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Treasury Bills: FAQs

What are the maturity terms for Treasury bills?

Among bills auctioned on a regular schedule, there are four terms: 4 weeks, 13 weeks, 26 weeks, and 52 weeks. Another bill, the cash management bill, isn't auctioned on a regular schedule. It is issued in variable terms, usually of only a matter of days.

Will I receive semiannual interest payments if I own a Treasury bill?

No. The only payment to you occurs when your bill matures. At that time, you are paid the face value of the bill. (Bills are sold at a discount from their face value.)

Can I buy any Treasury bill directly from the Treasury?

The 4-week, 13-week, 26-week, and 52-week bills are available in TreasuryDirect. The 13-week, 26-week, and 52-week bills are available in Legacy Treasury Direct. Cash management bills aren't available in either system. NOTE: At this time, only individuals can hold accounts in TreasuryDirect.

How do I know when bills will be auctioned?

We auction 4-week, 13-week, and 26-week bills every week. Typically, we auction 13-week and 26-week bills on Monday and 4-week bills on Tuesday. We auction the 52-week bill every four weeks. Cash management bills aren't auctioned according to a schedule.

For specific dates, see our Tentative Auction Schedule, which shows auction dates months in advance, or "Upcoming Auctions," which shows auctions that we have officially scheduled. (Auctions are officially scheduled only days before they are conducted.)

Also, you can sign up for e-mail notification of auctions.

Do you still issue bills in paper form?

No. All Treasury bills are now issued and held electronically. Paper bills were issued in the past, but all of them have matured.

How can I place a competitive bid for a bill?

To place a competitive bid, you must use a bank, broker, or dealer.

How do I transfer a Treasury bill from Legacy Treasury Direct to TreasuryDirect?

To transfer a Treasury bill from Legacy Treasury Direct to TreasuryDirect, take these steps:

  1. Open an account in TreasuryDirect. (If you already have an account, you may skip this step.) NOTE: At this time, only individuals can hold accounts in TreasuryDirect.
  2. Complete the Legacy Treasury Direct form "Security Transfer Request" (PD F 5179). In the form's section 3, check the box for "Transfer to an Established On-line TreasuryDirect Account Number." (Download or order the form.) Your signature on this form must be certified. Your bank may provide this service.
  3. Mail the form to the Bureau of the Public Debt, at the address shown on the form.