Work out treasury bill yield instantly with clear inputs, formula shown and shareable results.
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.
T-bill yields
Investment yield = (F-P)/P × 365/d; discount yield = (F-P)/F × 360/d
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.
Auction convention uses the discount basis; investors need the investment yield to compare with other instruments.
They carry negligible credit risk in their own currency, but the return is still exposed to inflation and reinvestment risk.