This article describes the formula syntax and usage of the TBILLYIELD function in Microsoft Excel.


Returns the yield for a Treasury bill.


TBILLYIELD(settlement, maturity, pr)

Important: Dates should be entered by using the DATE function, or as results of other formulas or functions. For example, use DATE(2008,5,23) for the 23rd day of May, 2008. Problems can occur if dates are entered as text.

The TBILLYIELD function syntax has the following arguments:

  • Settlement    Required. The Treasury bill’s settlement date. The security settlement date is the date after the issue date when the Treasury bill is traded to the buyer.
  • Maturity    Required. The Treasury bill’s maturity date. The maturity date is the date when the Treasury bill expires.
  • Pr    Required. The Treasury bill’s price per $100 face value.


  • Microsoft Excel stores dates as sequential serial numbers so they can be used in calculations. By default, January 1, 1900 is serial number 1, and January 1, 2008 is serial number 39448 because it is 39,448 days after January 1, 1900.
  • Settlement and maturity are truncated to integers.
  • If settlement or maturity is not a valid date, TBILLYIELD returns the #VALUE! error value.
  • If pr ≤ 0, TBILLYIELD returns the #NUM! error value.
  • If settlement ≥ maturity, or if maturity is more than one year after settlement, TBILLYIELD returns the #NUM! error value.
  • TBILLYIELD is calculated as follows:Equationwhere:
    • DSM = number of days from settlement to maturity, excluding any maturity date that is more than one calendar year after the settlement date.


Copy the example data in the following table, and paste it in cell A1 of a new Excel worksheet. For formulas to show results, select them, press F2, and then press Enter. If you need to, you can adjust the column widths to see all the data.

3/31/2008Settlement date
6/1/2008Maturity date
$98.45Price per $100 face value
=TBILLYIELD(A2,A3,A4)The yield for the Treasury bill using the terms in A2, A3, and A4 (0.0914, or 9.14%).9.14%

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