T-bill issuance calendar for Q1 FY27 -- April to June 2026. Weekly auction schedule here

QnA Discussions
1

Sharing the T-bill auction calendar for Q1 FY27 published by RBI. Same weekly cadence as usual – auctions every Wednesday, settlement the next day.

Total issuance this quarter: Rs 2,88,000 crore across 12 auctions.

Date of Auction Date of Issue 91 Days (Rs Cr) 182 Days (Rs Cr) 364 Days (Rs Cr) Total (Rs Cr)
April 08, 2026 April 09, 2026 12,000 6,000 6,000 24,000
April 15, 2026 April 16, 2026 12,000 6,000 6,000 24,000
April 22, 2026 April 23, 2026 12,000 6,000 6,000 24,000
April 29, 2026 April 30, 2026 12,000 6,000 6,000 24,000
May 06, 2026 May 07, 2026 12,000 6,000 6,000 24,000
May 13, 2026 May 14, 2026 12,000 6,000 6,000 24,000
May 20, 2026 May 21, 2026 12,000 6,000 6,000 24,000
May 27, 2026 May 29, 2026 12,000 6,000 6,000 24,000
June 03, 2026 June 04, 2026 12,000 6,000 6,000 24,000
June 10, 2026 June 11, 2026 12,000 6,000 6,000 24,000
June 17, 2026 June 18, 2026 12,000 6,000 6,000 24,000
June 24, 2026 June 25, 2026 12,000 6,000 6,000 24,000
Total 1,44,000 72,000 72,000 2,88,000

Source: RBI. Amount in Rs Crore.

You can bid for these through RBI Retail Direct at rbiretaildirect.org.in. Non-competitive bids are guaranteed allotment at the weighted average yield.

2

91-day T-bill cut-off has been hovering around 5.32 to 5.35% in the recent auctions, which is close to the repo rate of 5.25%. that spread is normal. 364-day is slightly higher at around 5.55%. not exciting yields but for parking money short-term with zero credit risk it gets the job done.

3

wait these are literally government issued, zero risk, and still give 5.3%? why doesn’t everyone just do this instead of keeping money in a savings account at 3%?

4

Mostly friction and awareness. T-bills require a demat account and either an RBI Retail Direct account or a broker who facilitates G-Sec purchases. Savings accounts are just there by default. The yield advantage is real though. For anyone with idle cash sitting in a savings account for more than a month, rolling 91-day T-bills is a meaningful upgrade.

5

what happens if you need the money before the 91 days are up. are you stuck?

6

T-bills can be sold in the secondary market before maturity if needed. Liquidity is reasonable for 91-day bills since they are heavily traded by banks and institutions. The price you get will reflect the remaining tenor and prevailing yields at the time of sale. If yields have risen since you bought, you will get slightly less than face value. If yields have fallen, slightly more. For most retail investors holding to maturity is simpler and avoids any mark-to-market uncertainty.

7

is there a minimum amount to invest in these? and can I split across 91, 182, and 364 day in the same auction?

8

Minimum is Rs 10,000 per T-bill and multiples of Rs 10,000 after that. You can bid for different tenures in the same week but each is a separate bid. So you could put Rs 10,000 in the 91-day and Rs 10,000 in the 364-day in the same auction week. One bid per security per auction though – you cannot place two separate bids for the same 91-day auction in one week.

9

T-bill basics for anyone new:

91 day = about 3 months, current yield around 5.32%
182 day = 6 months, slightly higher
364 day = 1 year, around 5.55%

zero credit risk, issued by government of India
minimum Rs 10,000, multiples of Rs 10,000
buy via RBI Retail Direct or broker
settlement next day after auction
auction every Wednesday, same time every week

not for returns, for parking money safely short term