CDB (Certificado de Depósito Bancário)

The skyline of central São Paulo at dusk — Photo: Skyline of São Paulo centre.jpg — Rodrigo.Argenton, CC BY-SA 4.0

Definition

A fixed-income note issued by a Brazilian bank — you lend the bank money for a term in exchange for interest, typically covered by the FGC deposit-insurance fund up to its limit.

Why it matters

Often pays more than Tesouro Direto for a similar risk profile, especially "CDBs de banco médio" — but always check the rate against inflation and confirm FGC coverage.

How it works in practice

Rates are usually quoted as a percentage of the CDI, the interbank rate that tracks Selic closely — "110% do CDI" means the note pays 1.1× whatever CDI delivers over the period. Two liquidity shapes exist: liquidez diária, redeemable any business day, and vencimento, locked until the maturity date. FGC insurance covers up to R$250,000 per CPF per institution, with a global ceiling of R$1 million per investor every four years; the rules were tightened during 2026, so confirm the current terms at fgc.org.br. Income tax is withheld at redemption on a regressive scale.

A concrete example

If CDI runs at 10% over a year, a CDB at 100% of CDI returns about 10% gross and one at 115% of CDI about 11.5% gross — on R$10,000 that is roughly R$150 of extra gross return, before the income-tax withholding that applies to both. Whether that extra is worth it depends entirely on the issuing bank and on staying inside the FGC limit.

What people most often get wrong

An unusually generous percentage of CDI is a signal, not a gift: smaller banks pay more because they need the funding and are riskier. The FGC limit is per institution and cumulative across products — a current account and a CDB at the same bank share the same R$250,000 cap, and the four-year global ceiling applies on top.

Frequently asked questions

What exactly is the CDI?

It is the average rate at which Brazilian banks lend to each other overnight. It tracks the Selic policy rate very closely, which is why nearly every fixed-income product in Brazil is priced as a percentage of it rather than as an absolute number.

Is a CDB safer than Tesouro Direto?

They carry different risks. A CDB is a claim on a private bank, protected by the FGC up to its limit; Tesouro Direto is a claim on the federal government with no FGC involvement. Within the insurance limit both are considered low risk, but they are not the same risk.

Educational content only — not financial or tax advice. Rates, limits and tax rules change: confirm current figures with the regulator or tax authority before deciding.