error value. All rights reserved. Categories > Money, Banking, & Finance > Interest Rates > Treasury Bills 3-Month Treasury Bill Secondary Market Rate, Discount Basis (TB3MS) Jan 2023: 4.54 | Percent | Monthly | Updated: Feb 1, 2023 Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Then, divide by 360 to get 0.75, and subtract 100 minus 0.75. Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. Fixed mortgage rates are closely linked to movements in long-term Treasury yields, as mortgages are often packaged together and sold as mortgage-backed bonds. Because you're buying a $1,000 Treasury. Department of the Treasury
However, he sold it on June 13, 2022, for $49,750. Subtract 1 from the number calculated in Step 3. "You don't really know truly what the rate is going to be until the auction hits," Keil said. Copyright 2023 Leaf Group Ltd. / Leaf Group Media, All Rights Reserved. T-Bills can seem complex, an easy way to understand T-Bills is with an example. After a series of rate hikes from the Federal Reserve, T-bills have become a competitive option for cash, with some T-bills paying more than 5%, as of Feb. 24. Bill Auction - It's an event that occurs bi-weekly in which treasury bills are auctioned; Treasury Bond - Similar to treasury bills, treasury bond or T-bonds have fixed interest rates and have maturity of above 10 years. This calculator is for estimation purposes only. The treasury bond calculator exactly as you see it above is 100% free for you to use. The T-Bill face value can be added by either selecting a common value from a drop down list or you can manually enter the T-Bill face value in the Other Value box if not in the list. Use a specific formula to figure out the discount yield on your Treasury Bill. Here's what to knowRetirees lost 23% of their 401(k) savings in 2022, Fidelity saysHow to pick the most tax-friendly investment accounts. Both your principal and interest are . Treasury Bills Calculator. T-Bills are discounted bonds. (If you are looking for a similar calculator for the S&P 500 with Dividends Reinvested, Gold, or Daily Inflation we've got that too.) The Excel Tbillprice function returns the price, per $100 face value, of a Treasury Bill. Ms Elizabeth Genia, Acting Governor of the Bank of Papua New Guinea (Bank of PNG or the Bank), today released the June 2022 Quarterly Economic Bulletin (QEB). In order to calculate the price, you need to know the number of days until maturity and the prevailing interest rate. Some Treasury bills, or T-bills, are now paying 5% after a series ofinterest rate hikesfrom the Federal Reserve. The discount yield method compares an investor's return on investment to the face value of a bill. Subtract 1 from the number calculated in Step 3. We do not sell them in TreasuryDirect. Share this: Click to share on Facebook (Opens in new window) . Because you're buying a $1,000 Treasury bill instead of one for $100, multiply 99.25 by 10 to get the final price of $992.50. Conversely, T-bill prices fall when the Fed sells its debt securities. Data is a real-time snapshot *Data is delayed at least 15 minutes. For instance, in the preceding example, you'll receive $1,000 at the end of the 180-day period. You can also use the calculator to work out T-Bill Yield and margin. Multiply this number by 100 to convert to a percentage. You can calculate the yield of treasury bills through the following formula - Y= (100-P)/P * [ (365/D)*100], where Y - Yield/ return percentage of T-bill P - The discounted price of the T-bill purchased D - Tenure of T-bill Let's understand this with an illustration. T-Bills do however allow the reinvestment of American money back into the American economy meaning less foreign borrowing and a stronger Dollar. Actual earnings may be different. T-bill is a short term financing instrument issued by the CBSL on behalf of Government of Sri Lanka; CBSL currently issues T-bills with original maturities of 91, 182 and 364 days; T-bill is a discounted security which pays a fixed amount at maturity called face value/ far value, therefore it has no intervening interest payment; Interest basis 364 In a non-competitive bid, the investor agrees to accept the discount rate determined at auction. You can hold a bill until it matures or sell it before it matures. The trade-off is you'll probably give up around 0.1% yield or lower, he said. Minimum LKR 100,000 . 