OKI from 2027: bond eligibility, limits and tax rules

When does OKI start, and who can use it?

An Osobiste Konto Inwestycyjne (OKI, personal investment account) is a framework for holding investments and savings under separate tax rules. The Act of 3 July 2026, published on 18 August 2026 as Journal of Laws item 1098, takes effect on 1 January 2027. This is enacted legislation, rather than an earlier draft. We checked the law and provider announcements on 6 October 2026; check subsequent amendments and current offers before opening an account.

An individual aged 18 or older can open an OKI. Each account has one owner, but the Act allows more than one OKI agreement. A bank, brokerage, fund or insurer can offer the relevant account form; an umbrella agreement can combine specified services. Tax exemptions nevertheless apply to the person across all their OKI accounts, rather than separately to each account. An OKI does not remove issuer default risk or bond price fluctuations.

Bonds on OKI: eligibility versus exemption

Which assets may be held, and which receive a tax exemption? These are separate questions. The Act permits, among other assets, retail Treasury savings securities, securities traded on a regulated market or alternative trading system, and specified public offerings linked to an application for admission to trading. Being a corporate bond is not sufficient: not every private, unlisted issue meets these conditions. Access to a particular series also depends on the OKI account form and provider offer.

Retail Treasury savings bonds belong to the savings group with an exemption of up to PLN 25,000 of average value. Investments eligible for the broader exemption include bonds with face value denominated in PLN, excluding structured bonds, and PLN covered bonds. This covers appropriately qualifying exchange-traded Treasury and corporate bonds; they should not be confused with retail Treasury savings bonds. A standard market interest-rate adjustment alone does not make a bond structured: the statutory definition and instrument design matter.

OKI assets may also be denominated in currencies of other EU, EEA or OECD states. This does not exempt all such assets. For example, an eligible corporate bond with face value in EUR does not meet the PLN denomination condition for the bond exemption in Article 26. Buying a fund or ETF also does not itself establish an exemption: relevant units require an investment policy allocating at least 70% to specified statutory assets, while the savings group additionally requires a risk indicator of SRI 1. Confirm product classification with the provider rather than relying on its name.

PLN 100,000 overall, including PLN 25,000 savings

The aggregate exemption is up to PLN 100,000 of average qualifying asset value. This includes up to PLN 25,000 of the savings group; that amount is not additional to PLN 100,000. Qualifying savings are exempted first up to PLN 25,000, followed by qualifying investments within the remaining aggregate allowance. An unused investment allowance does not increase the retail savings bond exemption beyond PLN 25,000. Assets without a statutory exemption remain taxable even if the entire portfolio is worth less than PLN 100,000.

Average value rather than the year-end balance

These amounts are not annual contribution caps, face-value-only amounts or the balance on 31 December. The tax base includes the sum of statutory average asset values across all OKI accounts during the tax year. The average incorporates daily valuations and statutory contribution adjustments; Article 23 specifies the detailed formula, denominator and exceptions for certain funds. For an account opened or transferred during the year, do not derive the tax base solely from how long bonds were held or automatically prorate the balance. Use provider information calculated under the Act for settlement. The examples below assume these already-calculated averages and do not resolve calculations for an account operated for only part of the year.

Individual asset valuations also follow specific rules. Retail Treasury bonds include face value, indexation and capitalization as of the relevant day, together with relevant servicing cash and receivables. Capitalized EDO interest can therefore use more of the exemption. Exchange-traded securities follow the market valuation rules in Article 24, and foreign-currency amounts use the NBP exchange rate specified there. Selling near year-end does not erase earlier valuations. Use provider information for settlement rather than just the current balance shown in an app.

The 0.85% rate in 2027 and later years

For 2027, the Act fixes the annual asset-value tax rate at 0.85%. It applies to the tax base after the relevant exemptions, rather than to interest earned. For later years, the rate is 19% of the NBP reference rate on 31 October of the previous year, subject to a 0.1% minimum and rounding the rate down to two decimal places. The minister publishes it by 30 November. Inflation indexation of exemption amounts under the statutory mechanism begins in 2030; PLN 100,000 should not be presented as an unchanged allowance for every future year.

