |
| Jun 2026 | Fidelis | 4 years | 6.90% |
| Jun 2026 | Fidelis | 10 years | 7.60% |
| May 2026 | Tezaur | 1 year | 6.30% |
| May 2026 | Tezaur | 3 years | 6.90% |
| May 2026 | Tezaur | 5 years | 7.40% |
| May 2026 | Fidelis | 2 years (blood donor 7.40%) | 6.40% |
| May 2026 | Fidelis | 4 years | 7.00% |
| May 2026 | Fidelis | 6 years | 7.50% |
| Apr 2026 | Fidelis | 2 years (blood donor 7.60%) | 6.60% |
| Apr 2026 | Fidelis | 4 years | 7.10% |
| Apr 2026 | Fidelis | 6 years | 7.60% |
| Apr 2026 | Tezaur | 1 year | 6.50% |
| Apr 2026 | Tezaur | 3 years | 7.00% |
| Apr 2026 | Tezaur | 5 years | 7.50% |
| Mar 2026 | Tezaur | 1 year | 5.85% (below August's inflation) |
| Mar 2026 | Tezaur | 3 years | 6.50% |
| Mar 2026 | Tezaur | 5 years | 7.00% |
| Mar 2026 | Fidelis | 2 years (blood donor 6.90%) | 5.90% (below August's inflation) |
| Mar 2026 | Fidelis | 4 years | 6.60% |
| Mar 2026 | Fidelis | 6 years | 7.10% |
| Feb 2026 | Fidelis | 2 years (blood donor 7.15%) | 6.15% (below August's inflation) |
| Feb 2026 | Fidelis | 4 years | 6.75% |
| Feb 2026 | Fidelis | 6 years | 7.25% |
| Jan 2026 | Fidelis | 2 years (blood donor 7.45%) | 6.45% |
| Jan 2026 | Fidelis | 4 years | 7.10% |
| Jan 2026 | Fidelis | 6 years | 7.50% |
| Jan 2026 | Tezaur | 1 year | 6.40% |
| Jan 2026 | Tezaur | 3 years | 7.00% |
| Jan 2026 | Tezaur | 5 years | 7.40% |

Fidelis also sells euro tranches, between 3.50% and 6.80%; they are not included here, since deflating them needs eurozone inflation, not Romania's.

## Why the tax is zero

For a Romanian tax-resident individual, Codul fiscal (Law 227/2015), article 93(1)(a), exempts state-bond interest and capital gains from tax. Article 170 excludes the same income from the CASS calculation base, regardless of amount. The exemption is specific to state bonds, not all investment income — a comparable bank deposit loses 10% of its interest to tax, plus CASS depending on the saver's total income. A non-resident has a separate statutory basis (article 229), not detailed here.

## The calculator

The interactive calculator on the full page (`https://mariuscomper.uk/tezaur-sau-fidelis/en/`) shows, for an amount, a program, a tenor and a reader-chosen inflation rate: the nominal interest, the value at maturity, the real (present) value, and the annualised real yield — the last computed with the standard par-bond relation, (1+r)/(1+π) − 1, independent of tenor.

For 10,000 lei, at the September 2026 emissions, with inflation at 6.2%:

| Program | Tenor | Nominal interest | Value at maturity | Real value | Annualised real yield |
| --- | --- | --- | --- | --- | --- |
| Tezaur | 1 year | 620 lei | 10,620 lei | 10,000 lei | +0.00% |
| Tezaur | 3 years | 2,025 lei | 12,025 lei | 10,146 lei | +0.52% |
| Tezaur | 5 years | 3,575 lei | 13,575 lei | 10,398 lei | +0.89% |
| Fidelis | 2 years | 1,260 lei | 11,260 lei | 10,018 lei | +0.09% |
| Fidelis, blood donor | 2 years | 1,460 lei | 11,460 lei | 10,201 lei | +1.04% |
| Fidelis | 4 years | 2,760 lei | 12,760 lei | 10,241 lei | +0.66% |
| Fidelis | 10 years | 7,500 lei | 17,500 lei | 10,948 lei | +1.22% |

## What the rate doesn't tell you

Tezaur allows early redemption, but forfeits all interest already paid and requires the full amount at once. Fidelis sells any day on the exchange, but at the market price, not at par — if rates have risen, an older bond's price falls below 100.

## Method

Rates come from the Ministry of Finance's own announcements, quoted by financial press; the Treasury's own site refused the connection from this working environment on every attempt. The calculator assumes simple interest (P·(1+r·n) at maturity), with no automatic reinvestment of coupons. "Real value" deflates each payment separately, year by year (Σ P·r/(1+π)^t + P/(1+π)^n) — what each future payment is worth today. "Annualised real yield" is a separate figure: a bond bought at par has a yield to maturity equal to its own coupon, so its real yield deflates directly, with (1+r)/(1+π) − 1, independent of tenor. The default inflation is the latest realized reading (6.2%, August 2026); the other two are BNR's own forecast.

## Sources

- Ministry of Finance — the 15 Tezaur and Fidelis emissions of 2026 (mfinante.gov.ro/en/web/trezor/titluri-de-stat-pentru-populatie, via financial press)
- Codul fiscal (Law 227/2015), articles 93 and 170
- National Institute of Statistics (INS) — annual inflation, 2026
- National Bank of Romania (BNR) — inflation forecast, August 2026

This page recommends no program, tenor or intermediary, and is not tax or investment advice. Also available as the [full edition](https://mariuscomper.uk/tezaur-sau-fidelis/en/) and in [Romanian](https://mariuscomper.uk/tezaur-sau-fidelis/). © Marius Comper, text under CC BY-SA 4.0.