LCI de 107% do CDI Sem IR: Equivale a um CDB de 125%!

Finance-focused summary (post-fixed CDI/Selic-linked fixed income in Brazil)

Macro / thesis & rationale

• The presenter responds to a claim that Brazil could worsen after elections, which (if true) could keep SELIC high.
• Core investment logic: favor post-fixed returns linked to CDI/SELIC, so returns rise if SELIC stays high or increases.
• Recommends diversification as the “best recipe for success” (general guidance, not a guarantee).

Key rates & how post-fixed returns work

At the recording time:

• SELIC = 14.25% p.a.
• CDI = 14.15% p.a.

Relationship given:

• A CDB at 100% of CDI yields ~14.15% p.a.
• If SELIC falls to 12%, then a 100% CDI CDB yields ~11.9% (stays about 0.10 p.p. below SELIC).
• If SELIC rises (example), a 100% CDI CDB could become ~14.9% p.a.

Additional notes:

• Referenced returns are gross; income tax (IR) is typically deducted.
• Tax treatment (for products with minimum term ≥ 2 years, as described for the video):
  • Redeem before 6 months: 22.5% IR on earnings
  • 6 months–1 year: 15%
  • 1–2 years: 17.5%
  • after 2 years: 15% IR on earnings
• Explicit caution: shown profitability is based on the current SELIC at recording time, not a locked rate.

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Instruments / tickers/assets mentioned

Instruments (Brazilian fixed income)

• CDI-linked CDBs (Certificados de Depósito Bancário)
• SELIC-linked Treasury bond (Treasury Direct; “Selic Treasury bond / Selicida”)
• LCIs (Letras de Crédito Imobiliário)
• LCI BRB (specific, described as high-yield but not recommended)
• Credit Guarantee Fund (FGC) (guarantee up to a stated limit)

Notes on tickers

• No equity tickers, ETF tickers, or foreign tickers were mentioned.

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Portfolio construction / selection framework (step-by-step approach used)

The approach is essentially a rate comparison + tax-equivalency ranking among post-fixed CDI-linked products, using effective returns for products with ~2-year minimum terms:

1. Focus on post-fixed investments linked to CDI/SELIC (returns depend on future SELIC/CDI).
2. Include only items with minimum investment horizon ≥ 2 years, so IR on earnings is assumed 15% for non-LCI products.
3. Compare yields in % of CDI, using tax-adjusted equivalence:
   • LCIs are not subject to income tax, so the video converts their CDI % into a CDB-equivalent CDI % (an equivalence example is provided).
4. Apply FGC guarantee considerations:
   • Most products are described as guaranteed by FGC up to R$ 250,000.
   • The Selic Treasury bond is treated as as safe or safer because it’s issued by the National Treasury.
5. Rank by highest to lowest CDI-linked yield, noting that the top option comes with higher risk.

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Specific products, yields, and terms (key numbers)

(All yields are stated as of recording time with SELIC 14.25% / CDI 14.15%; maturities/terms mostly around ~721–732 days. Minimum investment amounts vary.)

1) SELIC Treasury bond (Treasury Direct)

• Yield: SELIC Over (stated as CDI + 0.07)
  • Example given: 14.15% + 0.07
• Maturity: 2031
• Liquidity: daily liquidity (redeem anytime)
• Treated as safest; discussed separately from the “2-year minimum” set.

2) CDB / OMNI (Sofisa Direto)

• Yield: 109% of CDI
• Maturity: 732 days
• Min investment: R$ 1,000
• Stated yield: ~15.42% p.a.

3) Pagbank (bonus CDB)

• Structure:
  • First 30 days: 130% of CDI
  • Remaining period: 17% (video formatting suggests % of CDI; later clarified as roughly like an ~108% CDI CDB-equivalent)
• Due/maturity: 721 days
• Min investment: R$ 500
• Stated yield:
  • First 30 days: ~18.39%
  • After 30 days: ~15.14%

4) “CDB Infinity Pay” (bank unspecified in the earlier listing)

• Yield: 111.11% of CDI
• Maturity: 729 days
• Min investment: R$ 100
• Stated yield: ~15.72% p.a.

5) Banco Paulista — LCI

• Type: LCI
• Yield: 96% of CDI
• Maturity: 732 days
• Min investment: R$ 100
• Tax: no income tax
• Stated equivalence: LCI 96% CDI ≈ CDB 113% CDI

6) Banco Paulista — CDB (alternative at same bank)

• Yield: 115% of CDI
• Maturity: 732 days
• Min investment: R$ 100
• Stated yield: ~16.27% p.a.
• Presenter’s conclusion: prefer 115% CDB over the 96% LCI (due to the stated equivalence vs actual CDB %).

7) PicPay (CDB)

• Yield: 108% of CDI
• Maturity: 732 days
• Min investment: R$ 100
• Stated yield: ~15.28% p.a.

8) Banco Neon — CDB

• Yield: 115% of CDI
• Maturity: 721 days
• Min investment: R$ 100
• Stated yield: ~16.27% p.a.

9) LCI BRB (Banco Inter)

• Yield: 107% of CDI
• Maturity: 722 days
• Min investment: R$ 1,000
• Tax: no income tax
• Stated equivalence: LCI 107% CDI ≈ CDB 125.88% CDI
• Very high return, but not recommended due to bank issues.

10) Banco BMG — CDB

• Yield: 114% of CDI
• Expiration: 2 years (exact maturity date not found)
• Maturity mentioned: at least 721 days
• Min investment: R$ 100
• Stated interest: video says it “will be 15%” (approximate/derived figure in context)

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Ranking outcome (best/worst by the presenter)

All products assume minimum term of ~2 years:

• IR assumed 15% for CDBs
• LCIs exempt from income tax

Ranking:

• 8th: PicPay — 108% CDI
• 7th: Pagbank bonus CDB — roughly ~108% CDB-equivalent
• 6th: Sofisa Direto CDB OMNI — 109% CDI
• 5th: Infinity Pay — 111.11% CDI
• 4th: Banco Paulista LCI — 96% CDI (≈ 113% CDI-equivalent)
• 3rd: Banco BMG CDB — 114% CDI
• 2nd (tie): Banco Paulista CDB — 115% CDI; Banco Neon CDB — 115% CDI
• 1st (highest return but highest risk): BRB LCI — 107% CDI (≈ 125.88% CDI-equivalent)

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Risk management / guarantees / explicit cautions

• FGC guarantee: stated as covering these investments up to R$ 250,000, except the Selic Treasury bond (treated as safer due to being issued by the National Treasury).
• Explicit caution: despite the attractive BRB LCI return, the presenter says Banco BRB is experiencing problems, so they do not recommend it.
• Not financial advice: the presenter states the video is informational and the final decision is always yours.

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Presenters / sources

• Presenter: Vitória (hosts the channel intro)
• Main speaker: Gilberto (referenced by name throughout)
• Source concepts and referenced institutions/products:
  • Treasury Direct (Tesouro Direto)
  • FGC (Credit Guarantee Fund)
  • Banks/platforms: Sofisa Direto, Pagbank, Banco Paulista, PicPay, Banco Neon, Banco Inter (for BRB LCI listing), Banco BMG, Banco BRB, plus “Banco Neon Financeira” (as stated)