In brief

  • The Ministry of Finance is opening a new round of the Tezaur Programme: subscriptions between 7 September and 2 October 2026, with annual interest of 6.20% over one year, 6.75% over three years and 7.15% over five years. The gain is not taxed and does not enter the base for the health insurance contribution.
  • One bond costs 1 leu. At the treasury counter and at the post office you can subscribe from 1 leu, but on ghiseul.ro the minimum threshold is 1,000 lei, with a ceiling of 200,000 lei for each issue code.
  • The money starts earning interest only on 6 October 2026. Anyone subscribing on the first day leaves the sum blocked for 29 days for nothing, which brings the real yield of the one-year issue down from 6.20% to around 5.74%.
Act: Order of the Minister of Finance no. 1.192/2026
Published: Official Gazette of Romania (Monitorul Oficial) no. 753 of 4 September 2026
In force from: 4 September 2026, the date of publication

The State is borrowing from the public again, at the same rates as last month: 6.20% over one year, 6.75% over three years and 7.15% over five years. Order of the Minister of Finance no. 1.192/2026, published in Official Gazette of Romania no. 753 of 4 September 2026, approves the prospectus for three issues of Tezaur government bonds, with the codes 0225, 0226 and 0227. The subscription period runs from Monday, 7 September 2026, to Friday, 2 October 2026, and the rates are identical to those of the August-September 2026 edition, approved by Order no. 1.013/2026.

The bonds are bought at the counters of the State Treasury, at the post offices of the National Company „Poșta Română” and online, on the ghiseul.ro platform. The money raised goes, Article 5 of the prospectus says, to financing the budget deficit and to refinancing the public debt.

Here are the three issues, with everything the prospectus decides about each of them. The last column is our own calculation for an investment of 5,000 lei, at simple interest, the way the State pays it.

Code Maturity Annual interest Subscription starts Subscription ends Issue date Maturity date Total interest on 5,000 lei
0225 1 year 6.20% 7 September 2026 2 October 2026 6 October 2026 6 October 2027 310.00 lei
0226 3 years 6.75% 7 September 2026 2 October 2026 6 October 2026 6 October 2029 1,012.50 lei
0227 5 years 7.15% 7 September 2026 2 October 2026 6 October 2026 6 October 2031 1,787.50 lei

The subscription period has 26 calendar days, that is, 20 working days. Not all the channels stay open to the end, however. Article 2(2) closes subscriptions at post offices earlier: in urban areas one working day before the last day, so on 1 October 2026, and in rural areas two working days before, so on 30 September 2026. On ghiseul.ro, Article 2(3)(c) also closes subscriptions two working days earlier, on 30 September 2026, and on the last day the platform stops at 23:30. Only at the treasury counter can you actually subscribe until 2 October 2026.

The nominal value of one bond is 1 leu, and fractions of a bond are not accepted. At the treasury and at the post office that means you can come in with a single leu. On ghiseul.ro, Article 3(2) imposes a minimum threshold of 1,000 lei for a subscription and a maximum ceiling of 200,000 lei for each issue code, to which the payment limits of your bank card are added. Only resident individuals who have turned 18 by the closing date of the subscription period, inclusive, may buy.

What it changes in practice

The interest is paid once a year, on the dates set in Article 8. Issue 0225 has a single payment, on 6 October 2027, when the capital comes back as well. Issue 0226 has three payments: 6 October 2027, 6 October 2028 and 8 October 2029, the last one coming together with the nominal value. Issue 0227 has five payments: 6 October 2027, 6 October 2028, 8 October 2029, 7 October 2030 and 6 October 2031, the last together with the capital.

The payment schedule of each issue holds together: the interest periods link up end to end, from 6 October to 5 October of the following year, with no gap and no overlap, and the number of payments matches the maturity: one, three and five respectively. The dates that fall out of line have an explanation too. 6 October 2029 is a Saturday and 6 October 2030 a Sunday, and the Ministry of Finance has already applied the rule in Article 9(3) and moved the payments to the following Monday, 8 October 2029 and 7 October 2030. That paragraph says plainly that the investor receives no extra interest for the days of delay. At issue 0226 this means that the 5,000 lei come back two days later, a loss of about 1.85 lei for every 5,000 lei invested.

The interest is not taxed. Article 10 of the prospectus refers to Article 93(1)(a) of the Tax Code, which takes out of the category of taxable income the gains obtained from holding and transferring instruments representing the public debt of the State. Income from government bonds does not enter the base for the health insurance contribution either, and it is not entered in the single tax return.

