NISA comparisons
Tsumitate quota vs Growth quota
The two investment quotas differ in how much you can add this year, what can go in, and how they share the lifetime limit.
The difference in 30 seconds
- The Tsumitate quota is ¥1,200,000 a year and is built around products that meet the long-term, regular, diversified standard.
- The Growth quota is ¥2,400,000 a year and can include eligible stocks and ETFs. The word “growth” does not mean the quota is only for high-risk products.
- You can use both in the same year, up to ¥3,600,000 of new purchases. The lifetime holding limit of ¥18,000,000 is a different number.
Quick comparison
| Item | Tsumitate quota | Growth quota |
|---|---|---|
| Annual purchase limit | ¥1,200,000 | ¥2,400,000 |
| What can go in | Funds, and listed ETFs, that meet the standard | Eligible listed stocks, ETFs, and funds. Not everything |
| How you invest | Regular contributions | A contribution plan or a larger purchase |
| Typical use | Building a position over many dates | When listed stocks or a one-off purchase is part of the plan |
| Individual stocks | Listed stocks are outside this quota | Some listed stocks qualify. Not every ticker |
| ETFs | Only ETFs on the eligible list, bought as a contribution | Eligible listed ETFs can be included |
| Mutual funds | Funds that meet the long-term standard | Eligible equity funds. Monthly-distribution products are excluded |
| Long-term contributions | The quota is designed around them | Contributions are allowed, and the product list is wider |
| Using both | Yes. Combined new purchases can reach ¥3,600,000 | Yes. Combined new purchases can reach ¥3,600,000 |
| Lifetime holding limit | Can use room inside ¥18,000,000 | The Growth portion is capped at ¥12,000,000 |
You do not have to pick only one
Within the current rules you can use both quotas in the same year. ¥1,200,000 and ¥2,400,000 are counted separately, and new purchases together stop at ¥3,600,000.
Unused annual room does not roll into the next year. The lifetime tax-free holding limit is measured on acquisition cost. The book value of something you sell can return to the limit in a later year. Confirm the timing on the limits page and in your broker’s remaining-room screen.
“Growth” does not mean high risk only
The Japanese name 成長投資枠 is easy to hear as a bucket for volatile products. What is actually wider is the menu: eligible stocks can sit here, and so can a broad index fund.
Risk comes from what the product holds, not from the quota’s name.
The product lists are not the same
The Tsumitate quota only accepts products that meet the FSA standard and can be bought on a contribution plan. The Growth quota is wider, and it still excludes names such as issues under supervision and monthly-distribution funds.
The official list is updated. Whether one product is eligible today is answered on the eligibility guide and on that product’s page.
Easy to mix up
Often heard as
You must choose one quota
Read it as
Both can be used in the same year. The annual total and the lifetime cap are different numbers.
Often heard as
The Growth quota is the risky quota
Read it as
It is a wider product list. A low-cost index fund can sit in it.
Often heard as
The Tsumitate quota protects principal
Read it as
Tax-free does not mean the price cannot fall.
Often heard as
The same product fits both quotas
Read it as
A listed stock belongs on the Growth side. It is not a Tsumitate product.
Where to read the account rules
Who can open NISA is on the NISA page. The two quotas differ in amount, products, and how you buy. Whether a specific product qualifies today is on the eligibility page.
Keep reading
Read the two limits against what you want to buy
The next question is not which quota you “should” use. It is how the two ceilings split once you know the product type and how often you will add money.
FSA: About NISA · National Tax Agency: NISA
This is information for learning, not personal investment advice. Eligibility, fees, and broker terms can change. Check the current official information before you act.