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Treasury Bill Yield Calculator

Work out treasury bill yield instantly with clear inputs, formula shown and shareable results.

About Treasury Bill Yield Calculator

Treasury bills pay no coupon and are issued at a discount to face value, so the entire return is the discount. The investment yield divides the gain by the price actually paid and annualises on 365 days, which is the figure comparable with deposit rates.

Formula

T-bill yields

Investment yield = (F-P)/P × 365/d; discount yield = (F-P)/F × 360/d

Worked example

With the default values below, Treasury Bill Yield Calculator returns Investment Yield (365-Day) of 4.9315%. Change any input above and every figure here is recalculated in your browser.

Inputs used

Face Valueminimum 0
100
Price Paidminimum 0
97.6
Days To Maturityaccepts 1–366
182

Results

Investment Yield (365-Day)
4.9315%
Discount Yield (360-Day)
4.7473%
Effective Annual Yield
4.9925%
Discount Earned
$2.4000

Step by step

  1. 1Values used
  2. 2T-bill yields
  3. 3Investment Yield (365-Day)= 4.9315
  4. 4Discount Yield (360-Day)= 4.7473
  5. 5Effective Annual Yield= 4.9925
  6. 6Discount Earned= 2.4000

Assumptions and limits

  • The result is derived only from the 3 inputs listed above. Anything not among them is not part of the calculation.
  • In particular, this calculator does not take inflation, tax, fees or charges or compounding frequency into account.
  • Figures are rounded for display to 4 decimal places, so totals built from several rounded parts can differ slightly from the unrounded arithmetic.
  • Figures are estimates for planning only. Market returns are not guaranteed, and rates, limits and tax rules change. This is not financial or tax advice — speak to a qualified adviser before acting.
  • This is an estimate for general information and not professional financial, tax or legal advice. See the full disclaimer for the limits that apply to this kind of calculator.

How these calculators are built and tested is described on the Methodology page. If a figure looks wrong, please report it.

Figures are estimates for planning only. Market returns are not guaranteed, and rates, limits and tax rules change. This is not financial or tax advice — speak to a qualified adviser before acting.

Frequently Asked Questions

Why quote two yields?

Auction convention uses the discount basis; investors need the investment yield to compare with other instruments.

Are T-bills risk free?

They carry negligible credit risk in their own currency, but the return is still exposed to inflation and reinvestment risk.

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