Bond tax examples

The following examples concern 2027 and assume that providers have already calculated statutory averages including valuations, contribution adjustments and classification. These are not single-day balances or calculations for an arbitrary deposit schedule. Fees and foreign taxes are omitted. We show the tax base multiplied by the rate; final rounding of tax due follows tax settlement rules.

Investment example: the average value consists solely of qualifying PLN exchange-traded bonds and is PLN 140,000. The exemption is PLN 100,000, leaving a taxable base of PLN 40,000. At 0.85%, tax on that base is PLN 340. This is an asset-value charge regardless of whether the investor made a profit during the year.

Savings example: the average value consists solely of retail Treasury savings bonds and is PLN 40,000. The exemption is PLN 25,000, leaving a base of PLN 15,000. Multiplying by 0.85% gives PLN 127.50 before final tax rounding. With an average PLN 40,000 of these bonds and PLN 60,000 of qualifying investments, total value is PLN 100,000, but the exemption covers only PLN 25,000 + PLN 60,000 = PLN 85,000. A PLN 15,000 taxable base still remains.

Currency example: if the only asset is an OKI-eligible corporate bond denominated in EUR without an exemption, and its statutory average translated into PLN is PLN 80,000, the tax base is PLN 80,000. Multiplying PLN 80,000 by 0.85% gives PLN 680 despite a portfolio below PLN 100,000. This hypothetical example illustrates classification, not a particular issue or a recommendation to invest in foreign currency.

Losses, withdrawals and portfolio transfers

Income from accumulating OKI assets is excluded from Polish personal income tax under the amendments introduced by the Act, including above the asset-value exemption amounts. This does not mean there is no tax: asset-value tax can arise even with an investment loss. Such an OKI loss is not a deductible loss for Polish personal income tax. Foreign withholding taxes and obligations in the country of tax residence require separate assessment. Comparing an OKI with an ordinary account requires returns, average value, costs and taxes, rather than just the coupon.

An OKI does not require waiting until retirement age to withdraw cash. Withdrawal does not automatically impose Polish personal income tax on earlier OKI income, but it does not cancel asset-value tax due for the period assets were held. Selling before withdrawal can involve a loss, spread, commission or early-redemption charge. The Act requires costs to be disclosed in the agreement; it does not guarantee a free account or a cost-free exit.

Do not assume that an existing portfolio can automatically be moved from an ordinary brokerage account into an OKI. Statutory contributions principally concern cash; transfers of specified assets concern defined situations involving assets moved out of an OKI, including to another OKI. This differs from bringing already-owned securities into an OKI from an ordinary account. Selling on an ordinary account before contributing cash to an OKI remains subject to that ordinary account’s tax rules. We do not describe this as a way to avoid tax.

Settlement through e-Urzad Skarbowy

Providers submit OKI information by the end of February of the following year. Information and a prepared return will be available through e-Urzad Skarbowy; the Act provides for filing through that service from 15 March to 31 May of the following year and paying tax by 31 May. The first tax year, 2027, will therefore be settled in 2028. OKI deadlines should not be confused with ordinary PIT-38 settlement. With multiple accounts, check that all providers’ information is included.

OKI versus IKE and IKZE

OKI, IKE and IKZE serve different purposes. IKE and IKZE have annual contribution limits and retirement conditions for preferential withdrawals. IKZE allows eligible contributions to be deducted from the tax base and has separate withdrawal tax rules. An OKI does not provide that contribution deduction; its exemption concerns average asset value, and access to cash does not depend on retirement age. The related guide explains detailed IKE and IKZE conditions. None of these accounts guarantees returns or changes the risk of the underlying bonds.

What to check before opening an account

As of our source-check date, OKI accounts do not yet operate under this Act. In its announcement of 28 September 2026, PKO Bank Polski stated plans to launch an umbrella OKI from January 2027, including retail bonds and exchange-traded investments. This is a provider announcement, not confirmation that an account can already be opened, every series will be available or a final fee schedule is known. Before January, check account terms, launch date, costs, the chosen bond’s classification and access to tax information.

The obligacje.io catalog helps readers examine corporate bond terms, and our calculators analyze cash flows and yield. The OKI vs capital gains tax calculator compares annual results in a 2027 scenario, using a constant portfolio value or statutory averages supplied by the user. It does not confirm OKI availability for a series, classify exemptions, derive averages from daily valuations or calculate the final tax return amount. This educational material relies on the cited sources and is not individual tax or investment advice.