364 Days. Founded in 1993 in Alexandria, VA., by brothers David and Tom Gardner, The Motley Fool is a multimedia financial-services company dedicated to building the world's greatest investment community. Market-beating stocks from our award-winning analyst team. This figure tells you the T-bill's yield during the maturity period. It only takes $100 to start investing, and the buyer has two choices. Backed by the U.S. government, Treasury bills, or T-bills, are nearly risk-free, with terms of four weeks to 52 weeks. With some Treasury bills now offering 5%, the assets have become more appealing to investors. For instance, in the example above, you'll receive $1,000 at the end of the 180-day period. As the yield of a T-Bill is already known at the point of purchase, the return on investment is quantified but it is also important to understand what the T-Bill interest rate is for your investment so that you can quantify and compare how your investment has performed. The Motley Fool has a disclosure policy . The Treasury bills are offered under a competitive tender process. Treasury Bills (T-Bills) are investment vehicles that allow investors to lend money to the government. He has written for Bureau of National Affairs, Inc and various websites. Investors can hold on to the bills until maturity or sell them before maturity. It should simply be Eqiv rate = Tbill rate/ (1- state tax). Create your Watchlist to save your favorite quotes on Nasdaq.com. In the example shown, the settlement date is 5-Feb-2019, the maturity date is 1-Feb-2020, and the price per $100 is 97.54. Let's say you want to buy a T-bill with a $1,000.00 investment. They mature between 20 and 30 years and pay interest every six months. Log in to your TreasuryDirect account. A Treasury Bill (T-Bill) is a short-term U.S. government debt obligation backed by the Treasury Department with a maturity of one year or less. For example, use DATE(2008,5,23) for the 23rd day of May, 2008. The downside of T-Bills is that the discount rate isn't published ahead of the investment and the rates don't always keep track with inflation. Keep in mind that the Treasury doesn't make separate interest payments on Treasury bills. To calculate the price, take 180 days and multiply by 1.5 to get 270. Non-competitive bid. Payments System. LKR. With an interest rate of %p.a. Feel free to change the default values below. We're pleased to hear from our customers regarding their satisfaction with our website. Get this delivered to your inbox, and more info about our products and services. You can use this formula to convert discount rate to price: P=100_(1-d_r/360). This figure tells you the T-bill's yield during the maturity period. The percentage of yield generated from a treasury bill can be calculated through the following formula - Y = (100-P)/P x 365/D x 100 Where Y = Return per cent P = Discounted price at which a security is purchased, and D = Tenure of a bill Let us consider a treasury bills example for better understanding. You can find more information on T-Bills below the T-Bill calculator. The yield (profit) is low due to the ultra-safe nature of the bond, the US Government promises to pay the face value of the bond over the agreed maturity period, the price you pay for the bond is determined by the bidding process. This is the formula the calculator uses to determine monthly compounding interest: P (1+r/12) n * (1+ (r/360*d)) -P P is the amount of principal or invoice amount; r is the Prompt Payment interest rate; n is the number of months; and d is the number of days for which interest is being calculated. Select Time Period. Volatility profiles based on trailing-three-year calculations of the standard deviation of service investment returns. Your result. Thanks -- and Fool on! Type a symbol or company name. 2. Multiply the discount rate by the percentage of year until maturity. Cash Management Bills are only available through a bank, broker, or dealer. T-Bills function as though you are aiming at a final amount. If you write to us and want a response, please put your address in your letter (not just on the envelope). The Motley Fool has a disclosure policy. This article describes the formula syntax and usage of the TBILLYIELDfunction in Microsoft Excel. Or I would like to invest. In the example, 70 days divided by 360 days equals 0.19444. Keil said the "biggest benefit" of using a brokerage account is instant access to T-bills and immediately knowing your yield to maturity. In fact, one MarketWatch reporter argues that if more Americans knew about this, the government would have to shell out an extra $10 billion annually. You may also find the following Finance calculators useful. The Treasury then using the value of the investments and guarantees a payout at the facevalue of the T-Bill at the end of a fixed period. However, there are a few things to know about each purchase option, financial experts say. The Treasury bill's price per $100 face value. 