Treasury Bill Calculator
Calculate net returns on Zambian Treasury Bills using live BoZ auction data
UPDATED 13 Oct 2026
T-Bill Parameters
K
%
Default: 10.5% (estimated)
Adjust for inflation
Net Return
K0
after 20% WHT + 1% handling on discount income
YOU PAY 98%NET RETURN 2%
You Pay Today
K97,382.19
You Receive
K99,450.26
Effective Annual Yield
8.52%
Return Breakdown
Face ValueK100,000.00
Discount Rate — 10.50% over 91 days
Discount Amount (Gross)K2,617.81
Withholding Tax (20%)−K523.56
Handling Fee (1%)−K26.18
Net ReturnK2,068.07
Purchase Price TodayK97,382.19
Total Received at MaturityK99,450.26
Effective Annual Yield8.52%
K97,382.19 grows to K99,450.26 in 91 days
A 2.12% return over 91 days, equivalent to 8.52% annualised after WHT.
T-Bills taxed at 20% WHT — near-parity with bonds
T-bill discount income is taxed at 20% WHT (up from 15% pre-26 Sep 2025), compared to 21% on GRZ bond coupons. The two are now within a percentage point of each other — tax efficiency is no longer a major differentiator between the two instruments.
Latest T-Bill Yields
Using estimated rates
91-Day~10.5%
182-Day~10.95%
273-Day~11.1%
364-Day~12.1%
Deductions At Maturity
Withholding Tax20%
Deducted at source by ZRA
Handling Fee1%
Charged per disbursement
PayoutOnce
Discount realised in full at maturity
Compare with a Government Bond
Higher yields, longer tenors, semi-annual coupons
Compound Interest Calculator
Model reinvestment over multiple terms
Track your portfolio with TulaIQ
Track your T-Bills with maturity reminders and see them alongside bonds, stocks, and crypto in one consolidated view.
T-bill WHT: 20% on discount income (post 26 Sep 2025), 15% before · Handling fee: 1% · Not financial advice.