Kenya Treasury Bill Rates — 91, 182 & 364-Day Live Yields

A Treasury Bill (T-Bill) is a short-term government security issued by the Central Bank of Kenya (CBK). You buy it at a discount and receive the full face value at maturity. The difference is your return. T-Bills come in 91-day (3 months), 182-day (6 months), and 364-day (12 months) tenors.

Yes. Interest on Treasury Bills is exempt from withholding tax for individual investors (as of April 2026). This makes the effective yield higher than comparable instruments. A 7.77% T-Bill yield is equivalent to ~9.1% pre-tax on a bank deposit or MMF that charges 15% WHT.

KES 100,000, in multiples of KES 50,000 thereafter. You can invest through DhowCSD (CBK's mobile app), your bank, or directly through CBK.

A non-competitive bid means you accept whatever rate the auction determines. You're guaranteed allocation (up to your bid amount). This is recommended for retail investors. Competitive bids specify a rate — you might not get allocated if your rate is too high.

T-Bills are sold at a discount. For a 91-day T-Bill at 7.77%, you pay approximately KSh 98,063 for a KSh 100,000 bill. After 91 days, CBK pays you the full KSh 100,000. The KSh 1,937 difference is your tax-free profit.

They serve different purposes. T-Bills: sovereign-backed, tax-free, but locked for 91-364 days with KSh 100K minimum. MMFs: daily liquidity, low minimums (KSh 100+), but 15% WHT applies. Current T-Bill rates (~7.5-8.5%) are lower than top MMFs (~11%), but T-Bills are risk-free and tax-free. Many investors use both: MMFs for accessible cash, T-Bills for short-term parking of larger sums.

T-Bills can technically be traded on the secondary market, but liquidity is limited. Most investors hold to maturity (the tenors are short enough). If you need regular liquidity, consider laddering: buy 91-day T-Bills monthly so one matures every month.

T-Bill rates track the CBK policy rate (currently 8.75%, down from 13% in mid-2024). As CBK cuts rates to stimulate the economy, yields on government securities fall. Rates dropped ~8 percentage points over 12 months. They may stabilise if CBK pauses cuts.