TBILLYIELD Function in Excel: Treasury Bill Yield

TBILLYIELD Function in Excel: Treasury Bill Yield featured illustration

📎 This article includes 1 downloadable practice file ↓

⏱ 2 min readUpdated 28 September 2026

FinancialLevel: ExpertAvailable in: Excel 2007+

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

TBILLYIELD returns the yield of a T-bill from its price.

Advertisement

Syntax

=TBILLYIELD(settlement, maturity, pr)
Argument What it means
pr Price per 100.

Examples

Example 1

=TBILLYIELD(DATE(2021,4,1), DATE(2021,7,1), 98.36)

About 6.6%.

TBILLYIELD in practice

Where you will use it

  • Yield from a T-bill price
  • Compare with FD rates
  • Auction results

Worked example

DaysPriceFormulaResult
9198.4=TEXT(TBILLYIELD(DATE(2026,10,1),DATE(2026,10,1)+A2,B2),"0.00%")6.43%
18296.7=TEXT(TBILLYIELD(DATE(2026,10,1),DATE(2026,10,1)+A3,B3),"0.00%")6.75%
36493.5=TEXT(TBILLYIELD(DATE(2026,10,1),DATE(2026,10,1)+A4,B4),"0.00%")6.88%

Results calculated in Excel.

Mistakes people make

MistakeWhat to do instead
Price per 100Enter per 100 face value
Day countUses a 360-day year

TBILLPRICE · YIELD

📚 Part of the free Excel course: Beginner → Expert · Try it in the Formula Lab or ask the AI Helper.

⚡ Interactive Practice Lab & Formula Tester:

Test formulas dynamically in our web formula laboratory or download the companion Excel workbook.

Continue learning

All Financial guides →
RECEIVED Function in Excel: Amount Received at MaturityFinancialLevel: ExpertAvailable in: Excel 2007+RECEIVED calculates what you get back at maturity for a…PDURATION Function in Excel: Years Needed to Reach a TargetPDURATION returns how many periods an investment needs to grow to a target at…INTRATE Function in Excel: Interest Rate of a Fully Invested SecurityINTRATE returns the annualised return when you invest an amount and receive a larger…NPER Function in Excel: How Many Payments Until Paid OffNPER returns the number of periods needed to repay a loan or reach a…

📎 Practice files for this article

  • 📗
    Practice workbook: Financial: EMI, SIP, NPV, IRR, depreciation23 tasks on realistic sales data — type your formula, the Check column turns green when it is right. Answers sheet included.
    ⬇ XLSX · 35 KB

Free to use for learning. Files with macros (.bas) are plain text — import them with Alt+F11 → File → Import File, and always test on a copy.

✨ Ask AI about this article

Stuck on a step? Ask a question and the AI answers using this article.

Free · AI can be wrong