What is the syntax for TBILLYIELD in Excel?

The syntax for TBILLYIELD is: =TBILLYIELD(settlement, maturity, pr)

What are common errors with TBILLYIELD?

#NUM! if maturity > 1 year from settlement

What is TBILLYIELD used for?

TBILLYIELD calculates the yield (discount rate) of a T-bill given its price. If you know what you paid for a T-bill, TBILLYIELD tells you the effective discount rate. It's the inverse of TBILLPRICE.

How do I calculate my T-bill return?

Use =TBILLYIELD(settlement, maturity, price). Bought a T-bill at $98.50 per $100 face, maturing in 90 days: =TBILLYIELD(today, today+90, 98.50) gives the annualized discount rate. For actual return, use TBILLEQ to convert to bond-equivalent yield.

What's the relationship between TBILLYIELD and TBILLPRICE?

They're inverses. TBILLPRICE(settlement, maturity, yield) gives price. TBILLYIELD(settlement, maturity, price) gives yield. If =TBILLPRICE(s, m, 0.05) = 98.75, then =TBILLYIELD(s, m, 98.75) = 0.05.

Financial

TBILLYIELD Function in Excel

Returns the yield for a Treasury bill.

Syntax

=TBILLYIELD(settlement, maturity, pr)

Arguments

settlement (required): Settlement date
maturity (required): Maturity date
pr (required): Price per $100 face value

Examples

=TBILLYIELD("3/31/2024", "6/1/2024", 98.45) - T-bill yield - Result: 0.0914

TBILLYIELD modeling tips

Align rate and period units (annual rate ÷ 12 for monthly models).
Use consistent cash-flow signs (outflows negative, inflows positive).
Hub: [Financial functions guide](/guides/excel-financial-functions-guide/).

Common errors

#NUM! if maturity > 1 year from settlement

Use cases

T-bill analysis
Yield calculation
Fixed income

Frequently asked questions

What is TBILLYIELD used for? TBILLYIELD calculates the yield (discount rate) of a T-bill given its price. If you know what you paid for a T-bill, TBILLYIELD tells you the effective discount rate. It's the inverse of TBILLPRICE.
How do I calculate my T-bill return? Use =TBILLYIELD(settlement, maturity, price). Bought a T-bill at $98.50 per $100 face, maturing in 90 days: =TBILLYIELD(today, today+90, 98.50) gives the annualized discount rate. For actual return, use TBILLEQ to convert to bond-equivalent yield.
What's the relationship between TBILLYIELD and TBILLPRICE? They're inverses. TBILLPRICE(settlement, maturity, yield) gives price. TBILLYIELD(settlement, maturity, price) gives yield. If =TBILLPRICE(s, m, 0.05) = 98.75, then =TBILLYIELD(s, m, 98.75) = 0.05.

Editorial review

Reviewed by Excel.Directory Editorial Team. Updated May 2026.