Treasury Bills

Treasury bills, or T-bills, are sold in terms ranging from a few days to 52 weeks. Bills are typically sold at a discount from the par amount (par amount is also called face value); rarely, they have sold at a price equal to the par amount.

When a bill matures, you are paid its par amount.  If the par amount is greater than the purchase price, the difference is your interest.

You can buy bills from us in TreasuryDirect. You can also buy them through a bank or broker. (We no longer sell bills in Legacy Treasury Direct, which we are phasing out.)

You can hold a bill until it matures or sell it before it matures.

Use Treasury bills to:

  • Diversify your investment portfolio
  • Participate in a secure, short-term investment
at a glance
Original Issue Rate: The discount rate determined at auction.

See rates in recent auctions
Minimum Purchase: $100
Maximum Purchase
(in a single auction):
Noncompetitive - $10 million
Competitive - 35% of offering amount
(See types of bidding in “Auctions in Depth”)
Investment Increment: Multiples of $100
Issue Method: Electronic

Rates & Terms

  • Treasury bills are issued for terms of 4, 8, 13, 26, and 52 weeks. Another type of Treasury bill, the cash management bill, is issued in variable terms.
  • 4-week, 8-week, 13-week, 26-week, and 52-week bills are auctioned on a regular schedule.
  • Cash management bills aren't auctioned on a regular schedule.

Redemption Information

  • Minimum Term of Ownership: In TreasuryDirect, 45 days
  • Interest-Earning Period: To maturity

Tax Considerations

  • Interest income is exempt from state and local income taxes.
  • Interest income is subject to federal income tax.

Treasury Bill-Related FAQs

  • What are the maturity terms for Treasury bills?
  • How do I know when bills will be auctioned?
  • Do you still issue bills in paper form?

Want e-mail notification of auction results and upcoming auctions? Sign up for our mailing list.