U.S. Treasury bill — settlement advice
13 Week T-Bill Calculator (4 to 52 Weeks)
Bills come in five standard maturities — 4, 8, 13, 26, and 52 weeks. Pick a term below and the ticket recalculates yield, discount, and profit for that bill. Each term has its own rhythm, its own buyer, and its own quirks, covered in the notes under the form.
The 4-week bill
The shortest standard bill, auctioned weekly. Buyers use it as a parking spot for cash that must stay reachable: the term is so short that rate risk is nearly zero, and the discount is small but reliable. In the form, the term corresponds to 28 days.
The 8-week bill
A middle step introduced to bridge the gap between 4 and 13 weeks. It behaves like the 4-week bill with twice the commitment — marginally more discount, still trivial rate exposure, and the same weekly auction rhythm.
The 13-week bill
The classic quarter-bill and the market's oldest benchmark. Corporate treasurers built cash calendars around it for decades. Its discount rate is still widely quoted as a short-term reference, which is why this page's title leads with it. In days: 91.
The 26-week bill
Half a year of committed cash at a fixed pace. The discount is large enough that annualized figures start to matter visually — the spread between quoting conventions widens with term, and the dual-scale logic from the yield pages becomes worth checking.
The 52-week bill
The longest bill, reopening across multiple auctions after its original issue. Buyers accept a year of illiquidity in exchange for locking the pace today. It is the bill where holding to maturity matters most, since selling early exposes you to a full year's worth of market movement.
Frequently asked questions
How much does a 4 week T-bill pay?
The discount on the sample inputs — $1,000 face at $997.85 — is $2.15 per bill, paid at maturity 28 days after issue. Enter your own price for the exact figure.
How much does an 8 week T-bill pay?
It follows the same identity with 56 days. Keep the face value and adjust the price; the ticket recalculates the discount for the longer term.
How much does a 13 week T-bill pay?
At the default inputs, $1,000 face bought at $996.72 returns $3.28 at the end of 91 days — the arithmetic of a quarter-bill held to maturity.
How much does a 26 week T-bill pay?
A $1,000 bill at $982.30 pays $17.70 after 182 days. Longer terms move the discount up faster than the term itself, which is the annualization at work.
How much does a 52 week T-bill pay?
Set the days field to 364 and enter your price. The profit is face value minus price, paid once at the end of the year — the largest single-payment discount among standard bills.