T-bills (Sept 30): government pays 5.52% for 91 days, 6.18% for one year
The Sept 30 Treasury bill auction raised the full ₹24,000 crore sought, at cut-off yields of 5.52%, 5.96% and 6.18% for 91, 182 and 364 days.
Official title: 91-Day, 182-Day and 364-Day T-Bill Auction Result: Cut-off · Press Release 2026-2027/1216
What happened
On September 30, 2026 the government sold three Treasury bills, short-term IOUs of 91, 182 and 364 days. It raised the full ₹9,000 crore, ₹8,000 crore and ₹7,000 crore it wanted, ₹24,000 crore in all.
The cut-off yields were 5.5199%, 5.9601% and 6.1798% a year. In plain terms the government will pay about 5.5% a year to borrow for three months and about 6.2% for a year. Longer borrowing costs more, which is normal. This is a routine weekly auction.
What it means for you
You will not notice this in daily life. But if you buy T-bills through RBI Retail Direct you earn this kind of yield, and bank deposit rates tend to move with it.
What it means for businesses
These yields are the safe short-term rate for the market. Banks and companies use them as a reference for short-term borrowing and lending.
Read the original
Press release on rbi.org.in ↗ Official PDF ↗
This explainer simplifies the official text. If anything here differs from the RBI's release, the release is right.