The calculation formula in Article 13 divides the sum by the number of days in the interest period, and the result is rounded to the ban: above 0.005 lei it is rounded up, below that value down. For an investor with 5,000 bonds, the annual interest comes to 310 lei at 0225, 337.50 lei at 0226 and 357.50 lei at 0227.

What has changed compared with the previous situation

Practically nothing at the level of the rates. The previous edition, approved by Order no. 1.013/2026 and published in Official Gazette of Romania no. 656 of 7 August 2026, had the codes 0222, 0223 and 0224 and exactly the same percentages: 6.20%, 6.75% and 7.15%. This is the second month in a row in which the State does not move the price at which it borrows from the public. Compared with the spring, however, the fall is visible: the April 2026 edition started from 6.50% over one year and reached 7.50% over five years, so the long maturity has become cheaper by 0.35 percentage points in five months.

Only the calendar changes. Subscription starts on 7 September 2026 instead of 10 August, the issue is made on 6 October 2026 instead of 8 September, and the maturity dates move by one month. The structure, the sales channels, the thresholds and the tax treatment stay untouched.

What is interesting is what is happening in the same week on the neighbouring shelf. Two days earlier, through Order no. 1.178/2026, the State launched the September Fidelis edition, with interest in lei of 6.30% over two years, 6.90% over four years and 7.50% over ten years. The press headline „7.50% at Fidelis, 7.15% at Tezaur” compares ten years with five, though. At comparable horizons, Tezaur pays more: 7.15% over five years against 6.90% over four years at Fidelis.

Advantages and disadvantages

What it improves

  • The interest is not taxed and does not enter the base for the health insurance contribution, so the percentage displayed is the percentage you actually collect. A bank deposit at the same rate would leave in your hand, after the 10% tax, the equivalent of 6.44% instead of 7.15%.
  • The entry threshold at the counter is a single leu, which makes the issue accessible even for very small sums.
  • The default risk is that of the Romanian State, the lowest risk available on the domestic market in lei.
  • The sales network is wide: treasury offices, post offices in urban and rural areas, plus the ghiseul.ro platform, which is open at weekends as well.
  • In the event of death, the bonds pass to the heirs on the basis of the succession documents, without the accrued interest being lost.

What remains a problem

  • The interest is not compounded. Over five years, the simple 7.15% brings 1,787.50 lei on 5,000 lei invested, against 2,062.05 lei if the interest were reinvested each year. The difference, 274.55 lei, means an effective average annual yield of 6.30%, not 7.15%.
  • The money sits blocked between the day of subscription and 6 October 2026 without producing anything, up to 29 days for those who hurry on the first day.
  • The prospectus says not a word about withdrawing the money before maturity, although the right exists in the framework order. The reader has to open another act to find out on what terms he can take his money back.
  • Early withdrawal costs everything that has been collected: the sum returned is the subscribed value minus all the interest paid until then.
  • The bonds are not traded on the stock exchange, unlike Fidelis, so there is no market on which to sell them at a spot price.
  • When a payment date falls at the weekend, the payment is postponed with no compensation, and Article 9(3) says so expressly.

Practical advice

  1. Do not rush to subscribe on 7 September. The interest runs from 6 October 2026 whatever day you paid, so every day of waiting leaves the money in your account, where it can produce something. If you keep it in a savings account, the gain over those 29 days is yours on top.
  2. Check which channel you are buying from and until when. At the post office in a rural area the last day is 30 September 2026, in an urban area 1 October 2026, on ghiseul.ro also 30 September 2026, and at the treasury counter 2 October 2026. Anyone turning up at the post office on 2 October goes home without bonds.
  3. If you want to put in less than 1,000 lei, go to the treasury or to the post office. The ghiseul.ro platform does not accept subscriptions smaller than 1,000 lei.
  4. Choose the maturity according to when you need the money, not according to the highest percentage. Withdrawal before maturity is made only at the treasury unit through which you subscribed, the request has to be filed at least 60 working days before a payment date, and all the interest received is deducted from the sum returned. At issue 0225, which pays only once, an early withdrawal leaves you with exactly the money you put in, with no gain at all.
  5. Keep the subscription form. Without it, any later request for redemption or transfer requires an additional declaration on your own responsibility.
  6. If you hold older Tezaur issues maturing in October, you can use the money from the maturity for the new subscription, but bear in mind that the payment of capital at 0226 comes on 8 October 2029, not on the 6th, because 6 October 2029 is a Saturday.

