The Reserve Bank of India (RBI) has released the latest T-Bill auction results for 91-day, 182-day, and 364-day treasury bills. The auction attracted full subscription across all three tenors. Additionally, the cut-off yields offer useful signals about short-term borrowing costs in the Indian economy.
T-Bill Auction Cut-off Prices and Yields
The RBI notified ₹8,000 crore for the 91-day T-Bill. The cut-off price was set at ₹98.5422, giving an implicit yield of 5.9337%. Therefore, investors in the shortest tenor locked in a relatively lower return.
For the 182-day T-Bill, the RBI also notified ₹8,000 crore. The cut-off price came in at ₹96.8376, with a yield to maturity of 6.5493%. Meanwhile, the 364-day T-Bill carried a notified amount of ₹7,000 crore. Its cut-off price was ₹93.7456, resulting in a yield of 6.6900%.
Importantly, the RBI accepted the full notified amount for all three tenors. As a result, no partial devolvement was recorded in this auction round.
What T-Bill Auction Results Mean for Investors
Treasury bills are short-term government securities issued at a discount. They are popular among banks, mutual funds, and institutional investors seeking low-risk, liquid investments. However, the yield curve seen in these results shows a clear upward slope across tenors.
The gap between the 91-day yield (5.93%) and the 364-day yield (6.69%) is notable. This spread suggests that markets expect short-term rates to remain relatively stable. Additionally, it reflects healthy demand for government paper across maturities.
For retail investors and market watchers, these T-Bill auction results serve as a benchmark for short-term risk-free returns in India. Banks often use these rates to price short-duration fixed deposits and other instruments. Therefore, any shift in cut-off yields can have a broader impact on deposit and lending rates.
Key Auction Summary
Here is a quick overview of the auction outcome. The 91-day T-Bill fetched a yield of 5.9337%, while the 182-day bill yielded 6.5493%. Furthermore, the 364-day bill offered the highest yield at 6.6900%. All bids were fully accepted by the RBI, confirming strong market participation.
This auction was conducted as part of the RBI’s regular market borrowing programme for 2026-27. The press release was issued by Ajit Prasad, Deputy General Manager, Communications, RBI.
Source: RBI Press Releases
