Calculate your US Treasury Bill returns by entering the face value, maturity period, discount rate, and purchase price. Get back your total profit, annual return rate, percentage return, and a clear breakdown of what you earn at maturity.
Total Profit
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Purchase Price (Price Paid)
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Total Face Value at Maturity
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Percentage Return
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Annual Return Rate (BEY)
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After-Tax Profit
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After-Tax Annual Yield
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A US Treasury Bill is a short-term government debt instrument issued by the US Department of the Treasury with maturities ranging from 4 to 52 weeks. Unlike bonds, T-bills don't pay periodic interest. Instead, they are sold at a discount to their face value, and you receive the full face value at maturity — the difference is your profit.
The purchase price is calculated using the formula: Purchase Price = Face Value × (1 − (Discount Rate × Days to Maturity / 360)). For example, a $10,000 T-bill with a 5% discount rate and 26-week maturity would cost approximately $9,750. This calculator handles that math automatically.
The discount rate is quoted on a 360-day bank discount basis using face value as the base. The bond equivalent yield (BEY) — also called the investment yield — is calculated on a 365-day basis using the purchase price as the base, making it more comparable to other investment returns. The BEY is always slightly higher than the discount rate.
T-bill interest is subject to federal income tax but is exempt from state and local income taxes. This makes them particularly attractive to investors in high state-tax states. This calculator lets you enter your federal tax rate to see your after-tax return.
The US Treasury currently auctions T-bills with maturities of 4 weeks, 8 weeks, 13 weeks, 17 weeks, 26 weeks, and 52 weeks. Shorter maturities are auctioned more frequently (e.g., 4-week and 8-week bills are auctioned weekly), while 52-week bills are auctioned every four weeks.
The minimum purchase amount for a US Treasury Bill through TreasuryDirect is $100, and T-bills are sold in multiples of $100. There is no official maximum limit for individual investors, though auction competitive bids are capped at 35% of the offering amount.
Yes. T-bills purchased through a broker can be sold on the secondary market before maturity, but the price you receive depends on current market interest rates and may be more or less than your purchase price. T-bills held through TreasuryDirect can also be transferred to a broker for secondary market sale.
This calculator computes the Bond Equivalent Yield (BEY), which annualizes your T-bill return on a 365-day basis using your actual purchase price as the denominator. The formula is: BEY = (Profit / Purchase Price) × (365 / Days to Maturity). This makes it easy to compare your T-bill return against other investments like CDs or money market funds.