Treasury Bills
We sell Treasury Bills (Bills) for terms ranging from four weeks to 52 weeks.
Bills are sold at a discount or at par (face value). When the bill matures, you are paid its face value.
You can hold a bill until it matures or sell it before it matures.
Note about Cash Management Bills: We also sell Cash Management Bills (CMBs) at various times and for variable terms. Cash Management Bills are only available through a bank, broker, or dealer. We do not sell them in TreasuryDirect.
Bills at a Glance
| Now issued in | Electronic form only |
|---|---|
| Matures in | 4, 6, 8, 13, 17, 26, and 52 weeks. Also, see the note above about Cash Management Bills. |
| Interest rate | Fixed at auction. For bills, "interest" is the difference between what you paid and the face value you get when the bill matures. |
| Interest paid | When the bill matures |
| Minimum purchase | $100 |
| In increments of | $100 |
| Maximum purchase | $10 million (non-competitive bid) / 35% of offering amount (competitive bid) |
| Auction frequency | Every four weeks for 52-week bills. Weekly for 4, 6, 8, 13, 17, 26-week bills. No regular schedule for Cash Management Bills. |
| Taxes | Federal tax due on interest earned. No state or local taxes. |
| Eligible for STRIPS? | No |