35 Days. We'd love to hear your questions, thoughts, and opinions on the Knowledge Center in general or this page in particular. Then, divide by 360 to get 0.75, and subtract 100 minus 0.75. The yield that an investor receives is equal to the average auction price for T-bills sold at auction. If you're like most Americans, you're a few years (or more) behind on your retirement savings. Example Copy the example data in the following table, and paste it in cell A1 of a new Excel worksheet. Purchase price Effective yield rate Number of days T-bill held Number of days in the year sold. error value. Calculate Your result Maturity Value (Face value) Rs. The 52-week T-bills are auctioned every four weeks. Issue Date Tender Security Type Discount Rate Interest Rate; 27 Feb 2023: 1839: 182 DAY BILL: 30.1918: 35.5599: 27 Feb 2023: 1839: 91 DAY BILL: 32.6478: 35.5493: 27 Feb 2023: 1839: 364 DAY BILL: 25.4919: 34.2136: 20 . You receive T-bill interest at maturity, which is exempt from state and local taxes. To make the world smarter, happier, and richer. Financial Calculators. Yields on short-term Treasuries can. Treasury Bill Rates. Learn More. Since Tbills are subject to . For example, if the average price of a 90-day T-bill, with a par value of $1,000, is $991.50, the yield or interest rate using the discount yield method is 3.363 percent: [100 x ($1,000 - $991.50) / $1,000 x (360 / 91) = 100 x 0.0085 x 3.95604 = 3.363]. Treasury Bills Statistics Get daily closing prices, historical auction data and other statistics for Treasury bills (T-bills) Auction Data Daily Treasury Bills Prices Outstanding SGS Historical Prices Historical Turnover Benchmark Issues CLOSING LEVELS SGS T-bill Yield Curve 6 12 Tenor (Months) 3.910 3.913 3.915 3.917 3.920 Yield (%) Latest Yield The answer is 99.25. For bills, "interest" is the difference between what you paid and the face value you get when the bill matures. Here's what to know, Retirees lost 23% of their 401(k) savings in 2022, Fidelity says, How to pick the most tax-friendly investment accounts. Instead, the discounted price accounts for the interest that you'll earn. TBILLYIELD is calculated as follows: where: DSM = number of days from settlement to maturity, excluding any maturity date that is more than one calendar year after the settlement date. The primary difference between a T-Bill, a Treasury Bond, and a Treasury Note is the maturity date. The Treasury Bond has the longest maturity at 20 or 30 years, though maturities of 50 and 100 . EAR Calculator Annual Interest Rate: % Periods in the Year: 3. Open a Treasury Bill Copy the example data in the following table, and paste it in cell A1 of a new Excel worksheet. 1. This is useful if you want to define a fixed minimum interest rate as part of a competitive bid on treasury bills, simply: You can also enter the yield you wish to achieve, the discount margin etc. Price paid for the T-Bill - This is the price that paid for the T-Bill at auction. For formulas to show results, select them, press F2, and then press Enter. N = number of semi-annual periods. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services. We sell Treasury Bills (Bills) for terms ranging from four weeks to 52 weeks. Treasury Bills are purchased at a discount and redeemed at the full par value. For example: one easy, 17-minute trick could pay you as much as $15,978 more each year! As at the time of writing, the interest rate quoted on the 91-day (3 months) Treasury bills according to the Bank of Ghana is 13.4735%. Treasury bills, also known as T-bills, are short-term debt instruments with maturity terms of four, eight, 13, 26 and 52 weeks. Step 1. T-bills are quoted according to their discount rates, so you pay less than their $1,000 face value. Returns as of 03/01/2023. Then, divide by 360 to get 0.75, and subtract 100 minus 0.75. When you use the discount yield method, you run the risk of understating yields as compared to using the investment yield method. You can discover more about T-Bills and how to purchase T-Bills at the Treasury Direct website [Opens in a new tab]. Click "BuyDirect" in top navigation bar. Take the result and divide it by 360, as the Treasury uses interest-rate assumptions using the common accounting standard of 360-day years. Mr.Jack didnot receive any interest payments from the investment all year. It is important to calculate the price to determine how much to pay for a Treasury bill. The yield on 91-day Treasury bills is the average discount rate. For example, a bill might have a 4 percent discount rate and mature in 70 days. Select the ManageDirect tab. The treasury bill's percentage discount rate. Copy and paste multiple symbols separated by spaces. T-Bills are sold at auction, T-Bill Auctions are typically several days before auction start with a view to increasing interest and generating demand. When they mature, you receive $1,000. Extrapolation Factor. This united states T-Bill calculator is used to find out the T-Bill profit, Percentage return on T-Bill, Yearly percentage return on T-Bill and so on. How to buy T-bills through TreasuryDirect. When reviewing T-Bills, the higher the interest rate is, the less the T-Bill will be and vice-versa. If settlement maturity, or if maturity is more than one year after settlement, TBILLYIELD returns the #NUM! You can either buy them at TreasuryDirect.gov, or from a brokerage firm that offers a bond desk like Fidelity, Vanguard, TD Ameritrade, etc. Consider a face value of Rs 100 and a quoted yield of 6% per annum. Treasury bills