Bonds

Treasury bills (T-bills)

91/182/364-day zero-coupon paper — the cash-parking G-sec.

What it is

Short-term Central government paper sold at a discount and redeemed at face value — no coupons, the discount is the return. Same RDG account and the same auction/NDS-OM routes as dated G-secs.

Min ticket: Rs.10,000 face in primary auctions (varies by auction) · No demat — RBI/BLA account

How to buy it

Bid non-competitively in the weekly T-bill auctions through Retail Direct.
Hold to maturity (91, 182 or 364 days) or sell early on NDS-OM.
The discount to Rs.100 face is your gain — taxed as capital gains, not interest.

Costs

No RBI scheme fees
Discount narrows when short rates fall

Liquidity

Short-tenor government paper; weekly auctions plus NDS-OM secondary, with liquidity varying by issue and market conditions.

Regulation

RBI auctions; CCIL settlement via NDS-OM.

Risks that bite

Reinvestment risk at maturity
Negligible duration risk because tenors are short

See this week's auctions →

Tax FAQ

How is Treasury bills (T-bills) taxed?

Interest is taxed at your slab. Transfer or redemption gains follow the post-23-Jul-2024 rules: listed paper held over 12 months is LTCG at 12.5% without indexation, short-term gains join income at slab, and unlisted bonds are always deemed short-term under section 50AA.

Educational, not advisory — and never a quote. LetsInvest is a research publication, not a SEBI-registered investment adviser, and we run no bond-price or yield feed. YTM, ladder and tax outputs are illustrations of numbers you enter. Confirm anything that matters on RBI Retail Direct or the issuer's offer document before you act.

Sources

Reviewed 24 Sept 2026. Yields move — the RBI portal, CCIL and the tax department are the authority, and this hub links straight to them.

RBI - Retail Direct Scheme (press release 2021-2022/1183, 12 Nov 2021)RDG accounts; primary-auction non-competitive bids; NDS-OM odd-lot/RFQ secondary; UPI/internet-banking payments; no scheme fees.
CCIL - RBI NDS-OM (trading platform operated by CCIL on behalf of RBI)CCIL operates the NDS-OM trading and settlement stack behind Retail Direct secondary trades.
CBDT - FAQs on the new capital-gains regime (PIB, 24 Jul 2024, PRID 2036604)Two holding periods since 23 Jul 2024 (12 months listed, 24 months other); other-LTCG at 12.5% without indexation.
Income Tax Department - Tax on sale of debentures (as amended by Finance Act, 2026)Post-23-Jul-2024 holding table (listed debentures/G-secs: 12 months; unlisted: deemed STCG).
Income Tax Department - Section 50AA (special provision for specified securities)Unlisted bonds/debentures transferred, redeemed or matured on/after 23 Jul 2024 are deemed short-term.

Tax FAQ

How is Treasury bills (T-bills) taxed?

Sources

Reviewed 24 Sept 2026. Yields move — the RBI portal, CCIL and the tax department are the authority, and this hub links straight to them.