As of January 1st, investors with funds in Tesouro Direto will pay less to keep the money invested. The bond custody rate will drop from 0.25% to 0.2% of the value of the papers.
According to the National Treasury, the rate reduction meets a commitment signed between the Treasury and B3 to monitor market conditions and take advantage of opportunities to permanently lower the rate charged by the stock exchange. In a statement, the agency informed that the changes are intended to make the Tesouro Direto cheaper, accessible, with liquidity and insurance for investors. According to the agency, the democratization of public bonds to individuals helps society to have more financial education and to understand how the government finances itself.
The measure was announced in October, during Investor Week, promoted by the Brazilian Securities Commission (CVM) in partnership with B3, the Brazilian stock exchange. The custody (maintenance) of government bonds purchased by individuals is the responsibility of the stock exchange, which receives remuneration for the service twice a year, once in January and once in July.
Historic
At the beginning of the Tesouro Direto Program, in 2002, banks and brokerages charged an administration fee, and B3 had a custody fee of 0.5%. Over the years, the administration fees ceased to exist and the custody fee progressively dropped, reaching 0.3% in 2019. In that year, the custody fee dropped to 0.25%.
In addition, in August 2020, investments of up to R$ 10 thousand in the Treasury Selic, a security adjusted by the basic interest rate of the economy, became exempt of the custody fee. Only balances above this amount applied to the Treasury Selic are charged.
In addition to semi-annual collections, the custody fee is levied on the payment of interest, the sale of the security to third parties or the closing of the investor’s position, with the form of collection defined by the event that occurs first.
Fund-raising
Tesouro Direto was created in January 2002 to popularize this type of investment and allow individuals to purchase government bonds directly from the National Treasury, via the internet, without the intermediation of financial agents. More information can be obtained at the Tesouro Direto website
The sale of bonds is one of the ways the government has to raise funds to pay debts and honor commitments. In exchange, the National Treasury undertakes to return the amount with an additional amount that may vary according to the Selic, inflation index, exchange rate or a rate defined in advance in the case of pre-fixed papers.
