Calculate returns on 91-day, 182-day, and 364-day African T-bills. See discount price, actual yield, annualized return, and after-tax payout.
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Calculate Treasury Bill Returns
Amount Received at Maturity
Purchase Price (Discounted)
Gross Return
Tax Withheld
Net Return
Actual Yield
Annualized Return
T-bills are backed by the government — they are among the safest investments available. Compare this yield to fixed deposit rates to see which offers better returns for your tenor.
Frequently Asked Questions
How do T-bills work in Africa?
Treasury bills are short-term government debt instruments sold at a discount to face value. You buy at a lower price and receive the full face value at maturity. The difference is your return. In Nigeria, Kenya, Ghana, and most African countries, T-bills are auctioned weekly or bi-weekly by the central bank.
Can individuals invest in T-bills in Africa?
Yes. In Nigeria, you can invest through DMO, commercial banks, or stockbrokers. In Kenya, through the CBK DhowCSD platform or commercial banks (minimum KSh 50,000). In Ghana, through banks or licensed dealers. Minimum investment amounts vary by country (typically $1,000 equivalent).
What is the difference between yield and discount rate for T-bills?
The discount rate is the rate applied to face value to calculate purchase price. The yield (or effective yield) is the actual return you earn on what you paid — always higher than the discount rate since you paid less than face value. Our calculator shows both.
Are T-bill returns taxable in Africa?
It varies. Nigerian T-bill income is exempt from withholding tax. Kenyan T-bill income is subject to 15% withholding tax. South African T-bill income is included in normal taxable income. Always confirm with your bank or tax advisor.