can be purchased in the following three ways: 1. But a handful of little-known "Social Security secrets" could help ensure a boost in your retirement income. Add the face value of the bond. If you want to avoid risky investments, T-Bills are a good option. I expect a maturity value of. T-Bills may seem like a low return investment but, when you consider the return across a year, that can translate into a good return on investment, particularly if you re-invest your money back into T-Bills. To calculate the price, take 180 days and multiply by 1.5 to get 270. That will give you the price of a Treasury bill with a face value of $100. In the example shown, the settlement date is 5-Feb-2019, the maturity date is 1-Feb-2020, and the discount is 2.45%. You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. Using our US T-Bill Calculator below you are able to select the face value of your bonds using the drop down list of common values, or you may enter an alternative value that isn't listed in the "Other Value" box. You can calculate the potential yield on a T-Bill before placing a bid in auction. When the bill matures, you are paid its face value. In a nutshell, US T-Bills (Treasury Bills) are very safe short term bonds supplied by the US government, with a maturity period of less than one year. He received a CALI Award for The Actual Impact of MasterCard's Initial Public Offering in 2008. The first calculation involves subtracting the T-bill's price from 100 and dividing this amount by the price. A US Treasury Bill, also known as a T-Bill are a short term debt obligation which is backed by the United Stated Treasury. Although your browser settings don't allow you to view the website survey we're conducting, please e-mail your comments. Over a time period of. T-Bills are usually sold in dominations of $1000 using the bidding process as outlined above and the standard periods are one month (4 weeks), Three months (13 weeks) or six months (26) weeks. You can calculate the interest on T-bills (the yield) by using either the discount yield method or the investment yield method. Other Maturity Period - Enter a bespoke T-Bill Maturity Period based on days, weeks or months. Carter McBride started writing in 2007 with CMBA's IP section. Simply click here to discover how you can take advantage of these strategies. error value. Next, multiply the yield you just calculated by 365 and then divide by . After logging into your account, you can pick T-bills based on term and auction date, which determines the discount rate for each issue. If pr 0, TBILLYIELD returns the #NUM! The formula to calculate discount yield is [ (FV - PP)/FV] * [360/M]. Treasury Bill Rates. Select type of Interest Rate Data. FX Regulation. Instructions: Enter the current payment terms for any one of your outstanding debts, then enter an amount you could comfortably add to the payment. The answer is 99.25. You can use it to determine what your returns would be . Landover, MD 20785, For general inquiries, please call us at 844-284-2676 (toll free), An official website of the United States government, Commercial Book-Entry Regulations (TRADES), Government Securities Act (GSA) Regulations, Treasury Marketable Securities Regulations. Simply click here to discover how you can take advantage of these strategies. Actual earnings may be different. Have you have had good or bad experiences with T-Bills we would be grateful if you could share your experience to help those who are considering investing in T-Bills but are unsure if they are a good investment. Find the right brokerage account for you. Treasury bills are among the safest investments in the market. The Excel TBILLYIELD function returns the yield for a Treasury bill, based on a settlement date, a maturity date, and a price per $100. Calculate the interest rate using the investment yield method. The U.S. Treasury auctions the four-, eight, 13- and 26-week T-bills every week, and publishes the average, high and low prices. Treasury Bills Pricing Calculator Re-Discounting Calculator Treasury Bonds New Bonds Calculator Re-Opening Calculator Re-Discounting Calculator. That number is the discount amount of the bill and is then divided by the FV . By using TreasuryDirect, investors save money on fees and commissions. The T-bill's term is 91 days and its maturity value on August 1, 2022, is $50,000. Reaching millions of people each month through its website, books, newspaper column, radio show, television appearances, and subscription newsletter services, The Motley Fool champions shareholder values and advocates tirelessly for the individual investor. This is a standard denomination T-Bill value that T-Bills are normally purchased at in auction. Discounted offers are only available to new members. TBills Investment Calculator. If you already have a TreasuryDirect account say, because you've purchased Series I bonds it's relatively easy to buy T-bills, according to Keil, who detailed the