What's the difference between Tezaur and Fidelis?

Tezaur is the Romanian Ministry of Finance retail programme, sold via the State Treasury and Romanian Post offices, with a 1 lei minimum. Fidelis trades on the Bucharest Stock Exchange via a broker, with a minimum equal to one full bond (1,000 lei or 1,000 EUR for foreign-currency tranches).

How safe are government bonds compared to a bank deposit?

A bank deposit is guaranteed by FGDB up to 100,000 EUR per person per bank. A government bond is guaranteed by the Romanian state with no cap, but the risk is the state's solvency, currently rated BBB- by Standard & Poor's (June 2026). For sums below 470,000 lei the practical risk difference is negligible.

Can I withdraw the money before maturity?

For Tezaur: yes, free early redemption is allowed, but you lose accrued interest for the unheld period. For Fidelis: you sell on the BVB secondary market at current price, which may be below face value if rates have risen.

What's the yield on Romanian government bonds in June 2026?

For the June 2026 Tezaur tranche: 7.15% for 1 year, 7.40% for 3 years and 7.65% for 5 years. Fidelis June 2026 offers 7.55% for 5-year lei and 4.80% for 5-year EUR. Monthly updates at our current edition guide .

Romanian government bonds 2026: Tezaur and Fidelis, real

Q: Do I pay tax on government bond yields?

No. Coupon yields on government bonds issued on the Romanian market are tax-free for resident individuals, under Fiscal Code art. 93(1)(b). Capital gains from early sale are tax-free if you hold the bond for more than 365 days.

More and more Romanians treat government bonds as an alternative to bank deposits. The reason is simple: comparable or higher yields, zero tax on the coupon, and a direct guarantee from the Romanian state. June 2026 yields run 7.15-7.65% across the 1-5 year curve.

Quick answer

Government bonds are debt instruments issued by the Ministry of Finance. Two programmes: Tezaur (Treasury + Post, 1 lei minimum) and Fidelis (stock exchange, 1,000 lei/EUR minimum). Yields June 2026: 7.15% at 1 year, 7.40% at 3 years, 7.65% at 5 years. Coupon is tax-free under Fiscal Code art. 93(1)(b). Guaranteed by the state without cap, but risk is sovereign rating BBB-.

Tezaur vs Fidelis

Tezaur is the retail channel via the State Treasury and Romanian Post, with 1 lei minimum and free early redemption. Fidelis is exchange-traded on BVB via brokers, with 1,000 lei minimum and secondary-market liquidity. Tezaur wins on simplicity, Fidelis wins on flexibility.

Yield mechanics

Yield is the annual coupon, paid semi-annually or annually. On 23,470 lei invested in a 5-year Tezaur at 7.65% you collect 1,795 lei per year and recover the 23,470 capital at maturity. Total gain over 5 years: 8,975 lei. A deposit at 6.30% with 10% tax on the same amount and term nets 6,314 lei. Tezaur beats the deposit by 2,661 lei for practically identical risk.

Tax treatment

Coupon yields on Romanian government bonds are tax-free for resident individuals under Fiscal Code art. 93(1)(b). Capital gains from early sale are tax-free if you hold the bond more than 365 days. By contrast, deposit interest is taxed at 10%, withheld by the bank.

Roman Dumitrescu, former BCR risk analyst: "A friend, Mihai, 47, IT entrepreneur, asked me in May 2026 where to keep 174,300 lei for 3 years. Tezaur 3-year at 7.40% net brings 41,490 lei total, BCR 3-year deposit nets 28,500 lei. He chose Tezaur. For sums under half a million and 3-5 year horizons, Tezaur is the best risk-effort-yield product on the Romanian market in 2026."

Real risks

Sovereign risk (Romania BBB-), inflation risk (nominal fixed coupon), and at Fidelis market risk if you sell before maturity. None are zero, but for retail investors with 1-5 year horizons they're acceptable trade-offs.

• June 2026 edition, exact yields
• Compound interest explained

Romanian government bonds 2026: Tezaur and Fidelis, real yields, full guide

Quick answer

Tezaur vs Fidelis

Yield mechanics

Tax treatment

Real risks

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Frequently asked questions