African Treasury Bill (T-Bill) Yield Calculator

Enter the rate type shown in a current auction or broker quote. Convert discount rate or investment yield into purchase price, gross return and annualised net yield.

10 currency labels You enter current auction terms Free

Calculate Treasury Bill Returns

No rate, tax or minimum investment is fetched. Copy the exact rate type, tenor and tax treatment from the current official auction result, debt-office notice, broker contract note or bank quote.

Amount Received at Maturity
Purchase Price (Discounted)
Gross Return
Tax Withheld
Net Return
Actual Yield
Annualised Net Yield
Estimate only: this model assumes redemption at face value on the selected day count. It does not model settlement days, fees, reinvestment, secondary-market sale, default, inflation or currency risk. Confirm the official allotment and tax treatment before investing.
Payment comparison workflow

Treasury Bill Yield Calculator: quick guide

First identify whether the quote is a discount rate applied to face value or an investment yield applied to the price paid. These are not interchangeable.

  • Discount quote: price = face value × (1 − rate × days ÷ 365).
  • Investment-yield quote: price = face value ÷ (1 + rate × days ÷ 365).
  • Net yield: the after-tax return divided by price paid and annualised on a 365-day basis.

Day-count warning: if the official instrument uses a different day-count convention, use the official allotment result instead of this simplified estimate.

Treasury Bill Yield Calculator FAQ

Does country selection load live auction rates?

No. It changes the currency label only. Enter the exact rate from the current official or intermediary quote.

Why can yield exceed the discount rate?

A discount rate is calculated against face value, while investment yield is calculated against the lower purchase price. The denominators differ.

Does the calculator model a secondary-market sale?

No. It assumes the bill is held to the selected maturity and redeemed at face value.

Frequently Asked Questions

How does this T-bill model work?
It estimates the purchase price of a bill redeemed at face value after 91, 182 or 364 days. It uses a 365-day convention and the rate type you select.
Can an individual buy the bill shown?
Access channels, eligibility, minimums and settlement rules vary by issue and jurisdiction. Confirm them in the current official offer notice or with an authorised intermediary.
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?
Tax treatment can vary by jurisdiction, investor and instrument. Enter the applicable withholding percentage for the quote and confirm it with the issuing authority, intermediary or tax authority.