FIDELIS subscription checklist

FIDELIS is the Ministry of Finance retail government-bond programme for individuals (resident and non-resident, 18+). Each offer window publishes final terms: currency (RON or EUR), maturities, coupon rates, minimums, and partner banks. Always read that window’s documents — series differ.

Before you subscribe

1. Offer window and partners — subscriptions only during the published dates, through the listed intermediaries (no inventing a “direct MF click”).
2. Tenor and currency — match the cash you can lock up; secondary-market sale on BVB is possible but price is not guaranteed at par.
3. Minimums — standard RON and EUR floors apply; donor tranches (when offered) can use lower minimums and preferential coupons with separate caps.
4. Tax treatment — FIDELIS interest and capital gains are typically described as tax-exempt under current programme rules; confirm in the prospectus and final terms for the series you buy.
5. Net comparison — a bank deposit’s headline rate is usually taxed; compare apples-to-apples on the same principal and horizon.

APY vs coupon (educational)

Coupons are stated annual rates for that series. To compare products with different compounding or payment schedules, convert to an effective annual figure. Use the APY Calculator as a teaching tool, then overlay tax and liquidity differences yourself.

For a taxed-deposit vs tax-advantaged side-by-side, see also FIDELIS vs bank deposit — net yield.

Educational only — not tax or investment advice. Confirm current terms on mfinante.gov.ro / fidelis.ro.