CETES are Certificados de la Tesorería de la Federación - short-term debt of the Mexican Federal Government, issued by the Secretaría de Hacienda (SHCP) and auctioned by the Banco de México (Banxico). They are the lowest-risk peso instrument because the borrower is the government itself, and you can start with as little as $100 MXN on cetesdirecto, the official platform. This guide walks through what CETES are, how much they pay right now, how to invest step by step, how they are taxed, and where they fit next to funds and equity ETFs.
CETES are federal government debt: the SHCP issues them and Banxico runs the auctions. The key mechanic is that they are bought at a discount and pay no coupon. You buy below the nominal value of $10 MXN per certificate, and your return is the difference between what you paid and the $10 you receive at maturity.
Because the debtor is the Federal Government, CETES are the lowest-risk instrument denominated in pesos, backed by sovereign credit. One nuance worth keeping straight: CETES are not covered by the IPAB deposit insurance that protects bank deposits - here the guarantee is the Federal Government itself, not IPAB.
The standard terms are 28, 91, 182 and 364 days, and cetesdirecto also offers a 728-day (2-year) option. In practice, a given week's tenor may be placed at approximately 175 or 693 days to line up maturities, so treat exact day counts as approximate.
How much do CETES pay right now?
The four CETES rates are set at a weekly auction and change every Tuesday. The figures below are the annual gross yield (before ISR tax) from the auction of 14 July 2026. Always verify the current rate at cetesdirecto.com or banxico.org.mx before you invest - the next auction is 21 July 2026.
Banxico's target rate is 6.50%, on pause since 26 June 2026. The CETES curve rises from the short end (around 6.2%) to the long end (7.10% at one year).
What matters for your pocket is the real return - the nominal rate minus inflation. Inflation was 3.37% annual in June 2026 (INEGI, INPC 145.131). Before ISR, that puts the real return at roughly +2.83% for 28 days and +3.73% for 364 days: positive today. By contrast, traditional bank certificates are currently in negative real territory.
cetesdirecto is the official platform operated by Nacional Financiera (Nafin), a government development bank, and regulated by the CNBV. It is not a broker - it is the direct channel to buy government paper, and it charges no commissions for opening, maintaining or operating your account.
Minimum amount: $100 MXN. Recurring saving starts at around $300 MXN with a minimum 90-day holding period - verify the current terms on cetesdirecto.
Open your account 100% online (web or app) with your CURP, RFC and a Mexican bank account in your own name (CLABE) for deposits and withdrawals.
Liquidity: you can sell before maturity on the secondary market by giving the instruction until 1:00 pm on business days - but at the market price, so if rates have risen you could receive less than you paid.
Do CETES pay taxes? The 0.90% ISR and your real interest
Yes. For 2026 there is a provisional ISR withholding of 0.90% annual on the capital, set in Article 24 of the LIF 2026 (published in the DOF on 7 November 2025). It rose from 0.50% in 2025, and it is prorated for the days you stay invested. cetesdirecto withholds it automatically and issues you a tax certificate. Note the article number changed from 21 in 2025 to 24 in 2026, and it is re-set every year in the LIF.
That withholding is an advance, not the final tax. The definitive tax is calculated on your real interest (nominal minus inflation) in your Declaración Anual, where the withholding is credited - which can even leave you with a balance in your favor (Arts. 54 and 133-135 of the LISR). Under the threshold in Article 150 of the LISR, you may not need to file an annual return if you only have wages and/or interest, your total does not exceed $400,000 per year, and your real interest does not exceed $100,000.
Illustrative example: $10,000 MXN in a 28-day CETE at 6.20% (360-day basis). Gross interest is about $48.2 MXN; the ISR withholding (0.90% x 28/360) is about $7.0 MXN; the net is about $41.2 MXN. That is an effective bite of roughly 14.5% of the interest - and it rises when rates fall. This is an illustrative example only; the day-count convention can vary.
Is it safe? Can I lose money?
Held to maturity, you collect the agreed nominal value, and CETES are the lowest-risk peso instrument thanks to their sovereign backing. But it is imprecise to say you can never lose. Two real risks remain: if you sell early, the price is set by the market, so you could recover less than your capital; and there is inflation risk - if inflation outpaces your rate, your real return turns negative even though the peso amount grows.
CETES vs other options
The table below frames a trade-off between risk, return and horizon - not a ranking. Each instrument answers a different need, and none of this is a recommendation.
CETES: 6.20-7.10% nominal (real +2.8 to +3.7%). Very low risk (debtor is the Federal Government; not IPAB-insured). Fixed 28-364 day terms, early sale at market price. Short horizon.
Bank certificate / fixed term (pagaré): nominal GAT around 2.3-3.0%, but the real GAT is negative. Low risk and covered by IPAB (up to 400,000 UDIs). Fixed term with an early-withdrawal penalty.
Debt fund (for example BONDDIA): variable, tied to debt-market rates. Low risk but not guaranteed. Daily liquidity, medium horizon.
S&P 500 / equity ETF: historically about 10% nominal and about 7% real in USD (since 1928). High risk and volatile, plus MXN/USD currency risk. Daily liquidity, long horizon. Past returns do not guarantee future returns.
I already invest in CETES - what now?
If CETES got you started, the next step is not to abandon them but to place them in a bigger plan. First, build an emergency fund of three to six months of expenses in something liquid and low risk - short CETES or a debt fund fit here. With that cushion in place, you can diversify a portion of the surplus toward longer-term funds or global equity ETFs, according to your horizon and risk tolerance.
The guiding principle is simple: the horizon defines the instrument. Money you need soon stays in low-risk peso instruments; money you will not touch for years can take on more risk in exchange for higher expected returns. Diversification across instruments and horizons is how you balance the two.
Do CETES pay taxes? Yes, ISR is withheld automatically at 0.90% annual on the capital in 2026 (Art. 24 LIF). It is provisional; the final tax is calculated on your real interest in the Declaración Anual, where the withholding is credited.
How much do CETES pay? At the 14 July 2026 auction: 28 days 6.20%, 91 days 6.63%, 182 days 6.75%, 364 days 7.10%. With inflation at 3.37%, the real return is positive (about +2.8 to +3.7%). Rates change every week.
Is cetesdirecto safe? It is the official platform of Nacional Financiera (a government bank); CETES are backed by the Federal Government, the safest peso option. They do not depend on IPAB.
Can I lose money in CETES? Held to maturity, you collect what was agreed. The risks are selling early at market price, and inflation if it outpaces your rate.
What is the minimum amount? $100 MXN, with no commissions, on cetesdirecto.
Legal Notice: Education, not advice. Past results do not guarantee future returns. Investing always involves risks.
Newsletter
Markets in your inbox, weekly
LATAM-focused analysis, investing ideas, and the week in finance.
CETES annual gross yield - auction of 14 July 2026
Gross annual yield before ISR. Rates change every Tuesday - verify the current rate at cetesdirecto.com or banxico.org.mx.
Source: cetesdirecto + Banxico SIE
Approximate nominal yields by instrument - July 2026
CETES range 6.20-7.10% (real +2.8 to +3.7%). Bank pagaré GAT is roughly 2.3-3.0% nominal with negative real GAT. S&P 500 ~10% is a historical USD figure, not guaranteed, and carries MXN/USD FX risk. Debt funds vary with market rates and are not shown as a single figure.
