Treasury bills, often known as T-bills, are short-term Government Securities issued by the Central Government of India having a maturity of less than a year. T-bills are issued in three maturities — 91 days, 182 days and 364 days. Treasury bills are interest-free securities with zero coupon payments. They are issued at a discount and redeemed at face value when they reach maturity. For instance, a 91-day Treasury bill with a face value of 100 may be issued at 97.30, or at a discount of, say, 2.70, and redeemed for that amount.