T-bill cut-offs: 5.73% (91-day), 6.29% (182-day), 6.49% (364-day)
The government raised ₹23,000 crore in T-bills on October 14. It will pay about 5.7% for three months and about 6.5% for a year.
Official title: 91-Day, 182-Day and 364-Day T-Bill Auction Result: Cut-off · Press Release 2026-2027/1325
What happened
The October 14, 2026 Treasury bill auction raised the full ₹23,000 crore: ₹8,000 crore each in 91-day and 182-day bills and ₹7,000 crore in 364-day bills.
The cut-off yields were 5.7281% for 91 days, 6.2896% for 182 days and 6.4891% for 364 days. So the government will pay about 5.7% a year to borrow for three months, and about 6.5% a year for a year. Longer bills pay more.
What it means for you
You can buy T-bills through RBI Retail Direct. A 364-day bill pays about 6.5% a year at this cut-off, though rates change at each auction.
What it means for businesses
These short-term yields are a benchmark for money market rates, which companies and banks watch.
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.