Treasury Bill (T-Bill) is government debt obligation issued by the United States Department of the Treasury. Its maturity is less than one year. T-Bills do not pay interest prior to maturity like conventional bonds, they are sold at a discount from par through a competitive bidding process. The appreciation provides the return to the holder. Treasury bills are usually regarded as the least risky investments. The interest rates on T-Bills are used as benchmarks for short-term interest rates.