OVDP in 2026: profitability, how to buy and whether they are more profitable than a deposit

OVDP — domestic state loan bonds — in 2026 bring individuals 15–17% annual hryvnia, and all income is exempt from taxes: neither personal income tax nor military duty is paid from it. You can buy bonds online from UAH 1,000 through "Dia", a bank or broker application. Thanks to this, OVDPs became the main competitor of deposits: investments of Ukrainians in government bonds increased by about half in just one year. Below are current rates, a step-by-step guide to buying, an honest comparison with a deposit, and risks you should be aware of.

What is OVDP in simple words

OVDP are debt securities of the government of Ukraine: you lend money to the state, and it undertakes to return it on a specified date and regularly pay interest (coupon). Bonds are issued by the Ministry of Finance, payments are guaranteed by the state in full - without restrictions on the amount. The face value of one paper is 1000 UAH or 1000 dollars/euro for currency issues.

"Military bonds" are the same wartime government bonds: legally they have the same format, the same yield and the same tax exemption, and the funds raised are directed to defense needs. So by buying them, you simultaneously earn and finance the Armed Forces.

What is the yield on OVDP now?

As of July 2026, the estimated yield to maturity on the secondary market is as follows:

The exact rate depends on the specific issue and the broker's quotes on the day of purchase: the Ministry of Finance conducts auctions every week, so the numbers are updated regularly. The general logic of the market now is as follows: a longer term means a higher rate, and three-year securities allow you to fix a high yield for the entire period, even if the NBU lowers the discount rate.

OVDP or deposit: which is more profitable in 2026

The main advantage of OVDP is tax. Deposit income is taxed at a combined rate of 23% (18% personal income tax + 5% military tax), and income from OVDP for individuals is exempt from both. The difference on the example of UAH 100,000 at 15% per annum:

That is, for the same nominal interest rate, OVDP gives about a third more "on hand". Deposit rates (14–17.5% per annum) and hryvnia government bonds are now comparable, so after taxes, bonds almost always win. The deposit remains more convenient, except for small amounts "on demand" and for those who value the possibility of terminating the deposit at any time without market price fluctuations.

How to buy OVDP for an individual: step by step

In 2026, everything is done online, the road to the first bond takes 15-30 minutes:

The procedure is the same: go through verification (for "Action" - get authorized, for a bank or broker - open a securities account), choose an issue by term and currency, sign documents with an electronic signature and pay. The coupon and repayments are deposited into your account automatically - you decide whether to reinvest or spend.

What are the risks in OVDP

Monetary. For hryvnia securities, the main risk is devaluation: if the exchange rate rises more than the yield, the currency equivalent of savings will decrease. However, according to current forecasts of analysts, the dollar will appreciate by only 2-4% by the end of 2026 — significantly less than the OVDP rate.

Liquidity. If the money is needed before maturity, the bond will have to be sold in the secondary market at the current price, which may be slightly lower or higher than expected. The solution is simple: choose an issue with a term that fits your horizon.

Inflationary. With inflation around 7–8% (in June 2026 it slowed to 7.2% per annum), the real yield on hryvnia OVDPs remains positive — 8–9 percentage points above inflation, but this margin narrows if prices accelerate again.

Credit. Theoretically, the state may not fulfill its obligations, but throughout its history, Ukraine has never defaulted on hryvnia government bonds — even in 2022, all payments were made on time.

Frequently asked questions

What is the minimum amount for buying OVDP?

The face value of one bond is UAH 1,000. Through "Diya" and some brokers, you can buy one paper, that is, invest from UAH 1,000. In some banks, their own threshold is higher: for example, at Privat24, online purchases are available from UAH 50,000.

Are income taxes paid for OVDP?

No. The income of individuals under the OVDP is exempted from personal income tax (18%) and from military duty (5%). This is an official provision of the Tax Code that applies to both coupon payments and redemption income.

How do military bonds differ from ordinary government bonds?

Legally nothing: the same instrument, format and taxation. The difference in purpose is that the funds raised are used to finance defense.

Is it possible to sell OVDP early?

Yes, on the secondary market through your broker or bank. The selling price depends on the current market rates, so it may differ from the face value in both directions.

Which is better: hryvnia or currency OVDP?

Hryvnias give 15–17% per annum and will win under the basic scenario of smooth devaluation; foreign exchange (about 3-3.8% in dollars) is insurance for those who want to keep savings in hard currency legally and with income that is also tax-free.

This article is for informational purposes only and does not constitute individual investment advice. Before investing, assess your own financial goals and horizons.

Sources: OVDP quotations on the secondary market (July 2026); results of auctions of the Ministry of Finance; NBU data on the OVDP portfolio of individuals; Tax Code of Ukraine (exemption of OVDP income from personal income tax and military duty); conditions of purchase at "Diya", Privat24, from brokers ICU/KINTO/bond.ua; data from the State Statistics Service on inflation for June 2026.