TBILLPRICE Function in Excel: Treasury Bill Price

TBILLPRICE Function in Excel: Treasury Bill Price featured illustration

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⏱ 2 min readUpdated 28 September 2026

FinancialLevel: ExpertAvailable in: Excel 2007+

In this article
  1. Syntax
  2. Examples
  3. Example 1
  4. TBILLPRICE in practice
  5. Where you will use it
  6. Worked example
  7. Mistakes people make
  8. Related functions
  9. Continue learning

TBILLPRICE returns the price per 100 of a T-bill from its discount rate (US convention, 360-day year).

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Syntax

=TBILLPRICE(settlement, maturity, discount)
Argument What it means
discount Discount rate.

Examples

Example 1

=TBILLPRICE(DATE(2021,4,1), DATE(2021,7,1), 6.5%)

About 98.36 for a 91-day bill.

💡 Indian T-bills are quoted as yields on a 365-day basis, so check the convention before using these functions for RBI auctions.

TBILLPRICE in practice

Where you will use it

  • Price of a 91-day T-bill
  • Treasury auctions
  • Money-market desks

Worked example

DaysDiscountFormulaResult
910.065=ROUND(TBILLPRICE(DATE(2026,10,1),DATE(2026,10,1)+A2,B2),3)98.357
1820.067=ROUND(TBILLPRICE(DATE(2026,10,1),DATE(2026,10,1)+A3,B3),3)96.613
3640.068=ROUND(TBILLPRICE(DATE(2026,10,1),DATE(2026,10,1)+A4,B4),3)93.124

Results calculated in Excel.

Mistakes people make

MistakeWhat to do instead
Over one year#NUM!
Indian T-billsRBI quotes yields; convert carefully

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