Government Securities
Treasury Bill auction results as RBI publishes them, and what each kind of government security is.
Treasury Bills — latest auction
RBI press releases(opens in a new tab)- Government of India
91-day T-Bill
5.28%
Cut-off yield at latest auction
- Auction date
- 16 Sept 2026
- Tenure
- 91 days
- Settlement
- 17 Sept 2026
- Maturity
- Not Available
- Cut-off price
- ₹98.7007
- Source
- RBI press release 2026-2027/1125 — Treasury Bills: Full Auction Result
- Updated
- 22 Sept 2026, 05:00 pm IST
View RBI Source(opens in a new tab)May be out of date - Government of India
182-day T-Bill
5.75%
Cut-off yield at latest auction
- Auction date
- 16 Sept 2026
- Tenure
- 182 days
- Settlement
- 17 Sept 2026
- Maturity
- Not Available
- Cut-off price
- ₹97.2128
- Source
- RBI press release 2026-2027/1125 — Treasury Bills: Full Auction Result
- Updated
- 22 Sept 2026, 05:00 pm IST
View RBI Source(opens in a new tab)May be out of date - Government of India
364-day T-Bill
6.04%
Cut-off yield at latest auction
- Auction date
- 16 Sept 2026
- Tenure
- 364 days
- Settlement
- 17 Sept 2026
- Maturity
- Not Available
- Cut-off price
- ₹94.3200
- Source
- RBI press release 2026-2027/1125 — Treasury Bills: Full Auction Result
- Updated
- 22 Sept 2026, 05:00 pm IST
View RBI Source(opens in a new tab)May be out of date
Recent auctions
| Auction date | Tenure | Cut-off yield | Settlement | Maturity | Source |
|---|---|---|---|---|---|
| 16 Sept 2026 | 91-day | 5.28% | 17 Sept 2026 | Not Available | View RBI Source(opens in a new tab) |
| 16 Sept 2026 | 182-day | 5.75% | 17 Sept 2026 | Not Available | View RBI Source(opens in a new tab) |
| 16 Sept 2026 | 364-day | 6.04% | 17 Sept 2026 | Not Available | View RBI Source(opens in a new tab) |
Understanding government securities
Treasury Bills (T-Bills)
Short-term · 91, 182 and 364 days
Short-term debt of the Government of India. T-Bills pay no coupon: they are issued at a discount to face value and redeemed at face value on maturity, so the return is the difference between the two. RBI auctions them on behalf of the government.
Dated Government Securities
Long-term · issued for many years
Longer-dated bonds of the Government of India that carry a coupon, usually paid half-yearly, and repay the face value on a stated maturity date. Their market price moves with interest rates while they are outstanding.
State Development Loans (SDLs)
State government securities
Bonds issued by state governments to raise market borrowing, auctioned by RBI on their behalf. Each is an obligation of the issuing state, and they are typically priced at a spread to central government securities of a similar maturity.
Frequently asked questions
What is a Treasury Bill?
A Treasury Bill is a short-term borrowing instrument of the Government of India with a maturity of 91, 182 or 364 days. It is issued at a discount and redeemed at face value; it pays no periodic interest.
What does the cut-off yield of a T-Bill auction mean?
At each auction RBI accepts bids up to a cut-off price. The cut-off yield is the annualised yield implied by that price. It is set by the auction, so it changes from one auction to the next, and RBI publishes it in the auction-result press release.
How is a dated G-Sec different from a T-Bill?
A dated government security runs for years rather than days, and usually pays a fixed coupon every six months before repaying face value at maturity. A T-Bill runs for a year or less and pays nothing until maturity.
What is a State Development Loan?
An SDL is a bond issued by a state government. RBI conducts the auction for the state. Repayment is an obligation of that state government, not of the central government.
Can an individual take part in these auctions?
RBI runs the Retail Direct platform for individuals to participate in primary auctions of government securities. CAPITA1 does not offer or process any transaction; the official platform has the current eligibility rules.