Kenya Finance CalculatorDiscounting Formula Explained
You do not pay the full face value upfront. For example, for a KSh 100,000 364-day T-Bill at 9.04%, you pay approx KSh 91,734 upfront and receive KSh 100,000 at maturity minus 15% withholding tax on the interest profit.
Government securities
Free Kenya Treasury Bills Calculator 2026 – CBK T-Bills & IFB Bonds
Calculate 91-day, 182-day and 364-day Treasury Bill discounts and net returns on Central Bank of Kenya (CBK) securities, including 15% withholding tax and tax-free Infrastructure Bond (IFB) yields.
Current CBK Government Securities Benchmarks
Rates updated: 5 November 2026 via official Central Bank of Kenya weekly auctions.
| Income Band / Category | Rate / Limit | Notes |
|---|---|---|
| 91-Day T-Bill | ~8.75% p.a. | 15% WHT deducted at maturity (CBK weekly auction) |
| 182-Day T-Bill | ~8.845% p.a. | 15% WHT deducted at maturity (CBK weekly auction) |
| 364-Day T-Bill | ~9.0282% p.a. | 15% WHT deducted at maturity (CBK weekly auction) |
| Infrastructure Bond (IFB) | ~12.82% p.a. | 100% Tax-Exempt (0% WHT by law) |
| Fixed Coupon Bond (FXD) | ~12.87% p.a. | Semi-annual coupon payout minus 15% WHT |
Tax advantages of Infrastructure Bonds
Because IFBs carry 0% withholding tax, an IFB yielding around 12.8% delivers higher net cash returns than a taxable commercial fixed deposit or commercial paper.
Related calculators: T-Bill returns by amount (KSh 50,000 to 5M), Bank Fixed Deposit (FD) Calculator Kenya, SACCO Dividend & Interest Calculator, MMF Returns Calculator Kenya, M-PESA Charges Calculator Kenya.
Quick Answers
Treasury Bills & Bonds FAQs
How do Treasury Bills work in Kenya?
T-Bills are short-term government debt securities issued by the Central Bank of Kenya (CBK). They are sold at a discount to face value and redeemed at full face value upon maturity (91, 182, or 364 days).
What is the minimum investment for Kenya T-Bills?
The minimum investment for CBK Treasury Bills on DhowCSD is KSh 100,000 (and in multiples of KSh 50,000 thereafter). For Treasury Bonds, the minimum is typically KSh 50,000.
Are Treasury Bills taxed in Kenya?
Yes. Interest earned on standard T-Bills and fixed coupon bonds (FXD) is subject to a 15% final Withholding Tax (WHT) deducted by the CBK at source. Infrastructure Bonds (IFB) are 100% tax-free (0% WHT).
How do I invest through DhowCSD?
You can open a free CSD account on the CBK DhowCSD web portal or mobile app, link your Kenyan commercial bank account, and place non-competitive or competitive bids before the Thursday auction deadline.
Guides
Investing guides
Guide
Kenya Treasury Bills vs Bonds: How to Invest
T-Bills vs bonds in Kenya: tenors, minimums, pricing, withholding tax, tax-free IFBs, and how to start investing.
GuideMoney Market Funds in Kenya: Returns & Tax
How MMF interest is earned, the 15% withholding tax, and how funds compare with fixed deposits and Treasury Bills.
October 2026
Calculators are for planning and estimation only. Verify final tax, payroll, loan, investment or property figures with the relevant institution or adviser.