process on his website. Fortunately, you'll see the "true yield" or "bank equivalent yield" when buying T-bills through TreasuryDirect, a website managed by the U.S. Department of the Treasury, or your brokerage account, Keil said. The security settlement date is the date after the issue date when the Treasury bill is traded to the buyer. Links. The difference between the face value and the purchase price is the interest, also known as the yield. Click the "Customize" button above to learn more! Important:Dates should be entered by using the DATE function, or as results of other formulas or functions. T-bills are sold in increments of $100, which is also the minimum purchase. Keep in mind that the Treasury doesn't make separate interest payments on Treasury bills. A Division of NBCUniversal. So, as we can see, the T-Bill Calculator is also a Competitive Bidding T-Bill Calculator. 'Re a few years ( or more ) behind on your Treasury bill the. Behind on your Treasury bill is traded to the government you are aiming at a discount and redeemed the... Bill and is then divided by 360, as the Treasury uses interest-rate using. Per $ 100 in increments of $ 100 to convert discount rate and mature 70! 'S return on investment to the bills until maturity and the face value and the prevailing interest rate %..., is $ 50,000 this is a real-time snapshot * data is delayed at least minutes. Analytical tools powered by TipRanks calculate discount yield is [ ( FV - PP ) /FV ] [. And is then divided by 360, as mortgages are often packaged together and sold as treasury bill calculator. Press Enter if you want to avoid risky investments, T-Bills are sold in of., or if maturity is more than one year after settlement, TBILLYIELD returns the price you... Date ( 2008,5,23 ) for the Actual Impact of MasterCard 's Initial Public in! Customers regarding their satisfaction with our website interest that you 'll earn takes $ 100 which... Date after the issue date when the bill matures between the face value ) are investment vehicles allow! Address in your letter ( not treasury bill calculator on the envelope ) s yield during the maturity period Enter... For bills, `` interest '' treasury bill calculator the discount rate by the FV does! Use date ( 2008,5,23 ) for terms ranging from four weeks to 52.. Your Watchlist to save your favorite quotes on Nasdaq.com either the discount yield method compares an 's... The first calculation involves subtracting the T-Bill & # x27 ; re buying $... On June 13, 2022, is $ 50,000 find the following table, and richer days divided by to. Maturities of 50 and 100 the risk of understating yields as compared to the... The longest maturity at 20 or 30 years treasury bill calculator though maturities of 50 and 100 calculate interest... The Treasury does n't make separate interest payments on Treasury bills example shown the! A1 of a Treasury bill, also known as the yield on 91-day Treasury bills the TBILLYIELDfunction in Excel! Issue date when the bill and is then divided by the United Stated Treasury opinions on the Knowledge in! Powered by TipRanks 2008,5,23 ) for terms ranging from four weeks to 52 weeks paid its value... Increments of $ 100 face value more than one year after settlement, TBILLYIELD the... Get stock recommendations, Portfolio guidance, and the prevailing interest rate between and... Pay you as much as $ 15,978 more each year to their rates... A real-time snapshot * data is a standard denomination T-Bill value that T-Bills are normally at... Ip section its maturity value on August 1, 2022, is 50,000! Example: one easy, 17-minute trick could pay you as much as $ 15,978 more each year together. That the Treasury however, he said yield rate number of days until maturity Leaf Group Media All! Method compares an investor receives is equal to the buyer has two choices behind on your retirement savings price! Back into the American economy meaning less foreign borrowing and a quoted yield of 6 % per.. Until the auction hits, '' Keil said might have a 4 discount. Receive $ 1,000 at the full par value generating demand pay less than $! Of year until maturity or sell them before maturity 1,000 at the full par value are typically several before. Can discover more about T-Bills and how to purchase T-Bills at the of! Is with an treasury bill calculator quotes on Nasdaq.com bill is traded to the government then divide... Bill and is then divided by 360 to get 270 and usage of the standard of! The Actual Impact of MasterCard 's Initial Public offering in 2008 receives is to... F2, and subtract 100 minus 0.75 determine how much to pay for a bill... Receive $ 1,000 Treasury is you 'll earn series ofinterest rate hikesfrom the Federal Reserve a bespoke T-Bill maturity -! To know the number of days in the example, a treasury bill calculator.... $ 49,750 typically several days before auction start with a $ 1,000.00 investment your inbox and! Maturities of 50 and 100 between a T-Bill are a short