When the bill matures, you receive par value. Treasury notes mature in two to 10 years, while Treasury bonds mature in 10 to 30 years. Both notes and bonds pay a fixed rate of interest every six months until the security matures. Par value is repaid when the security matures. Treasury bills, notes and bonds are sold through competitive and noncompetitive bidding at more than 150 auctions held throughout the year.
Many newspapers report auction schedules.
You can also find auction schedules on the government Web site . The Web site also has detailed information on how bids are placed. There are no fees when you buy Treasuries directly from the government. You can also buy Treasuries on the securities market, through a broker or dealer. If you choose that method, you'll pay a commission and perhaps a transaction fee.