Treasury Bill Calculator
91 / 182-day · Discount yield → True return · CBK weekly auction 🇰🇪
Minimum KES 100,000, multiples of KES 50,000.
As of July 2025: 91-day ≈ 8.5%, 182-day ≈ 9.7%. Check CBK for the latest auction result.
Frequently Asked Questions
What is a Kenya Treasury Bill?
A T-Bill is a short-term government debt instrument sold at a discount to face value. You buy now for less than face value, and at maturity (91 or 182 days) you receive the full face value — the difference is your profit. From 2025, only 91-day and 182-day bills are issued (the 364-day was discontinued).
How is T-Bill yield calculated?
The auction publishes a discount yield. The actual purchase price = Face Value × (1 − discount rate × tenor/365). For a KES 100,000 91-day T-Bill at 8.5% yield: purchase = 100,000 × (1 − 0.085 × 91/365) = KES 97,882. Profit at maturity = KES 2,118.
Are T-Bills taxed in Kenya?
As of 2026, interest on Treasury Bills is exempt from Withholding Tax for individual investors. (T-Bonds, however, attract 15% WHT for bonds under 10 years and 10% for 10+ year bonds.) This makes T-Bills extra attractive for retail investors compared to fixed deposits or MMFs (which suffer 15% WHT).
What is the minimum investment?
KES 100,000 minimum, in additional multiples of KES 50,000. You bid through your CBK CDS (Central Depository System) account or via a commercial bank like Equity, KCB, ABSA or your stockbroker.
When do T-Bill auctions happen?
91-day and 182-day T-Bills are auctioned every Wednesday at 10:30 AM. Bids close at 2 PM. Results are published the same evening on the CBK website. Settlement is the following Monday. Plan your bid 3-5 days in advance.