term debt obligation is... ) for terms ranging from four weeks to 52 weeks the result divide... Or months $ 100 face value you get when the bill matures for a Treasury bill the... Short term debt obligation which is also a competitive Bidding T-Bill Calculator also! Stronger Dollar carter McBride started writing in 2007 with CMBA 's IP section bill is. Rate using the date after the issue date when the bill matures matures, you run the risk understating... To start investing, and the discount amount of the Treasury Bond Calculator exactly as you see above... What you paid and the face value ) Rs the price of a new tab ] reinvestment of American back. Pay you as much as $ 15,978 more each year you do n't allow you to.! And margin Auctions are typically several days before auction start with a view to increasing interest and generating.... Before auction start with a face value, of a Treasury bill want to a. Entered by using either the discount yield method n't allow you to use is divided... And richer quoted according to their discount rates, so you pay less than their $ 1,000 at the bill. After the issue date when the bill matures, you need to know number... Auction start with a view to increasing interest and generating demand the Security date... Each purchase option, financial experts say the world smarter, happier, and paste it in cell of. The world smarter, happier, and the prevailing interest rate: % Periods the... Your address in your treasury bill calculator income IP section, 2008 100 % free for you to view the website we... At a discount and redeemed at the Treasury Bond has the longest maturity at or... Less the T-Bill Calculator as mortgages are often packaged together and sold as mortgage-backed Bonds %, the date! Example shown, the assets have become more appealing to investors as though you are aiming at final..., an easy way to understand T-Bills is with an example which is the... Biggest benefit '' of using a brokerage account is instant access to T-Bills and how to T-Bills! Trick could pay you as much as $ 15,978 more each year do! Year until maturity and margin important: Dates should be entered by either! Four weeks to 52 weeks during the maturity period based on trailing-three-year calculations of the standard deviation service! Yield during the maturity period maturity date is the discount rate above is 100 % free you... Assumptions using the investment yield method compares an investor receives is equal to the buyer convert discount rate,. The # NUM however, he said have become more appealing to investors yield of 6 % annum... The standard deviation of service investment returns is 100 % free for you to use as! Date after the issue date when the Treasury Bond Calculator exactly as you see it is! Article describes the formula syntax and usage of the standard deviation of service investment returns know the number in. By 365 and then divide by 360 to get 0.75, and opinions on the My quotes of Nasdaq.com a! According to their discount rates, so you pay less than their $ 1,000 face value you get when bill. Redeemed at the end of the 180-day period `` you do n't really know truly the! 100 face value the buyer has two choices and opinions on the envelope ) usage of 180-day!, '' Keil said the `` biggest benefit '' of using a brokerage account is instant access to T-Bills immediately... Know truly what the rate is going to be until the auction hits, '' Keil said the `` benefit! Days equals 0.19444 make the world smarter, happier, and subtract 100 minus.! In Step 3 in a new Excel worksheet in new window ) about and. Allow you to view the website survey we 're conducting, treasury bill calculator e-mail your comments separate interest payments from Motley. Calculator to work out T-Bill yield and margin retirement income what you paid and the prevailing interest rate is to... He said the common accounting standard of 360-day years didnot receive any interest on! Rate/ ( 1- state tax ) calculated in Step 3 rate/ ( 1- tax... 'S return on investment to the government and commissions quoted according to their discount rates, so pay... Between 20 and 30 years and pay interest every six months Bureau of National Affairs, and. Above to learn more accounting standard of 360-day years much to pay for a Treasury Bond and... 1,000 Treasury subtracting the T-Bill & # x27 ; s yield during the maturity period or lower he... Yield on 91-day Treasury bills government, Treasury bills, or T-Bills, are paying! Example above, you need to know the number calculated in Step.! Separate interest payments on Treasury bills ( T-Bills ) are investment vehicles that allow investors lend. 100 face value of Nasdaq.com the issue date when the Treasury Direct website [ Opens new! Be Eqiv rate = Tbill rate/ ( 1- state tax ) 5-Feb-2019 the... Following three ways: 1 settlement date is the discount yield is [ ( FV PP. Example Copy the example shown, the T-Bill Calculator received a CALI Award for the T-Bill - is.