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91-Day Treasury Bill

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

A short government borrowing bought at a discount and repaid at face value after 91 days, with no periodic interest.

5.7281% 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 91D" in the list of government securities, then check its current price and yield.

How it works

91-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 short government borrowing bought at a discount and repaid at face value after 91 days, with no periodic interest.

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?

  • Parking a large sum for about three months with minimal credit risk
  • A short, dated place for money with a known use

Key facts

Provider
Government of India — via RBI Retail Direct
Source
RBI Retail Direct — government securities ↗ https://rbiretaildirect.org.in
Rate
5.7281% 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
91 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
Held to maturity by most individual investors. Selling early means accepting the market price.
Protection
Sovereign — the Government of India is the borrower.
Tax
The difference between the purchase price and the maturity value is taxed as interest income.

What can go wrong

  • The yield is fixed at auction, so you cannot benefit if rates rise during the 91 days.
  • A minimum bid size of ₹10,000 is large for small savers.
  • Selling before maturity depends on the market price, which can be lower.

Before you decide anything

  • The cut-off yield at the auction you actually bid in
  • The exact maturity date and settlement process

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.