Treasury Bills (T-Bills)
Treasury Bills (T-Bills) are short-term money market instruments, issued by the Central Government through the Reserve Bank of India (RBI) for 91, 182, or 364 days.
T-Bills are auctioned weekly by the RBI on behalf of the government, with the notified amount for each tenure published in advance via a quarterly auction calendar.
The 91-day auctions were oversubscribed by over three times the specified amount, as of 4 March 2026, demonstrating strong investor participation.
The treasury bill rates, which are determined by the RBI monetary policy and system liquidity, indicate the overall short-term borrowing costs in the economy.
T-Bills are issued at a discount and redeemed at par or face value. The difference acts as a return to investors.
Plan your T-Bill investment
Estimate the returns from T-Bills
Use this bond calculator to analyse the returns you will receive from your Treasury Bill investment. Please note, for T-Bills, there is no coupon or periodic interest; the return comes solely from the difference between the purchase price and the maturity (face) value of the T-Bill.
- Add the investment amount
- Choose the desired Tenure
- Provide the expected YTM
- See instant returns
Disclaimer: This calculator is for illustration purposes only and does not guarantee or represent actual returns.
REASON AND BENEFITS
Sovereign Guarantee
T-Bills come with near-zero default risk as they are backed by the central government, and hence they are safer than regular bank FDs, which are insured for up to INR 5 lacs only.
Short-Term Maturity
Treasury Bills are issued with 91, 182 or 364-day maturities and can be efficient for investors who want to invest for short-term maturity.
High Liquidity
Investors can sell their holdings before maturity on Grip Invest at the prevailing T-bill rates, offering high liquidity to investors.
Capital Preservation
T-Bills are designed primarily for capital preservation rather than aggressive growth, making them suitable for conservative investors and for parking surplus funds temporarily.
Affordable Diversification
Investments in T-Bills start with INR 100 on Grip, allowing investors to balance their growth holdings with debt assets.
How to Invest?
- Government Backing: Issued by the Indian Government, T-Bills provide investors with near-zero default risk and the sovereign guarantee.
- Zero-Coupon Structure: T-Bills do not pay periodic interest; returns are realised entirely at maturity via the discount-to-par structure, which simplifies cash-flow tracking.
- Weekly RBI Auctions: T-Bills are auctioned once a week by the Reserve Bank of India, ensuring that the prices charged for different T-Bills are the right market prices.
- Transparent Cut-off Yields: RBI publishes auction results, including cut-off prices and yields for each tenure, giving investors full transparency into current T-Bill rates.
OTHER OFFERINGS
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LoanX
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Baskets
- Theme based investing
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- Start investing with Rs 5,000
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Corporate FDs
- High Yield Fixed Deposit Investments
- Up to 10% pre-tax
- Start investing with Rs 1,000
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Market Insights
Latest Update on T-Bills Market
India’s T-Bills yield hits 18-month high mark after RBI hikes repo rate
Following the RBI’s decision to hike repo rate by 25 bps in early October, the Indian govt recently auctioned its 182-day ?and 364-day treasury bills at cutoff yields of 6.29% and 6.49%, respectively, which is ?their highest levels in about 18 months. This spike in yields of govt securities like T-Bills and Bonds comes after the RBI not only hiked repo rate but also shifted its stance to ‘calibrated tightening’, ?signaling more such repo rate hikes in coming months, which has reportedly prompted ?traders to ramp up rate hike bets.
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To help you
Frequently Asked Questions
How do Treasury Bills work in India?
How to buy Treasury Bills in India?
Can the state government issue Treasury Bills?
How much interest will I get from T-Bills?
