Polish treasury savings bonds for expats: October 2026 offer and rules
Short answer: Residents and non-residents can buy Polish retail treasury bonds at 100 zł each; the October 2026 offer runs from 2.00% for 3 months to 5.35% in the first year of the 10-year EDO.
Polish retail savings bonds are sold by the State Treasury and can be bought by residents and non-residents alike. They run from 3 months to 12 years, cost 100 zł each, and the issuer publishes the rate for every monthly sale. This guide sets out the offer on sale in October 2026, how the main types work and what early redemption costs. It is a summary of official terms, not investment advice. The figures come from the obligacjeskarbowe.pl series pages for the sale period 1 to 31 October 2026, as read on 15 October 2026. Rates change every month, so check the live page before you buy.
Who can buy
The series pages state that individuals, both residents and non-residents, can buy these bonds. Associations, other social and professional organisations and registered foundations can too. There is no residency test for a private person. The price is a fixed 100 zł per bond.
You can buy at PKO Bank Polski branches, at the points of the PKO BP brokerage office, online at zakup.obligacjeskarbowe.pl, or by phone on 801 310 210 or +48 81 535 66 55. The phone line works Monday to Friday, 8:00 to 17:00, except public holidays.
The October 2026 offer
For the sale from 1 to 31 October 2026, the official pages list these terms:
- OTS, 3 months, fixed: 2.00% a year, fixed for the whole 3-month period. Interest of 0.50 zł per bond is paid at redemption.
- ROR, 1 year, variable: 4.00% a year in the first monthly interest period, then the NBP reference rate plus 0.00%. Interest is paid monthly.
- DOR, 2 years, variable: 4.15% in the first monthly period, then the NBP reference rate plus 0.15%. Interest is paid monthly.
- TOS, 3 years, fixed: 4.40%, fixed for 3 years, with annual capitalisation and interest paid at redemption.
- COI, 4 years, inflation-indexed: 4.75% in the first year, then a 1.50% margin plus inflation. Interest is paid every year.
- EDO, 10 years, inflation-indexed: 5.35% in the first year, then a 2.00% margin plus inflation, with annual capitalisation and payment at redemption.
The page list also shows 6-year ROS and 12-year ROD bonds. This guide covers the types above.
How the types differ
Fixed-rate bonds (OTS, TOS) tell you the rate on the day you buy. Variable bonds (ROR, DOR) reset every month against the National Bank of Poland reference rate, so the return can move up or down. Inflation-indexed bonds (COI, EDO) keep the first-year rate fixed and then follow inflation plus a stated margin. Inflation in a future year is not known in advance, so the later return is not guaranteed in the same way as the first year.
Interest is paid on different schedules. ROR and DOR pay every month, COI pays every year, and TOS, EDO and OTS pay at redemption.
Leaving early
Redemption before maturity is possible. Rules differ by type:
- OTS (3 months): after seven calendar days from purchase and no later than twenty days before redemption, you get your full 100 zł per bond back, with no interest. Payment follows five working days after your request.
- TOS (3 years): an early-redemption fee applies. For bonds bought from 1 September 2024 it is 1.00 zł per bond.
- COI (4 years): for bonds bought from 1 September 2024 the fee is 2.00 zł per bond.
- EDO (10 years): for bonds bought from 1 September 2024 the fee is 3.00 zł per bond.
The fee is taken from accrued interest, in full or up to the amount of the interest. The issuer's worked examples also deduct income tax on the interest, at 19%, for instance 0.41 zł on 2.16 zł of interest in an EDO example. Check the current letter of issue (list emisyjny) of the series for the fee and tax rules that apply to you.
Swapping at maturity
At maturity you can use the money from a maturing bond to buy a new bond at the swap price of 99.90 zł instead of 100 zł. The October 2026 pages list the swap price as 99.90 zł for ROR, DOR, TOS, COI and EDO, and 100 zł for OTS. This is a saving of 10 groszy per bond.
Practical points for expats
- Check which series is on sale this month, because the rates and terms change monthly.
- Remember the tax: interest is taxed as income, and the pages show 19% in their examples. If you are not a Polish tax resident, check how a tax treaty or your home country treats the interest.
- Compare the term with your plans. A 10-year bond is a bad fit if you may leave Poland within a year, while a 3-month or 1-year bond is more flexible.
- Use official channels only. The pages name the PKO BP branches, the online service and the phone numbers above.
* Banknote images: Polish banknotes of 1930 and 1936, public domain, Wikimedia Commons
Frequently asked questions
Can a foreigner buy Polish treasury savings bonds?
Yes. The official series pages say individuals, both residents and non-residents, can buy them. Each bond costs 100 zł.
Where can I buy them?
At PKO Bank Polski branches, at the PKO BP brokerage office points, online at zakup.obligacjeskarbowe.pl, or by phone on 801 310 210 or +48 81 535 66 55.
What rate do the bonds pay in October 2026?
The sale of 1 to 31 October 2026 lists 2.00% for 3-month OTS, 4.00% for 1-year ROR, 4.15% for 2-year DOR, 4.40% for 3-year TOS, 4.75% for 4-year COI and 5.35% for 10-year EDO in the first interest period.
Can I take the money out early?
Yes. On 3-month OTS you get the full 100 zł back without interest. Longer bonds carry a fee of 1.00 to 3.00 zł per bond for recent issues, and interest is taxed.