Frequently asked questions

How much can I invest at least and at most?
At the counter of the State Treasury and at post offices, the minimum is one leu, the price of one bond, and the prospectus sets no maximum ceiling for these channels. On ghiseul.ro, the minimum for a subscription is 1,000 lei, and the ceiling is 200,000 lei for each issue code, to which the payment limits of your card are added.
When do I receive the interest?
Once a year, on the dates in Article 8. The first payment for all three issues is 6 October 2027. Issue 0225 ends there, 0226 pays again on 6 October 2028 and 8 October 2029, and 0227 on 6 October 2028, 8 October 2029, 7 October 2030 and 6 October 2031.
Do I pay tax on the interest?
No. Article 10 of the prospectus refers to Article 93(1)(a) of the Tax Code, which takes this income out of the taxable category. The health insurance contribution is not owed either, and the sums are not declared in the single tax return.
Can I take my money back before maturity?
The prospectus provides nothing on this point. The right comes from Order of the Minister of Public Finance no. 3.139/2017, to which Article 15 refers. There, Articles 27 and 31 say that the request is filed only at the treasury unit through which you subscribed, that redemption is made for the entire sum on one subscription form, with no partial withdrawals, and that you receive the subscribed value minus all the interest collected until then. The money reaches the subscription account by the 20th of the month following the filing of the request. For bonds bought through the post office or through ghiseul.ro, Order no. 333/226/2025 applies, which the prospectus invokes without summarising it.
Until when can I still subscribe at the post office?
It depends where you live. In urban areas, subscriptions close one working day before the last day of the period, so on 1 October 2026. In rural areas they close two working days earlier, so on 30 September 2026. The prospectus does not explain why rural areas get one day less.
What happens if the payment date falls on a Saturday or a Sunday?
The payment is made on the first working day that follows, with no additional interest for the days of delay. The rule is in Article 9(3), and the Ministry of Finance has already applied it in the schedule: 6 October 2029 is a Saturday, so the payment moves to 8 October, and 6 October 2030 is a Sunday, so the payment moves to 7 October.
Can I buy bonds in my child’s name?
Not under this issue. Article 14(a) says that the bonds are offered exclusively to resident individuals, with the exception of those who have not turned 18 by the closing date of the subscription period, inclusive.
What happens to the bonds if the holder dies?
Ownership passes to the heirs, under Article 6(3). They apply to the treasury unit at which the holder subscribed or to the post office, with the documents proving the death, and the transfer is made on the basis of the succession documents, under Article 16.
Which is better, Tezaur or Fidelis?
It depends how long you leave the money and whether you want to be able to withdraw it. The Fidelis edition of September 2026 gives 6.30% over two years, 6.90% over four years and 7.50% over ten years, and the bonds are traded on the stock exchange, so you can sell them. Tezaur gives 7.15% over five years, more than Fidelis over four years, but it is not traded, and early withdrawal takes away all the interest received.
Where can I read the prospectus?
Photocopies can be consulted at the offices of the treasuries and of the post offices, during working hours, between the start of the subscription period and the maturity date. The full text is also published on www.mfinante.ro and www.posta-romana.ro, under Article 17.

Errors and inconsistencies in the published text

  • Article 2(4), a sales channel that appears only once in the whole act. The paragraph provides that „subscriptions in the online environment, through the Private Virtual Space, close at 23:59:59 on the day preceding the closing date of the subscription period”. The Private Virtual Space (SPV) appears nowhere else. It is not in the title of the order, not in Article 1 of the prospectus, not in Article 3, which sets the minimum sums and the ceiling, not in Article 9, which says where the interest and the capital are paid, and not in Article 15 either, which sends the procedures to Order no. 3.139/2017 and Order no. 333/226/2025, two acts that concern the treasury and, respectively, the post office and ghiseul.ro. Anyone subscribing through the Private Virtual Space cannot learn from the prospectus whether the minimum of one leu at the counter applies to him or the 1,000 lei of ghiseul.ro, whether the ceiling of 200,000 lei catches him and into which account he receives his money. On top of that, if someone reads the mention as a drafting slip about online subscription, paragraph (4) comes into direct contradiction with paragraph (3)(c), which closes online subscriptions two working days before the last day, that is, on 30 September 2026, against 1 October 2026 in the version of paragraph (4), and with letter a), which sets the closing time at 23:30, not at 23:59:59. A subscription made on 1 October 2026 at 23:45 is, depending on which paragraph you choose, valid or void. The same isolated wording was there in the previous edition too, approved by Order no. 1.013/2026, and it has not been corrected.

