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, 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. See Results of recent Bill auctions. Also see Understanding pricing and interest rates.
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) (See Buying a Treasury marketable security for information on types of bids.)
Auction frequency	Every four weeks for 52-week bills Weekly for 4, 8, 13, 17, 26-week bills No regular schedule for Cash Management Bills See the Auction calendar for specific dates.
Taxes	Federal tax due on interest earned No state or local taxes
Eligible for STRIPS?	No