Government bond calculator

Tax-free income from government bonds and the rate a deposit would need to pay to match it.

UAH
% a year
mo
%
% a year
Bond income, tax-free
-
Paid at maturity
-
Fee
-
Yield after fee
-
Equivalent deposit rate
-
A deposit would give after tax
-
Difference in favour of bonds
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Comparison for different terms
TermBond incomeDeposit after taxDifference

How to use the calculator

  1. Purchase amount: how many hryvnias you put into bonds.
  2. Bond yield: the annual yield to maturity of the specific issue. Diia, your banking app or broker shows it before you buy.
  3. To maturity: how many months are left until the state repays the face value.
  4. Purchase fee: the intermediary's percentage. In Diia it is 0.2%.
  5. Deposit rate to compare: the annual pre-tax rate of the deposit you are comparing the bonds with. The average rate on 12-month hryvnia deposits is now 14.29%.

The calculator shows tax-free bond income, the amount you receive at maturity, and what a deposit would give at that rate and term after 23% tax is withheld. The table below the result compares both options for terms from six months to five years.

How income is calculated

The model is deliberately simple: coupons are not reinvested and the yield is assumed constant until maturity. This is how most people who buy bonds in Diia or at a bank and hold them to the end actually earn. Reinvesting coupons would give a slightly higher result.

The second formula answers the key question: what rate would a bank need to pay for a deposit to match the bonds. Because of the 23% tax, a deposit pays out only 77% of the accrued interest, so the bond yield is divided by 0.77. Bonds at 15% equal a deposit at about 19.5%.

Examples

What to know before buying

  • The bond price is not the face value. The face value is UAH 1,000, but bonds are bought at a price that reflects the accrued coupon and the market yield. So UAH 100,000 will not buy exactly 100 bonds.
  • Coupons arrive on a schedule. Most bonds pay a coupon twice a year, and the face value is repaid on the maturity date. The calculator shows total income over the term.
  • Selling before maturity is at the market price. If rates have risen, the price falls and part of the income is lost. So choose a term that matches when you will need the money.
  • Currency bonds work the same way but in dollars or euros. Compare them with a currency deposit, not a hryvnia one.
  • Guarantee. Government bonds are an obligation of the state. Deposits are guaranteed by the Deposit Guarantee Fund: in full during martial law, and afterwards up to UAH 600,000 per depositor at one bank.

Where to buy government bonds

The easiest way is in Diia, where bonds are paid for by card with a 0.2% fee, or in a banking app where you have a securities account. A step-by-step guide with tips on choosing an issue is in our article on how to buy government bonds. A full comparison of bonds and deposits on tax, liquidity and guarantees is in a deposit vs government bonds.

If bonds are part of a wider plan, such as the hryvnia core of a portfolio alongside equity funds and gold, how to split the money and build a maturity ladder is covered in an investment portfolio for beginners.

FAQ

Is income from Ukrainian government bonds taxed?

No. Individuals' income from Ukrainian government bonds (OVDP) is exempt from both personal income tax and military levy, and does not need to be declared. On deposit interest the bank withholds 18% income tax and 5% military levy.

What is the current yield on government bonds?

At Ministry of Finance auctions in September 2026, military bond yields were 15.16-15.18% a year. At banks and in Diia the price and yield may be slightly lower because of the intermediary's margin, so enter the yield of the specific issue you see before buying.

Which is better: government bonds or a deposit?

At the same rate, bonds are better because no tax is paid on them. For a deposit to give the same, its rate needs to be roughly a third higher: divide the bond yield by 0.77. A deposit with a Deposit Guarantee Fund guarantee is simpler to open, and some deposits can be withdrawn early.

How much does one government bond cost and what is the minimum amount?

The face value of one bond is UAH 1,000, but the purchase price depends on the date and accrued coupon, so it can be slightly higher or lower. The minimum amount is the price of one bond.

Can I take my money out of bonds before maturity?

Only by selling the bond at the current market price. If market rates have risen, the price may be below what you paid, and part of the income will be lost. So put money into bonds that you will not need before the maturity date.

Does the calculator include the Diia fee?

Yes, in the Purchase fee field. The default is 0.2%, the fee for paying for bonds in Diia since 15 April 2026. If you buy through a bank or broker, enter their fee.

Figures used in the calculation

  • Personal income tax18%
    from January 1, 2016
  • Military levy on salaries and interest5%
    from December 1, 2024
  • Guaranteed deposit amount after martial lawUAH 600,000
    3 months after martial law ends
  • Face value of one government bondUAH 1,000
    face value of one bond
  • Military OVDP auction yield, from15.16%
    Ministry of Finance auctions, September 2026
  • Military OVDP auction yield, up to15.18%
    Ministry of Finance auctions, September 2026
  • Fee for paying for OVDP in Diia0.2%
    from 15 April 2026
  • Average rate on 12-month hryvnia deposits14.29%
    UIRD index, 30 Oct 2026

Checked against official sources on October 28, 2026. When a figure changes, it is updated on every page of the site.

The calculation is for reference only and is not financial or tax advice. Actual terms depend on your contract with the bank, fees and current law.

Spotted a mistake or an outdated figure? and we will check it against the primary source and fix it.

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