Editorial analysis

The prospectus is, as a text, clean. The payment schedule closes correctly: the interest periods link from 6 October to 5 October with no gap, the number of payments matches the maturity at all three issues, and the two dates that step out of line, 8 October 2029 and 7 October 2030, are exactly the working days following a Saturday and a Sunday. Someone built the calendar by hand and built it well. The problem is not in the text, but in what is missing from it.

The most expensive silence in the prospectus is the one about the distance between payment and interest. Subscription starts on 7 September 2026, but Article 11 says that the interest runs from the issue date, 6 October 2026. That is 29 days in which the money is with the State and produces nothing for the person who handed it over. For the one-year issue, this turns the 6.20% displayed into a real yield of around 5.74% a year, measured from the day you paid to the day you get everything back, that is, 394 days. Half a percentage point evaporates from the mere organisation of the calendar, and the prospectus warns nobody. Anyone subscribing on 2 October loses only four days instead of 29 and obtains exactly the percentage displayed. The same information, two different results, without the act breathing a word.

The second observation is a matter of arithmetic. Article 13(2) announces that the interest is calculated „on the basis of the actual number of days in the relevant interest period and on the basis of the number of days in the year concerned”, then defines both terms of the fraction identically, as the actual number of days in the interest period. The division always gives one, so the formula reduces to the nominal value multiplied by the rate. Here the result comes out right, because all the periods are whole years, but the difference is not theoretical: the second period of issues 0226 and 0227 has 366 days, because it includes 29 February 2028. If the denominator were the calendar year of 365 days, as the introductory sentence suggests, the interest would be 338.42 lei instead of 337.50 lei for 5,000 lei at 0226, and at the ceiling of 200,000 lei the difference would reach almost 37 lei. The definition saves the calculation, but the sentence preceding it says something else.

Finally, the comparison that makes itself. Two days earlier, through Order no. 1.178/2026, the State launched the September Fidelis edition, with 6.90% over four years and bonds that can be sold on the stock exchange. Tezaur asks for five years for 7.15%, with no exit that does not cost all the interest collected. The difference of 0.25 percentage points is the price the State pays for a loan you cannot walk away from. For anyone counting over five years, simple interest cuts once more: 1,787.50 lei on 5,000 lei invested, against 2,062.05 lei if the interest were compounded annually, which means an effective average yield of 6.30% a year, not 7.15%.

What should be changed

  • Either remove the Private Virtual Space or regulate it fully. If it is a real channel, the prospectus has to tell it its minimum threshold, its ceiling and the account into which payments are made. If it is not, the mention has to be deleted from Article 2(4), which otherwise contradicts paragraph (3) and leaves an evening subscription with no clear legal regime.
  • Rewrite the definition of the denominator in Article 13(2). „Number of days in the current year” has to be defined as the number of days in the calendar year, not as the number of days in the interest period, otherwise the introductory sentence and the definition say different things about the same fraction.
  • A table with the actual closing dates for each channel. Today the reader has to count the working days himself in order to find out that at the post office in a rural area the deadline is 30 September 2026, and at the treasury 2 October 2026. The Ministry already has these dates, it publishes them in press releases and it can put them in the act.
  • A mention of early redemption, even a single line. The prospectus does not say that the right exists, nor where it is regulated for each channel. An investor who buys at the post office does not learn from the act where he files the request, because the framework order for the treasury sends it exclusively to the counter of subscription.
  • Aligning the issue date with the end of the subscription period. The four days between 2 and 6 October 2026 are technically unavoidable, but the 29 days of the first subscriber are not. The interest could run from the date of payment, as with any deposit, or the prospectus could at least say openly how much someone loses by subscribing early.
  • Publication of the real yield, not only of the nominal rate. One line showing what 1,000 lei come to at maturity, for each issue, would replace ten press articles and would take out of the discussion the comparisons between five years of Tezaur and ten years of Fidelis.

Original text of the legal act

The text below is reproduced in Romanian, the official form of publication.

The full text, as published in the Official Gazette of Romania

Official Gazette of Romania no. 753 of 4 September 2026 16 pages PDF, 118 KB the act starts on page 9

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This article is for informational purposes only and does not constitute legal advice. For specific situations, consult a licensed attorney or tax advisor.