Dluhopis Republiky: Flexi Bond, the fixed and the inflation bond – rates, when to subscribe, how to buy
A state bond straight from the state: a fixed price of 100%, a tax-free yield, from 1,000 CZK. Rates of Flexi Bond and the five-year fixed and inflation bonds, the subscription periods and savings accounts compared.
The rate now
Flexi Bond 2026-10-15 – 2027-01-15: 3.75% a year, tax free; equal to a savings account at 4.41% before tax.
Not on sale now. The last subscription period was 2026-08-24 – 2026-10-04; the ministry has announced the next one around early December 2026.
Three kinds of Dluhopis Republiky
- Flexi Bond (ISIN CZ0001007744): 2026: 3.75%; maturity 2027-01-15; last on sale 2026-08-24 – 2026-10-04.
- The five-year fixed bond (ISIN CZ0001007686): 4.54% a year on average (2026: 3.50%, 2027: 3.50%, 2028: 4.25%, 2029: 5.00%, 2030: 6.50%); maturity 2031-07-15; last on sale 2026-05-14 – 2026-06-28.
- The five-year inflation bond (ISIN CZ0001007694): inflation over the year, up to 5%, + 2.5% in the last year; maturity 2031-07-15; last on sale 2026-05-14 – 2026-06-28.
The next subscription period is to be around early December 2026, again with all three kinds.
Flexi Bond rates
| From | Rate |
|---|---|
| 2026-10-15 | 3.75% |
| 2026-07-15 | 3.75% |
Rates: The five-year fixed bond
| Year | Rate |
|---|---|
| 2026-07-15 – 2027-07-15 | 3.50% |
| 2027-07-15 – 2028-07-15 | 3.50% |
| 2028-07-15 – 2029-07-15 | 4.25% |
| 2029-07-15 – 2030-07-15 | 5.00% |
| 2030-07-15 – 2031-07-15 | 6.50% |
Rates: The five-year inflation bond
| Year | Rate |
|---|---|
| 2026-07-15 – 2027-07-15 | set in June 2027 |
| 2027-07-15 – 2028-07-15 | set in June 2028 |
| 2028-07-15 – 2029-07-15 | set in June 2029 |
| 2029-07-15 – 2030-07-15 | set in June 2030 |
| 2030-07-15 – 2031-07-15 | set in June 2031 |
How it works
- All three are bought straight from the state at 100%, from 1,000 CZK; the yield is tax free and the price doesn't swing.
- Flexi Bond: a rate fixed for three months, then it renews itself; money back only at maturity.
- Fixed: a rate for each of five years set in advance, rising year by year; early once a year on 15 July.
- Inflation-linked: the yield = May's year-on-year inflation, at most 5% (above 5% is paid at maturity), + 2.5% in the last year; early once a year, without the premium.
Questions
Can the price of Dluhopis Republiky fall?
No. You buy it from the state at 100% of its nominal value (one piece = 1 CZK) and the state repays 100%; it has no market price that moves. That holds for all three kinds – Flexi Bond, the fixed and the inflation bond.
Is the yield of Dluhopis Republiky taxed?
No, for none of the three kinds: the Ministry of Finance states the yields are exempt under the Income Tax Act. Savings account interest is taxed at 15%, so Flexi Bond at 3.75% equals a savings account at 4.41% before tax.
What kinds of Dluhopis Republiky are there?
Three. Flexi Bond for three months, renewing itself, at a fixed rate for each period. The five-year fixed bond, with a rate set in advance for each year, rising year by year. The five-year inflation bond, whose yield each year equals inflation (up to 5%; above 5% it is paid at maturity) plus 2.5% in the last year.
How is Flexi Bond's rate set?
The ministry announces it at the start of each subscription period. For the first Flexi Bond it announced 3.50%, saying it would raise it if the ČNB's two-week repo rate were higher at the end of the subscription; the ČNB raised it to 3.75% on 18 June 2026, so Flexi Bond got 3.75% too.
How much can I buy?
From 1,000 CZK to 3,000,000 CZK a person of each kind in one subscription period.
Can I sell the fixed or the inflation bond early?
Once a year you can ask for early repayment (request in May, money on 15 July). With the fixed bond you get the last year's yield too. With the inflation bond that year's yield is paid at most 5% and you lose the premium for holding to maturity.
How do I get my money back from Flexi Bond?
Every three months Flexi Bond rolls into a new one, yield included. To get the money back, file a request to end the automatic exchange in the online access to your asset account at least 4 working days before maturity; between maturities it can't be repaid early.
Where do I buy them?
Online for free through the online access to your asset account at the Ministry of Finance (set up through Bank iD or Czech POINT), or at selected ČSOB branches for fees by the ministry's price list.
How does it differ from state bonds at a broker?
At a broker you buy state bonds already issued, from other investors, at a market price that moves with rates every day; at maturity you get 100%, but until then the price can fall or rise. Dluhopis Republiky you buy straight from the state at a fixed price.
Czech state bonds at a broker (market price) · Savings accounts