A treasury bill (T Bill) is a short term government debt obligation. The Reserve Bank of India issues it. It has a maturity of one year or less. Hence, these are short term instruments. The T-bills are issued to address the liquidity shortfall in the economy.  T-bills are zero-coupon securities. In other words, these instruments do not earn any interest. However, these are issued at a discount to the face value. The difference between the face value and the issue price is the return to the investor. For example, the face value of a 91day T-bill is INR 100. However, the RBI issues them at a discounted price of INR 95. Upon maturity, the investor would get INR 100. Hence, the return for an investor is INR 5. Following are the types of T-bills in India: 1. 14-day Treasury bill 2. 91-day Treasury bill 3. 182-day Treasury bill 4. 364-day Treasury bill