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364-Day Treasury Bill

Government of India — via RBI Retail Direct · Government Bonds & Fixed-Income

A one-year government borrowing bought at a discount and repaid at face value, with no payments in between.

6.4891% Cut-off yield · Set at each auction; moves weekly

As of 15 Oct 2026. Rates change — check the source before acting.

Source: Reserve Bank of India — current rates · confirmed via RBI homepage, read 17 October 2026

Source RBI Retail Direct — government securities

rbiretaildirect.org.in

RBI Retail Direct is where retail investors hold these securities. Look for "T-bill 364D" in the list of government securities, then check its current price and yield.

How it works

364-Day Treasury Bill is a bonds & fixed income product from Government of India — via RBI Retail Direct, in the guaranteed category: fixed by contract. A one-year government borrowing bought at a discount and repaid at face value, with no payments in between.

Because the return type is guaranteed, the questions that matter most are: Is the rate fixed for the whole tenure, or revised during it? Who is actually promising to pay, and what happens if they don't?

  • Money needed in about a year, held with minimal credit risk
  • A step up from a fixed deposit for larger sums

Key facts

Provider
Government of India — via RBI Retail Direct
Source
RBI Retail Direct — government securities ↗ https://rbiretaildirect.org.in
Rate
6.4891% Cut-off yield, as of 15 Oct 2026
Category
Government Bonds & Fixed-Income
Minimum investment
₹10,000 minimum bid size in the retail direct scheme
Tenure
364 days
Payout
At maturity — the discount is the return
Eligibility
Resident individuals with a demat account and an RBI Retail Direct account.
Getting your money back
Usually held to maturity. Early sale is possible but at the market price.
Protection
Sovereign — the Government of India is the borrower.
Tax
The discount is taxed as interest income in the year of maturity.

What can go wrong

  • The yield is locked at auction, unlike a savings account.
  • Money is unavailable for a year unless sold at market price.
  • The minimum bid size is ₹10,000.

Before you decide anything

  • The cut-off yield at the auction
  • What the secondary market price implies if you need to exit early

These are questions to take to the provider, not a checklist that makes a product suitable. Whether something fits your situation is a decision only you — or an adviser you choose — can make.

Official sources

These link to the regulator or provider where the rules for this type of product are set out. They are the pages worth checking before you act, because they are the ones that get updated.

Other products in this category

The same rules and the same kind of trade-offs, described the same way.