Glossary

Real return: what it means

Real return is the after-tax return adjusted for inflation: how much more you can actually buy with your money.

Real return shows how the purchasing power of your money changes. It is calculated as: (1 + after-tax rate) / (1 + inflation) - 1.

With Ukrainian inflation at 10%, money earning no interest loses 9.1% of its value in a year, and a deposit needs to pay at least 13% a year before tax just to avoid losing.

If real return is negative, the balance grows but buys less and less.

In detail, with examples: Real return: how to check whether your money is really earning

Related terms

Inflation Deposit Yield to maturity

Figures used here

  • Personal income tax18%
    from January 1, 2016
  • Military levy on salaries and interest5%
    from December 1, 2024
  • Inflation in September 2026, year on year10%
    September 2026

Checked against official sources on October 29, 2026. When a figure changes, it is updated on every page of the site.

Spotted a mistake or an outdated figure?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

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