<iframe
id="zamcalc-treasury-bills"
src="https://zamcalc.com/embed/treasury-bills"
width="100%"
frameborder="0"
style="border: 1px solid #e4e4e7; border-radius: 12px; min-height: 400px;"
loading="lazy"
title="Treasury Bills Calculator"
></iframe>
<script>
window.addEventListener('message', function(e) {
if (e.data && e.data.zamcalcEmbed) {
var f = document.getElementById('zamcalc-treasury-bills');
if (f) f.style.height = e.data.height + 'px';
}
});
</script>
Treasury Bills Calculator
Calculate your potential returns on Zambia Government Treasury Bills.
Enter your investment details
Select a tenor, enter an amount and yield rate to see your projected T-Bill returns.
Treasury Bills Overview
Latest Auction Yields
| Tenor | Yield |
|---|---|
| 91 days | 10.85% |
| 182 days | 11.9% |
| 273 days | 12.3% |
| 364 days | 13% |
Charges & Key Info
Frequently Asked Questions
What are Treasury Bills and how do they work in Zambia?
Treasury Bills (T-Bills) are short-term government securities issued by the Government of Zambia through the Bank of Zambia. They are bought at a discount to face value and mature at full face value. The difference between what you pay and the face value is your interest income.
What tenors are available for Zambia Treasury Bills?
You can buy Treasury Bills in four tenors: 91, 182, 273, 364 days. Treasury Bill auctions are held every two weeks (fortnightly). Auction schedules and results are published on the Bank of Zambia website.
What are the charges on Treasury Bill interest income?
Your T-Bill interest (discount) income is subject to 20% withholding tax deducted at source by ZRA, plus a 1% handling fee at maturity. This calculator shows both gross and net returns after these deductions.
How do I buy Treasury Bills in Zambia?
To buy T-Bills, you need a Central Securities Depository (CSD) account at the Bank of Zambia and a local Kwacha bank account. You can bid directly through the BOZ Investor Portal (investorportal.boz.zm) or through any commercial bank. Non-competitive bids start at K1,000 face value, while competitive bids require a minimum of K500,000.
How is the T-Bill price calculated from the yield rate?
The price per K100 face value is calculated as: P = 100 / (1 + (n/365 x i)), where n is the tenor in days and i is the yield rate as a decimal. For example, a 182-day T-Bill at 10.5% yield gives a price of K95.02 per K100 face value - meaning you pay K95.02 to receive K100 at maturity.
How much can I earn on Treasury Bills? Show me an example.
Example: You invest K10,000 in a 91-day T-Bill at 10% yield. Price per 100 = 97.57, so your face value is K10,249.32. Gross interest = K249.32. After 20% WHT (K49.86) and 1% handling fee (K2.49), your net interest is K196.97. Total return: K10,196.97.
Get notified when treasury bill rates change.
Free newsletter. No spam, unsubscribe anytime.
Learn
All postsHow to Invest in Treasury Bills in Zambia (2026)
How to buy Zambia Treasury bills through BoZ - the discount pricing formula, current yields, and step-by-step process with worked examples.
How to Get the Best Exchange Rate in Zambia (2026)
Compare exchange rates across banks, bureaux de change, and online services in Zambia. Use the BOZ mid-rate as your benchmark and avoid common pitfalls.
Zambia Government Bond Auction Results - April 2026
Results from GRZ Bond Auction 04/2026/BA held on 24 April 2026. Yields fell across all tenors, the 5-year was suspended, and overall demand was weak.
Related Tools
Popular Tools
Zesco Electricity
Estimate your ZESCO bill by units consumed
PAYE Tax
Income tax, NAPSA & NHIMA deductions
Currency Rates
Live ZMW exchange rates against major currencies
Vehicle Import Duty
ZRA duty and total landed cost for used vehicles - live exchange rates, CIF, hybrid and electric support
Government Bonds
Estimated returns on GRZ government bonds
HELSB Loans
Estimate your student loan or calculate repayment at 10% interest
Sources
Official BoZ guide covering T-bill pricing formula, eligibility, and auction process.
April 2026 changes including auction frequency and Q2 2026 auction calendar.
Legal framework governing the issuance and trading of government securities in Zambia.
Online platform for CSD registration and government securities bidding.
Zamcalc results are estimates only. Figures are based on rates published by official sources. Verify with the relevant authority or a licensed professional before taking any action. Zamcalc is not liable for decisions based on these figures.