Treasury Bills

A treasury bill is a short-term (usually less than one year ,typically three months) borrowing instrument issued and controlled by the Govt.

Instruments are typically sold at discount price from the face value. It would be paid face value when the bill matures.The difference between the purchase price and face value is profit for the buyer.

In US, the term of this bill is 91 days, 182 days and at last 1 year.